The best Medicare supplemental insurance plans covers up for out of pocket expenses not reimbursed by regular insurance website. These out of pocket expenses include co payments, deductibles and coinsurance. Some plans pay for these expenses paid from the pocket, while other provide with a cash benefit paid over a time period or given to the person in lump sum amount. This lump sum amount can be utilized to cover for lost wages, expenditure in transportation due to medical treatment, or to pay for medication, food and other expenses which one may not expect due to injury or illness.
Best Medicare Supplemental Insurance Plans
People who are already enrolled in Medicare can also eligible to enroll in supplemental insurance, which are sold and marketed by private companies. Traditional Medicare (which includes hospital insurance under Part A and medical insurance under Part B) pays for most, but not all, services related to health and medical supplies. A best Medicare supplemental insurance plan must be able to cover for “gaps” left out by traditional Medicare such as deductibles, coinsurance and co payments. These expenditures can really add up particularly for people who are hospitalized or require skilled nursing home services. This plan also pays for medical services a person seeks outside the country and preventive services not approved by Medicare.
People who are enrolled in Part A and B of Medicare and also in best Medicare supplemental insurance plan, the Medicare first pays its share of approved medical services and then Medigap pays its share of the cost.
Types of Supplemental Insurance
Other than Medigap, there are three types of supplemental plans that are widely sold in the country. These policies are either available as voluntary benefit from the employer or one can enroll directly through an insurance company.
Critical Illness Insurance
Disease specific or critical illness insurance is designed to provide financial backup to people with serious illness, like cancer. These plans provide a lump sum amount to help people take care of additional expenditure related to illness but not provided in regular insurance or disability plan. Depending on the plan, it can be utilized to pay for:
Specialists not in the network
House hold help and child care
Travel and lodging to get the treatment at far off place
Daily expenses such as utility bills, car payments and groceries
Accidental Death Plan in Best Medicare Supplemental Insurance
Accident plans are of two types, including Accident Health Insurance, and Accidental Death and Dismemberment Insurance. They are often sold together. Due to variation in local regulations the benefits differ from one state to another. Accident health insurance or accident hospital indemnity policy pays for medical expenditure resulting due to an accident which is not approved under regular health plans. These plans also reimburse for extended services in homecare, and lodging and travel expenditure of family members. An accidental death and dismemberment policy gives a lump sum amount to the beneficiary of the person who died in an accident. The plan also provides benefits, however smaller to people who did not lose their life but lost a limb, suffered permanent paralysis or eyesight. AD&D does not cover for deaths related to suicide, illness or natural death.
Hospital Indemnity Insurance
Hospital confinement or indemnity insurance offers cash benefit to people who are confined to a hospital due to serious injury or illness. The person can receive the benefit as a lump sum amount or as a weekly or daily payment; there is, however, a minimum waiting period for the benefit to start. Just like other best Medicare supplemental insurance, the extra benefits are there to pay for services and for services not approved by regular coverage.
Caveat Emptor – Are you enrolling in extra coverage?
Insurance companies spend a huge amount in promoting their insurance products through direct to consumer advertising. Many Americans are aware of a flac duck, an advertising campaign that assisted a flac in becoming the biggest provider for supplement products in the country. A best Medicare supplemental insurance is quite economical, but it is totally unnecessary to have duplicate coverage. People who are at or above 65 years of age and are enrolled in Medicare, one can get the full coverage by purchasing a regular Medigap plan or by purchasing an advantage plan.