Are you prepared financially if something did happen to you? Supplemental insurance might be that answer. As its name implies, supplemental insurance provides you with another layer of protection, on top of existing policies you probably already have, such as health and life insurance. It can help you pay for care and services existing Medicare policies may not cover.
“Fill in the Gaps / Co-Pay Cash Recovery”
If you're looking to supplement Medicare, particularly for specific illnesses like cancer, stroke, or heart attack, Hospital/ER/Accident expenses or for specific types of care like home health or short-term care, you can explore various ancillary health insurance policies. These policies are less expensive than you might think! About $1/day goes pretty far!
Medicare Plans Don’t Cover Everything…
Here's a breakdown of policies that can fill these gaps:
- Critical Illness Insurance: These policies pay a lump-sum cash benefit upon the diagnosis of specific covered conditions like cancer, heart attack, or stroke. This lump sum can be used for various expenses, including:
- Medical bills, deductibles, and co-pays
- Some plans have a 20% Copay for Chemo, Dialysis, etc
- Help cover your Medicare Advantage Max Out of Pocket (MOOP) for 1-2 yrs if needed during treatment
- Lost wages due to time off work for you and/or family members caring for you
- Transportation and lodging related to treatment
- Household expenses
- Hospital Indemnity or “Copay Recovery” Insurance: This supplemental insurance pays you a fixed daily benefit if you have a covered stay in a hospital or other covered facility. These benefits are paid directly to you and can be used to pay for medical bills and/or personal costs that arise from hospitalization, including:
- Hospital copays and deductibles – Many Medicare Advantage plans have Hospital Copays of $275-425/day for 4-7 days. A $2K bill is easy to build up.
- Urgent Care / ER Visit Copay
- Ambulance Copay
- Other non-medical out-of-pocket expenses – Remember, this is a plan that pays you, not the hospital.
- Accident Insurance: Accident insurance can help cover the costs associated with accidental injuries, which may not be fully covered by Medicare alone. This can include expenses for:
- Medical bills and treatment.
- Physical therapy and rehabilitation.
- Other related expenses for transportation, family or caregiver, missed wages, etc
- Home Health Care Insurance: While Medicare covers some medically necessary home health care under certain conditions, it doesn't cover services like 24-hour home care, meal delivery, or personal care when that's the only type of care you need. Home health care insurance can help cover these gaps. Helps people "Age in Place".
- Short-Term Care Insurance: This type of policy provides coverage for a shorter duration (typically less than a year) and can cover services like a Skilled Nursing Facility, physical and occupational therapy, and assistance with daily living activities during a recovery period. This can be particularly useful to bridge the gap between when a health event happens and when long-term care insurance (if you have it) might kick in. These plans normally have coverage for both in a facility or at home.
Important Notes
- We will help you carefully review the policy details, including benefits, limitations, exclusions, and waiting periods, to ensure it aligns with your specific needs.
- Compare Policies and Providers: We work with several different insurance companies that offer varying levels of coverage, premiums, and benefits. We help you compare options to find the best fit for your situation.
- Consider Your Needs: Determine your priorities and what gaps you're looking to fill in your existing health coverage. For example, if you have a family history of cancer or heart disease, critical illness insurance might be a higher priority for you.
To Review Your Best Options, can Call / Text at 346-567-8300, E-mail or Schedule an Appointment at the top right of this web site.
Disclaimer: This information is for general knowledge and should not be considered as medical or financial advice. Consult with an insurance professional or financial advisor to assess your individual needs and make informed decisions about your insurance coverage.