Since standard insurance policies don’t always cover every eventuality, supplemental insurance can help protect you from potential out-of-pocket costs. Purchasing the additional protection afforded with supplemental insurance helps you to avoid incurring extra costs once traditional policy limits are reached. It helps you to feel comfortable in knowing that should, for example, your doctor order a special test or treatment for which your normal coverage will not pay, this backup insurance will fill in the gaps.
As a patient, you can have great help in covering incidental medical expenses more easily when you can utilize your second tier of insurance coverage. Things like deductibles, co-insurance and co-payments will no longer be the cause of stress and anguish.
You can either purchase your supplemental insurance from the same carrier with whom you normally do business, or you can opt for a different company, allowing you to obtain the best rates for the most comprehensive and helpful coverage.
Also available are Medicare supplemental insurance plans that are specifically designed for those who are on Medicare. These take care of out-of-pocket medical expenses that are not normally covered with this government-provided insurance. There are also coverage choices that provide compensation for lost wages so that your family can be helped with costs like rent or mortgage payments, food, medication, and more during challenging times. There is also supplemental coverage available for short-term and long-term disability, in case you’re unable to continue working after an accident or illness.
For those dealing with the challenge of cancer or any other extreme illness, the costs become very expensive and can eventually financially ruin the patient. This kind of insurance, usually paid in one lump sum, helps ease the burden for both the patient and the family, so they can look forward to a happy and healthy recovery instead of stressing out trying to find ways to repay the hospital.
The major benefit of this type of insurance policy is the peace of mind it provides to those who are suddenly stricken by illness or injury and face enormous costs in dealing with their situations.