Supplemental Insurance

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Supplemental Insurance

In addition to standard health insurance policies many people may want to consider supplemental insurance. Many standard insurance policies include co-pays that are paid at the time of your visit to a doctor or hospital or even a diagnostic clinic or lab. Other health insurance policies have deductibles that must be paid prior to coverage kicking in.

Higher deductibles are usually a trade off for lower monthly premiums, but when medical attention and care is needed, many find that they can't afford to pay the deductible or co-pay and must arrange payment plans. Supplemental insurance is a type of policy offered that fills the gap between regular coverage and ancillary costs.

Often supplemental policies will also cover or allow their benefits to be applied toward living expenses or other bills. Although they require payment of an additional monthly premium, supplemental insurance should be considered by parents with young children who may be financially strapped if their health concerns prevent them from earning a paycheck.

People over 65 may also be candidates for this in addition to their Medicare health insurance coverage so that they may afford prescription drugs, home health care or care in a skilled facility following major medical or life altering instances. There are many approved third party insurers who will cover the gap between the coverage Medicare offers and additional health insurance expenses.

Supplemental health insurance premiums will vary due to the amount of coverage, pre-existing medical conditions and actual medical conditions covered by the supplemental policy. Health insurance coverage is very important for anyone, but often the additional expenses not covered by these policies are overlooked and cause undue financial stress. Supplemental insurance offers a peace of mind knowing that expenses will be covered when money is thin.

   

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