There are several different kinds of supplemental health insurance, which include hospital, dental, vision, disability, accident, long-term care, and Medicare supplemental policies. Some kinds of supplemental health insurance can also be utilized to help cover medical expenses related to a pre-existing condition or injury. It’s important to understand the difference between primary health care insurance and supplemental health insurance before buying either one. Read on for more information.
Deductible health plans generally have a higher premium than most other forms of supplemental health insurance. They’re designed to cover medical expenses that you don’t usually have to pay for out-of-pocket. When you meet with a doctor for an annual physical, your deductibles are applied to the cost of your annual visit. This applies whether you go in for routine checkups or emergency care.
The deductible for coverage under a supplemental health insurance plan is the maximum dollar amount you’d have to pay out-of-pocket before the coverage kicks in. For many policies, you’ll find that the premiums are pretty affordable. You just need to remember that any time you make use of your policy, you’ll be adding onto the cost of medical debt. If you meet with an accident or experience a major medical debt, then you may be surprised to learn that your out-of-pocket expenses could end up being much higher than the amount you paid toward your policy.
Another kind of supplemental health insurance is gap insurance. With gap insurance, you choose the amount of your deductible and premiums. Then, if you meet with an accident or experience a major medical debt, you’ll be covered. Gap insurance won’t pay anything to you for out-of-pocket expenses if you meet with an accident. The insurance company pays the rest.
These two basic types of supplemental health coverage plans cover exactly the same basic benefits. In most cases, you’re going to end up getting the same benefits as you would with either of the two basic types. In addition, these two types typically come with similar plans, which make it easy to choose the right plan for you. If you have an established medical condition, you may want to check into the plans offered by HMOs and PPOs, especially if your medical debts are already covered under a personal bankruptcy plan.
As you can see, there are some clear differences between gap insurance and supplemental health insurance. The biggest difference is that gap insurance will cover expenses that are not addressed by your primary insurance policy. When you add on supplemental health coverage, you’re taking on the additional risk of paying for services you may not need. However, when you’re just starting out or switching plans, gap coverage can be helpful to cushion you against high medical bills. Whether you decide to get gap insurance or not depends on your individual situation.
One important thing to remember about gap insurance is that it will only pay out-of-pocket expenses for emergency care. It will not cover the costs of doctor visits or prescription drugs. In order to get supplemental health insurance plans, you will usually need to obtain your primary insurance policy first. Then, purchase a supplemental health insurance plan from your current primary insurance provider. Gap insurance is usually not required by most states.
In summary, gap insurance is an effective method of providing additional medical coverage when you do not have access to a primary medical plan. You should evaluate your current medical needs and seek advice from a licensed health care agent. If you meet the criteria for both of the basic types of supplemental health coverage, you may also want to consider obtaining additional coverage such as primary care physician participation and/or preferred provider organizations.