Supplemental insurance is like an assistant to a primary insurance policy. It covers the gaps when a primary policy doesn’t cover all of your expenses. It is common in the medical industry. People with Medicare often purchase supplemental policies to keep from paying co-pays and deductibles before the insurance company steps in.
Who Needs It?
Supplemental policies are for people unable to pay deductibles or large out-of-pocket expenses. The high cost of medical care makes it almost impossible to get good care without insurance help. Anyone who can afford supplemental insurance can get it, but they must have a primary insurance policy. For example, if a person doesn’t have Medicare, then they can’t get Medigap coverage – which is a group of supplemental policies that work with Medicare.
The supplemental policy takes up the slack for the primary policy. The role of a supplemental policy is to help the insured person. It can be rewritten in the best way possible to benefit the policyholder. Not all supplemental policies are the same, so speak with your insurance agent for more details.
Types of Coverage
Supplemental policies are available for several kinds of primary policies. There are supplemental policies for businesses and for people who are on medical insurance under the government. There are also policies for individuals that need long and short term coverage. There are also policies for people who engage in high risk activities, such as mountain climbing.
The main benefit of supplemental insurance is that it covers you when your primary insurance does not. Just make sure you have enough insurance. If your supplemental insurance is not enough, you will find yourself paying out of pocket because your primary and supplemental insurance has done its part.