Everyone aspires to lead a peaceful life without anxiety at the time of retirement and afterwards. Unfortunately, many Unites States citizens are struggling hard to maintain themselves after retirement. This becomes harder as the need for medical expenses also rise as you grow older. Although, the Federal Government provides Medicare health insurance to the Americans of age 65 and above, the health care needs sometimes goes beyond the Medicare coverage due to deteriorating health condition with advanced age. Even with implementation of Medicare part D prescription drug coverage some gaps still exists in senior health insurance causing serious anxiety. The Supplemental health insurance for seniors is meant to deal with the extra costs that are associated with medical treatment in a hospital.
What is Supplemental health insurance for seniors?
The Medicare Supplement Insurance policies are sold by the private insurers and one can buy these polices for plugging the gaps in the Medicare insurance coverage. The Medicare supplemental insurance plans include Medigap, Medicare Advantage, and Medicare Part D Prescription Drug Coverage. The Medicare health care program covers the medical expenses for persons of age 65 years and also for the persons below 65 enjoying social security benefits. The supplemental insurance helps one to pay the health care costs like copayments, coinsurance, and deductibles. There are some policies that also provide coverage for medical expenses for the Americans travelling outside the United States. These senior supplemental insurance policies are available to the seniors and arrange to pay for the medical expenses that are not covered by the original Medicare health plan.
How to find Supplemental health insurance for seniors?
Other than Medicare there are many private insurance providers that offer supplemental insurance policies to senior citizens. These insurance plans include the expenses that are not generally covered by the Medicare health plan. Medicare also offers supplemental insurance and for buying such insurance plans one has to visit Medicare website. In case you are planning to purchase a Medigap policy from any private insurance provider, you should review the eligibility criteria and other details as well. There are a large number of websites that provide information about supplemental insurance for aging adults one should search them to find the insurance plan for the specific requirements. Organizations such American Association of Retired persons (AARP) and Association of Mature American Citizens (AMAC) also provide supplemental insurance plans for senior individuals. You can also visit these websites for buying the same going through the following five steps.
- Decide the benefits you need: This should be done considering your present and future healthcare needs.
- Find out the plan that meets your requirement: This should be done going through the different plans available.
- Find out Insurance providers selling Medigap plans in your state: This can be done by calling the State Health Insurance Assistance Program or The State Insurance Department.
- Call different insurance providers and compare quotes: Phone the insurance providers in your state and obtain premium rates and other terms and conditions for like-to-like comparison.
- Buy your policy: You have to fill the application form, get the effective date and make payment for getting the policy.
What supplemental health insurance for seniors cover?
The Medigap insurance coverage has different plans and depends on the deductibles. This may also vary in different states and with different insurance providers. However, it basically covers the following medical expenses.
- Medicare Part A coinsurance and hospital costs (up to an additional 365 days after Medicare benefits are used)
- Medicare Part B coinsurance or copayment
- Blood (first 3 pints)
- Part A hospice care coinsurance or copayment
- Skilled nursing facility care coinsurance
Why to buy supplemental health insurance for seniors?
Whether you will go for buying supplemental insurance plan or not depends on what you want and your own situation. If you think that you are totally protected by Medicare health insurance when you are 65 or more, you are grossly mistaken. There are many things like the deductibles, co-payments, and coinsurance expenses that are not covered by the Medicare health plans. Supplemental health insurance is an ideal choice for the senior citizens requiring more coverage than that offered by Medicare and also for paying for the services and out-of-pocket expenses not covered by regular insurance coverage. In some cases it is cheaper to have a supplemental plan rather than going for a change in insurance plan.
The bottom line
Supplemental insurance plans for seniors add extra cost over and above the regular health insurance plans. These generally include critical insurance policies, accidental death policies and hospital indemnity insurance policies and provide additional coverage for meeting unexpected medical expenses.