Supplement Medical Insurance : Is it for you? : Top 5 things to look out for

The consumer should be very careful when considering the additional insurance plan because all insurance plans are not alike and do not provide the same amount of coverage. For example, some of the additional insurance providers provide the consumer with additional prescription coverage and preventive care coverage. Other plans provide nursing care in a facility, extended hospital coverage, or travel coverage.

Is it For You?

Consider what your primary insurance covers and review the coverage carefully. If there are gaps in the coverage then you are a prime candidate for supplement medical insurance and should seek out coverage promptly. There are several types of plans available, so do your research. Before signing up with an insurance company make sure to understand exactly what coverage is provided and the amount of the monthly payments.

More On Extra Benefits Provided

Some of the insurance companies provide several types of extended coverage to the elderly insured client. The extra benefits might include cash benefits, lost income benefits, nursing home benefits, extended care benefits.

What to Avoid

Many elderly rush to find a supplemental insurance without understanding what their basic needs are and what needs to be covered. It is of primary importance to make sure that the policy covers the gaps in the primary insurance plan. Never buy a policy that does not have this coverage. Avoid high cost plans that also have high out of the pocket cost for the insured. Purchase a plan that has out of pocket cost that you can afford. Remember that a plan with a very low deductible might also have higher out of the pocket cost that you might not be able to afford. This could end up costing much more in the long run. Never settle for the first insurance company. Look around and compare prices and coverage. Talk it over with the representative before making a decision.

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