It goes without saying that finding the right supplemental insurance for your specific medical needs is imperative to maintaining a healthy and fulfilling lifestyle. But with the rising prices of health care, many senior citizens are looking for ways to widen their healthcare options without sacrificing their own finances. Fortunately there is a different option. Rather than paying out of pocket for such things as coinsurance or co-payments, you can pay for doctor visits, therapies or procedures with what’s called supplemental insurance.
The advent of the Internet has further helped seniors find viable options for competitively priced policies. With unlimited access to our free search platform, you can receive instant price quotes from a wide variety of competing Medicare supplemental insurance providers for the perfect policy that fits your lifestyle. By getting a plan that fits you and your medical needs you no longer have to overpay (or go without) the care that you deserve.
Introduction to Senior Health Care
As you know, when you reach age 65 you become eligible for government subsidized medical benefits known as “Medicare.” This policy has a few loopholes such as if a patient has certain physical disabilities such as early stage renal disease. There are three essential parts to this federally run program. Part 1 covers any hospital care that might have resulted from an injury or a specific illness. Part 2 covers anything that has to do with outpatient care. And part 3 covers any medications that you might need.
At first blush, the care provided through this federal program appears to be all encompassing, but the truth is, many programs are not covered. For example, if a patient needs to be seen by a specialist or undergo an expensive surgery or an uncovered series of rehabilitation, that patient will very likely have to pay for their treatment out of pocket. In extreme cases (which unfortunately are common), many senior citizens will instead choose to forgo the treatment lest they drain their bank account in the process. This is where supplemental insurance comes into play. It covers the difference between what your insurance is willing to pay and what is actually not covered under your plan.
Now, there are a wide variety of packages that can add to the federally mandated benefits provided. For example Medicaid, which is a program specifically run by state institutions, helps to aide patients who have low income or cannot afford to supplement their Medicare coverage out of pocket. But, as many things go, the assistance offered by this program is marginal. Extensive coverage is available for veterans for example, but that is obviously limited only to those who have served in the military.
Consequently, privately run approved insurance institutions have taken on many of the supplemental health care needs of patients by offering extremely flexible plans that help them pay for those medical costs that are left uncovered by the government. These plans start where the government ends, and when you receive a certain treatment, the government program will be billed first and your supplemental insurance will follow up with whatever cost is left over.
How to Locate the Best Supplemental Insurance for Your Needs
Because of the nature of the Internet there are no store front costs for companies offering supplemental Medicare insurance. This allows companies to offer seriously reduced pricing as compared to their competitors, and allows you, the searcher, to look for coverage without pushy salespeople knocking down your door and without having to tediously research companies one by one. With a few simple steps you can compare the prices of several companies at a glance, and quickly choose a policy that fits your specific needs.
Your supplemental insurance package will cover copayments, deductibles and of course coinsurance which in the end will save you a large amount of money. When you set out to search for a policy that fits your needs, you’ll be surprised at how much costs can vary from one insurance company to the other, and from one package to the next. The more wide reaching your benefits are, the more you will have to pay on your premium. A wide array of factors will be considered such as an applicant’s health history, age, location and several other factors that will influence the final price point of your package.
The good news is that after the first half year of becoming eligible for government benefits, you may enroll for what is called “medigap insurance,” and you can do so without actually going through the whole underwriting process. In accordance with the laws that apply where you reside you cannot be rejected during this application period, where at the same time you may still attempt to secure a policy. This is called the “open enrollment period,” and you may be offered more options and your package may actually be more affordable.
It goes without saying that when you set out to find a package that fits your needs try to find a reputable, trustworthy provider, and always do your research with side by side comparisons! Start right now by entering your zip code in the form at the top of this page!