Supplemental Insurance
The definition of "supplemental" is something added to complete a thing. Supplemental Insurance is coverage that will help you fill gaps in insurance coverage. There are Medicare Supplements policies, Gap Plans for Group Health Insurance, hospital indemnity plans, accident policies, and many others that will help make your coverage more complete.
Supplemental Insurance - Purpose
The purpose of supplemental insurance as mentioned above is to help cover any vacancies or gaps in your coverage. If you are 30 years old and in good health you may want to take a higher deductible plan and consider getting an indemnity plan that would pay you $1,000 per hospital admittance. This would help alleviate the sting if you were to have an accident. Also you may want to purchase an accident policy that will pay you different amounts for different types of injuries.
Supplemental Medicare Insurance
If you are looking to get supplemental insurance to Medicare there are several options to consider.- Medicare Supplement/Medigap Policy - these plans fill in the gaps of Original Medicare. They provide the most security of any insurance policy that works along with Medicare. These policies will range in premium but you can get quotes through Medicare Insurance Finders. Medigap Quotes are provided in all 50 states and are view able online not only through an agent like a lot of websites.
- Medicare Advantage Plans - these plans in essence take the place of your Medicare and will typically provide additional benefits that you will not get from Medicare alone. These plans will have lower premiums, no health questions, sometimes will provide drug coverage, and will have co-pays for different services covered. These plans can be great or terrible - make sure to read the summary of benefits that goes along with these plans.