Things to Know About Supplemental Health Insurance: Insights from a Supplemental Medicare Insurance Agency in Crown Point, Indiana

Supplemental health insurance is an integral part of any comprehensive healthcare strategy. Still, it is often misunderstood by consumers looking to save money or get the most out of their health coverage.

Are you wondering whether a supplemental health insurance policy is right for you? This supplemental Medicare insurance agency in Crown Point, Indiana is going to discuss the key things you should know below.

What are supplemental health insurance policies?

Supplemental health insurance (or “Medigap“) policies are insurance policies that help cover costs not covered by your regular health insurance policy. This can include things like out-of-pocket expenses, co-payments, and deductibles. Medigap can help you pay for the costs of your regular health care and unexpected medical expenses.

How much does it cost?

Supplemental health insurance policies can cost anywhere from a few dollars to several hundred dollars per month. The price will depend on the type of policy you choose, the benefits it offers, and the deductible you select. However, age is almost always a determining factor in driving costs. Work with a reputable supplemental Medicare insurance agency in Crown Point, Indiana that can help you find the best plan for your needs and budget.

Types of Supplemental Insurance

  • Fixed indemnity: Fixed indemnity health insurance is a type of supplemental health insurance that provides benefits for covered expenses, regardless of whether you have other health insurance. So, if you have a $500 deductible and incur $1,000 in medical bills, your fixed indemnity policy will pay out $500 (minus any applicable fees).
  • Hospital indemnity: If you are hospitalized, this type of supplemental insurance pays a cash benefit (usually daily or weekly) to help cover the costs of your hospital stay. It can help with copays, deductibles, and other expenses related to your treatment, like childcare or transportation.
  • Accident: This type of supplemental insurance can help cover the cost of your deductible if you are injured in an accident.
  • Critical illness: Critical illness insurance is a type of supplemental health insurance that provides a lump-sum benefit if you are diagnosed with a covered critical illness such as heart disease or cancer.
  • Long-term care: Long-term care insurance helps pay for care when you can no longer care for yourself. This insurance can pay for in-home care, assisted living, or nursing home care. 
  • Supplemental life insurance: This type of policy provides additional coverage on top of your regular life insurance policy and can help cover expenses like funeral costs or outstanding debts.
  • Accidental death and dismemberment (AD&D): This type of supplemental insurance provides financial protection in the event of a tragic accident that results in death or dismemberment. 
  • Disability: Disability insurance is a type of supplemental insurance that can help you financially if you are unable to work due to an injury or illness. It can provide you with a percentage of your income, which can help cover things like bills and living expenses. There are two main types of disability insurance: short-term and long-term. Short-term disability insurance typically provides coverage for a few months, while long-term disability insurance can provide coverage for years.

Some supplemental policies also offer coverage for things like vision and dental care. If you would like to learn more about the types of plans that offer this coverage, do not hesitate to contact a supplemental Medicare insurance agency in Crown Point, Indiana.

Is it worth the money?

Whether or not supplemental health insurance is worth the money depends on a few factors.

First, you need to consider what kinds of coverage your regular health insurance does not include. Your supplemental Medicare insurance agency in Crown Point, Indiana might inform you that you don’t need as much supplemental coverage if you have a good health insurance plan. However, if your regular health insurance has high deductibles or co-payments, supplemental insurance can help cover those costs.

Additionally, you need to consider how often you will use your supplemental insurance. If you only go to the doctor once a year, you probably don’t need as much coverage as someone who goes every month.

Finally, you need to compare the cost of the supplemental insurance to the benefits it provides. If you buy $50,000 in supplemental insurance and only use $2,000 over five years, then the other $48,000 would be wasted. On the other hand, if you buy just $5,000 in supplemental insurance and end up using all of that over five years because your regular health insurance is so expensive with no co-payments and no deductible? Then it is more than worth it.

Looking for a Supplemental Medicare Insurance Agency in Crown Point, Indiana?

Are you ready to find a supplemental health insurance plan that’s right for you? Looking for the best supplemental Medicare insurance agency in Crown Point, Indiana? If so, look no further than the professionals at Senior Care Insurance Services. Contact us today to schedule an appointment with one of our agents.


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