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Senior Care: What Is A Supplemental Insurance And How Beneficial It Is For You

In a perfect world, the later years of an individual’s life should be calm and relaxing. Far from possessing the stressful schedules of their youth, a life of peace and contentment is typically the goal. Worries should be limited to family, friends, and making lasting memories- not healthcare. Unfortunately, many senior citizens find their bodies and minds aren’t what they once were. In fact, those above the ages of 65 are statistically much more likely to experience health issues that require medical attention. Things like dental work, vision exams, and disease treatment can all be very pressing realities for elderly citizens. The trouble is, though basic health insurance will cover a variety of routine procedures, there are many medical issues and materials that aren’t covered by typical insurance. Thus, supplemental insurance was created. A tool to fill the gaps in coverage left by more sparse or basic plans, supplemental coverage can be a saving grace for those in their retirement. Wondering if supplements could help you? Read on for a comprehensive description and potential benefits.

The Basics

As most people know, basic Medicare covers 80% of medical and hospital fees as offset by a monthly premium charged to the recipient of the insurance. While hospital costs are usually covered already and won’t require premiums under Medicare, everyone has to pay monthly for medical fees. That is, unless you have Medicare Advantage, which bills recipients on a pay-per-use model. Though these payments will cover many things, they leave a lot to be desired. Unless you are insured by your work, or have a large enough nest egg set aside for emergencies, it’s recommended that you purchase supplemental insurance to protect your health and financial interests.

What Does Supplemental Insurance Cover?

If you are using your health insurance plan to cover the occasional checkup, it’s likely that supplemental insurance won’t be on the forefront of your mind. However, if you are someone who requires any kind of dental work, vision surgery, critical illness care, out-of-network care, or long-term care, supplemental insurance is a necessity. The list of gaps in basic healthcare plans is extensive, and the average cost of even 20% of the most supplemental procedures is enough to send people into bankruptcy. Though you might not currently need it, it’s probably a good idea to start saving for supplemental plans in the future.

How to Get It

There are a couple of ways you can start to secure a supplemental insurance plan. One of the more popular routes is to invest in Medigap insurance. Boasting an array of supplemental plans, Medigap is a good option if price standardization is important to you. Based on your needs and budget, there are 10 main options to choose from, each providing a separate degree of coverage. Risk factors and general health are all assessed when determining what your specific monthly quote will be. Medicare Advantage offers supplemental coverage as well, but the criteria is a bit different. Oftentimes, approvals or authorizations are required to see certain specialists, and you’ll typically only be able to visit individuals in your selected network. It’s also important to note that this plan is not billed monthly, and can experience price instability and fluctuation from year to year.

Alternative Solutions

If you’re not yet ready to purchase a Medigap or Medicare Advantage plan, there are other solutions available to you. Especially if you have limited resources, it may be a good idea to look into low cost or free clinics for some of your required medical attention. For dental work in particular, there are many schools and service programs that will provide work at no cost to those in need. If you have special needs, it’s important to note that you may be eligible for different health insurance plans under Medicare.

At the end of the day, a health insurance plan can be as high coverage or occasional as you want. It all depends on the state of your health, your financial comfortability, and your unique healthcare needs. Though some people may not need the most extensive coverage from their basic plans, they might end up requiring a specific treatment that is only covered under supplemental insurance. For this reason, it’s a better idea to play it safe. Supplemental insurance can fit your budgetary needs while also bringing you peace of mind. No one should have to choose between leading a healthy life and being able to afford the basics. By doing a little planning, a lot of research, some self reflection, and a lot of budgeting, anyone can set the stage for a long and worry-free retirement.

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