What is Supplemental Insurance?
Supplemental insurance pays medical costs that traditional insurance doesn’t cover. For example, most primary plans require a co-pay or a deductible. A supplemental policy will cover those costs that are normally passed on to you.
Supplemental coverage is commonly used to pay for costs left over by Medicare. Medicare part B pays for doctor’s visits, but leaves a 20% portion payable by the patient. A supplemental plan will help pay that 20%. Make sure to check supplemental policies for deductibles when purchasing. If there is a deductible, then you might end up paying the 20% until you reach the deductible.
You can also get these policies for your dental, vision, and accident insurance. The plans work much the same way as the medical plans do. The difference is that for an accident policy, you pick an amount of coverage the same as for your primary policy.
If you visit the doctor often, then supplemental insurance is something to consider. If your medical costs are low, then you might not need this coverage. But if you have a chronic illness and see the doctor several times a year, then a supplemental policy is worth the investment.