Most folks have some kind of medical insurance. If you’re over 65 you’re probably an annuitant of Medicare or some other kind of health insurance coverage. Regardless of your primary insurer, you should be cognizant of the fact that no primary plan will cover all of your medical bills. So, instead of digging into your deep or shallow pockets to pay medical bills on health problems that are not covered, you have options. They are called supplemental or gap insurance policies that appear wearing a Superman shirt and toss you a life jacket that may not only save you money, but stop you reaching into your pockets. One thing in your favor is competition for that supplemental health insurance. Like ants at a lakeside picnic, they are everywhere; some with offers too good to be true. To help you be informed and make the best decisions, here are a few tips to ponder in your selections, Medicare or not.
#1 – Compare Plans. Most women and men wouldn’t buy a pair of shoes without trying them on. Same goes for supplemental health insurance. Compare the limitations and pricing, but most of all, find out not what the policy covers; what it doesn’t cover. Some policies will not cover things like hearing aids, in-home nursing, high-risk diseases like AIDS or diabetes or elective surgery.
#2 – Coverage Costs. Is the gap or supplemental insurance plan affordable and in your family budget? Nothing worse than thinking the annual cost will fit in your budget and later find out you included some costly coverage items you really didn’t need that would have saved you money.
#3 – Computer Shopping. Don’t waste time phoning every company in town or driving half-way across the city to pickup an insurance company brochure when you could visit Web sites like Health Insurance Providers.com or Star reviews.com. You can get fast answers to your questions and review the rating systems of supplemental health insurance companies you are considering.
#4 – Upgrading. If you’re adding a supplemental policy via Medicare make sure your policy gives you the ability to upgrade during an open-enrollment period. If your thoughts are for a supplemental policy via your employer, and not Medicare, review what and when your options are to upgrade or make changes on your insurance plan. A red flag to spot is a waiting period: one month to one year. Ouch!
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