OCALA, FL — When evaluating your needs versus your wants, health care has a way of ending up in the needs column, doesn’t it? It’s a fact of life that if you don’t maintain good health or your negative genetics kick in, somebody’s going to have to pay. Hopefully, if you have sufficient health insurance, it won’t be you.
“Most folks recognize when a significant health event occurs the value of their health insurance is tremendous,” said Kevin McDonald, principal of the McDonald Agency, which offers supplemental insurance in Ocala and the Villages. “What many people don’t recognize is that while the doctor bills and hospital bills get paid, there are indirect costs associated with major illness. You may face loss of income. Perhaps your spouse will be out of work as well. You may need an overnight stay in a hotel. There are an enormous number of co-pays and deductibles and a lot of out-of-pocket expenses that supplemental insurance can help you address. This is true of many kinds of critical illness, and cancer is one of the most common situations.”
Supplemental health insurance can help alleviate those nagging bills that show up after your regular insurance has paid its share.
According to supplementalinsure.com, some people choose supplemental insurance as their primary coverage. It’s more affordable than a major medical policy and it does not penalize you for a pre-existing condition. Meanwhile, to supplement Medicare, millions of retired people have gone with a Medicare Advantage plan or a Medigap policy, both of which address those “gaps” not covered by Medicare.
Do you need supplemental insurance? Several options are available. (Photo © iStockphoto)
How Do Supplemental Insurance Policies Pay?
Some supplemental policies simply reimburse the health care provider. Others pay a lump sum to the patient or a certain amount of cash, over time, to cover such residual needs as lost wages, transportation to health care facilities, food, medication and other unexpected expenses due to the injury or illness.
5 Types of Supplemental Health Insurance
- Medigap — Supplements health costs for retired people on Medicare.
- Critical Illness Insurance – Provides a lump-sum cash benefit to help pay additional costs such as deductibles, out-of-network specialists, travel and lodging, experimental treatments, childcare and household help, and other living expenses incurred as a result of the injury or illness.
3. Accidental Death and Dismemberment Insurance — Pays a lump sum benefit to named beneficiaries of someone who died in an accident. These policies may also pay smaller amounts if the person did not die but lost a limb, eyesight, or suffered permanent paralysis as the result of an accident.
4. Accidental Health Insurance — Pays accident-related medical costs that are not covered by regular health insurance.
5. Hospital Indemnity Insurance — Provides a cash benefit if you are “confined” to a hospital due to an illness or serious injury.
Supplemental health policies generally are not overly expensive. However, not everyone needs it. Evaluate your current coverage and health needs before buying.
Questions to Consider Before Buying Supplemental Insurance:
- Are you and your family sufficiently protected through a regular health plan?
- Does your current health plan cover the cost of treatments?
- What might be your out-of-pocket costs in the event of an accident or illness?
- How likely is it that you or a family member will have an accident or serious illness?
- Does the extra cost make sense over time?
- What are the limitations and the benefits of the policy you are considering?
- Are there long waiting periods before payments start?
- Would supplemental medical insurance bring peace of mind about your health issues?
Supplemental Insurance: Get a Rate Quote in Ocala
If you have questions about supplemental insurance in Ocala or the Village, the McDonald agency can help. To get a rate quote, call (352) 622-2333.
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ABOUT THIS ARTICLE: This website (themcdonaldagency.com) is not intended to provide specific insurance advice for any individual or business entity and should not be relied on for such advice. Persons seeking insurance advice should contact an Ocala insurance agent by e-mail or call (352) 622-2333 to receive advice that takes individual circumstances into account.