When people sign up for Medicare, they think that their problems are over. They believe that they are completely covered and that any medical emergencies or hospital stays are now paid for. Sadly, that is never the case. Medicare plans A and B are great, because you can get basic treatments and be admitted into hospital without having to pay a dime. However, the fact of the matter is that this only lasts up to a certain point or a certain $ limit. Once that limit has passed, expenses must come out of pocket and this is where many families run into a lot of trouble. A loved one could spend 15 days in a hospital, but if only 5 or 10 are covered you could be looking at a huge bill at the end of their hospital stay.
The only way to solve this problem is to get supplemental insurance. That way you can have something that helps you pay the out of pocket expenses, or an insurance that takes care of those out of pocket expenses. There are a few supplemental insurance options that you can look into. There is always Medicare supplemental insurance that increases the amount of things that Medicare covers, giving you a wider range of hospital services before you fall into the dreaded “out of pocket” phase of treatment.
However, there are also supplemental insurance options that are private. There are insurance companies, such as Aflac, that sell supplemental insurance that is designed to pay your out of pocket expenses. This insurance involves paying a monthly premium and if certain medical conditions arise they will pay you a lump sum amount that you can use however you wish. Say you end up in a hospital, the supplemental insurance will pay you $10,000 and you can use that money to pay the hospital or get any other treatment that is needed. It can also allow you to take time off work without worrying about the finances of it all. That is why supplemental insurance is so crucial.