Supplemental medicare insurance is a form of insurance that allows you to avoid dealing with out of pocket medical expenses that always come up when you have an extended hospital stay or a serious illness/disease. While most medicare plans are fairly comprehensive, they do not cover everything. On many occasions, patients who have spent a week or two in the hospital come out with thousands of dollars of out of pocket expenses. These can be avoided by getting supplemental insurance from companies such as Aflac, Combined Insurance, and Colonial Insurance.
There are different types of supplemental medicare insurance plans and each pertains to a particular medical situation. For example, there are hospital supplemental plans that come into effect if you spend a certain number of days in the hospital. A regular hospital plan would pay out $10,000 to a patient who have spent 5-7 days in the hospital. This money will be paid into the patient’s bank account so that they can do with it what they want. This money can be used to cover out of pocket expenses and provide a source of income/finance if the patient has to miss work for a few weeks.
The great thing about supplemental medicare insurance is that it does not cost very much. Each supplemental medicare insurance plan will cost between $5-$15 per month. That is not a lot of money to add on to your monthly medicare payments, especially given the added security that this form of insurance brings. There will be no need to worry about out of pocket expenses once someone has a good supplemental insurance policy.