Medicare insurance plans are not a be-all, end-all solution for Medicare beneficiaries. There are still several out-of-pocket expenses and benefits that Medicare doesn’t cover. If you decide to get coverage for some healthcare benefits, ancillary products can help you pay for some of the costs you may incur. An ancillary product is an add-on or bonus benefit that provides the necessary support to improve an insurance plan. Here is a closer look at some of the most popular ancillary products available.
Short-Term Medical Insurance
This health insurance plan will provide coverage for up to one year for a temporary illness or injury. Medicare insurance only provides skilled nursing care, which only lasts for 100 days, and you will be required to pay a daily copay for days 21-100. With short-term medical insurance, you will get coverage for custodial care, intermediate care, and skilled nursing care.
Hospital Indemnity Insurance
A hospital indemnity insurance plan is a great addition to your insurance plans, and they come in different shapes and sizes. A hospital indemnity plan is suitable for Medicare beneficiaries that opt for a Medicare Advantage plan. With Medicare Advantage plans, you are responsible for some out-of-pocket expenses, which come in the form of coinsurance or copays.
Since there are different types of Medicare Advantage plans available, hospital indemnity plans can be tailored to provide only the coverage you need based on your plan’s copays. The indemnity insurance plan can also payout in a lump sum payment. What this means is that instead of the plan being tailored to meet your personal copays, you can choose a lump sum amount that ranges between $1000 to $75,000.
Dental, Vision, and Hearing Insurance
These are the most common types of ancillary products for Medicare beneficiaries that require vision, hearing, and dental coverage. Original Medicare ancillary services are limited to what your doctor or hospital can do. For instance, if you have medically necessary jaw surgery, Medicare Part A may cover the expenses. However, if you end up with more vision, hearing, or dental needs, Original Medicare won’t cover the cost. Private dental, vision, or hearing insurance can help cover your costs.
Cancer, Heart Attack, and Stroke Insurance
Generally, Original Medicare will cover doctor visits and hospital stays related to cancer, stroke, and heart attacks, but it is usually not enough. Medicare beneficiaries with a medical history of cancer, heart attack, or stroke symptoms can benefit from an ancillary plan that specifically covers your healthcare needs or can give you a lump sum. You will inform your plan when you are diagnosed with a certain disease, and you will get a check based on the value of your policy.
Get the Ancillary Plans You Need Today
At MedSup for Seniors, we have experienced health insurance agents who can help you choose an ancillary plan that is right for your healthcare needs. Speak with a licensed agent today.