If you’ve had health insurance in the past, you are probably well aware of gaps in coverage, which can change depending on your insurance provider and policy. These gaps could include co-pays for office visits, emergency medical services, and prescriptions that your policy might not cover. It can sometimes feel like you’re paying for nothing if you are relatively healthy. When you’re paying for insurance and you still have to pay for medical services because you haven’t exceeded your deductible, or your prescriptions aren’t covered by your policy, you could be tempted to drop your healthcare coverage entirely. Unfortunately, this is not a wise choice under the Affordable Care Act (ACA), or Obamacare.
All Americans are required by law to have personal health insurance, whether you get it through a private insurance company, you use the healthcare marketplace, or you end up using Medicaid, just for example. In truth, you should carry health insurance just in case you are struck by an unexpected accident, injury, or illness that leaves you with heinous medical bills that would otherwise overwhelm you and leave you drowning in debt. It is for these occasions that insurance exists, although it is also extremely useful if you have an existing medical condition that requires ongoing care or if you have planned medical expenses like surgery or childbirth.
And of course, you can always secure supplemental health insurance to cover any gaps in your existing coverage. But what is supplemental insurance? And what can it do for you? Let’s start by saying that nearly everyone can use a supplemental policy of some kind. Most health insurance policies do not include coverage for dental and vision, for example. If you go in for annual checkups with your dentist and optometrist, you should price out the cost for supplemental insurance of this type versus simply paying out of pocket to see if the added expense is worthwhile. Just don’t forget to consider costs like x-rays, fillings, and eyeglasses when tallying up your annual total. Supplemental insurance could really help with these expenses.
Then there are supplemental policies meant to cover the gap between your existing policy and out-of-pocket expenses like co-pays and deductibles. If you have a good policy in place and your medical needs are relatively minor, you might not need the gap coverage provided by a supplemental policy. But if you are dealing with an existing condition, ongoing medical costs, or anticipated healthcare needs, supplemental health insurance could end up saving you a lot of money over time.
The good news is that these policies are not only meant for those with private insurance plans. They are also extremely beneficial to individuals that rely on Medicare benefits – seniors in particular. With medical needs that are only likely to increase, a supplemental policy can help seniors pay high deductibles and co-pays, and potentially cover expenses that are not provided for by a Medicare plan. So if you are not getting the coverage you need from your current policy, consider the many benefits to be gained by a supplemental health insurance policy. Pricing out your options could help you decide what policies are right for your health needs and your budget.
Submit your questions below or start a conversation in the comments!
Does Iowa Medicaid cover college students that participate in Camp Adventure thru University of Northern Iowa and she will be a camp counselor in Okinawa Japan for 10 weeks in the summer and getting college credits for it
Medicaid is state specific and can vary from county to county so you will want to contact your local social security office for any coverage through Medicaid. Also, many Universities offer health insurance for exactly these types of scenarios. Finally, there are some products that provide temporary coverage for US citizens traveling abroad, if you would like more information on these options send me your contact information and we can set up a time to discuss her options.