If you already have health insurance or are looking into high-deductible plans with limited benefits, then adding an individual health insurance supplement may be a good option.
Supplemental insurance plans for individuals help to fill gaps in existing coverage. They can help you pay for your regular insurance deductibles, copays, coinsurance and out-of-pocket costs. Some plans also offer lump-sum payments directly to you in the event of a covered illness or accident. You can then use the money however you see fit.
There are a few types of gap health insurance. Some of them (such as Medigap, dental insurance and individual vision insurance) help round out your coverage with benefits you know you will use.
Others (like accident and critical illness insurance) are purely meant to protect you in case of an unforeseen covered event.
Keep in mind that individual supplemental insurance is not meant to function as regular insurance. Instead, it is meant to provide extra coverage for specific situations. A few popular types of gap health insurance include:
- Medigap insurance (if you have Medicare Parts A and B).
- Dental and vision insurance
- Hospitalization insurance.
- Stroke and heart attack insurance.
- Cancer insurance.
- Accident insurance.
When looking at supplemental health insurance quotes, only compare the plans that offer benefits you reasonably believe you may need based on your current health needs, future plans, etc.