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Choosing the Best Supplemental Health Insurance for Your Needs

Choosing the Best Supplemental Health Insurance for Your Needs

Supplemental health insurance plays an important role in bridging the gaps left by standard health insurance policies and Medicare, especially for rural residents. But how do you decide which type of coverage fits your needs the best?

What is meant by supplemental health insurance?

Supplemental health insurance is additional coverage that is purchased through a company or agency to complement your major medical insurance. It is designed to help pay for costs and services that standard insurance or Medicare don’t cover. This can include out-of-pocket costs such as:

  • Co-pays and deductibles.
  • Travel for treatment.
  • Special diets.
  • Lost income from time away from work.
  • Costs associated with long-term care or specific illnesses.

A major health event such as cancer is an overwhelming experience physically, emotionally and financially. Medical and non-medical expenses quickly add up. Plus, there are often long-range implications on our health and finances that extend well beyond the initial diagnosis—or what major medical insurance will cover.

Understanding the Gaps in Regular Health Insurance

Standard health insurance policies and Medicare provide essential health coverage, but they often come with significant limitations:

  • Non-Medical Expenses: These are the unavoidable expenses caused by an illness that are paid for out of pocket. Deductibles, co-pays and lost income are considered non-medical out-of-pocket expenses.
  • Long-Term Care: One of the most substantial gaps in Medicare and many standard health policies is long-term care. As we age, the likelihood of needing such care increases, but Medicare often covers only a fraction of these costs, if at all.
  • Specialized Treatments: For conditions like cancer, treatments can be highly specialized and expensive. Medicare and private health insurance may not fully cover all the therapies and medications required, leading to high out-of-pocket expenses.
  • Chronic Illness Management: Managing chronic illnesses often requires ongoing medications, frequent medical visits, and sometimes specialized care, which can accrue substantial costs over time.

The Increased Challenges of Rural Healthcare

For residents in rural areas, there are additional healthcare challenges and costs to consider:

  • Distance to Medical Facilities: In rural areas, the nearest hospital or specialist can be many miles away. This distance can not only lead to higher transportation costs but also delays in receiving care.
  • Limited Local Healthcare Services: Rural areas often have fewer healthcare providers and facilities, which can limit the availability of specialized care and treatments. This scarcity can mean traveling long distances for specific health needs, adding both time and cost.
  • Special Diets: Access to specialty foods and groceries can be challenging in rural areas, often leading to extra expenses. To meet specific dietary needs, individuals may face additional costs associated with having meals shipped directly to their homes or traveling into town more frequently for shopping.
  • Higher Self-Employment: Self-employed individuals often do not have access to the same benefits and support systems as traditional employees and may experience greater disruption to their work and income.

The combination of these factors underscores the importance of supplemental health insurance for those living in rural areas. With the right supplemental policy, many of these gaps and challenges can be mitigated. Better access to necessary healthcare services and financial protection against unforeseen medical expenses increase the probability of achieving better health outcomes.

Evaluating a Good Supplemental Health Insurance Policy

When considering supplemental health insurance, it’s essential to evaluate several key factors to ensure that you choose a policy best suited to your needs.

1. Necessary Coverage
A good supplemental policy should provide coverage that addresses the potential shortfalls left by your primary health insurance or Medicare. This includes:

  • Covering High Out-of-Pocket Costs: Look for policies that help pay for deductibles, co-pays and coinsurance, which can be substantial, especially for specialized treatments and chronic illness management.
  • Benefits for Assisted Care: If long-term care is a concern, ensure the policy covers services that Medicare typically doesn’t, such as extended nursing care, specialized rehabilitation services and certain at-home care services.
  • Specialized Illness Coverage: If you have specific health concerns or a family history of illnesses like cancer, heart attacks or strokes, seek policies that offer additional coverage for these conditions.

2. Affordability and Value

  • Cost-Benefit Analysis: Evaluate the policy’s cost against the benefits it offers. A good supplemental policy should provide robust coverage at a cost that makes sense.
  • No Hidden Costs: Ensure transparency in the policy’s pricing structure. Understand what is and isn’t covered to avoid unexpected expenses down the line.

3. Ease of Claims and Customer Service

  • Simple Claims Process: The ability to file claims easily and efficiently is crucial. A complicated claims process can be a significant stressor, especially during times of illness.
  • Responsive Customer Service: Good customer service is invaluable. Look for companies known for their customer support, providing clear information and assistance from a real, knowledgeable human.

4. Flexibility and Tailoring

  • Customizable Plans: A good supplemental policy should offer the flexibility to choose your coverage based on your specific risk factors and budget.
  • Adaptability Over Time: As you age, your health needs may change. A good policy should have the flexibility to adjust coverage as necessary, ensuring it remains relevant to your health circumstances.

The Platinum Advantage

The supplemental health insurance policies marketed by Platinum are specifically crafted for rural residents and small business owners.

Flexible Options That Meet Rural Needs
Recognizing the realities of rural healthcare, Platinum customizes policies to include generous benefits that cater to the needs of those who might have to travel for treatment or require specialized care not available locally. Plus, various levels of coverage are available to match the diverse health needs and financial circumstances of our customers.

Rich Benefits
Platinum-marketed policies provide industry-leading lump-sum benefits for:

  • Cancer, Heart Attack or Stroke.
  • Accident and Hospitalization.
  • Chronic Illness.
  • Nursing Home and Home Health Care.

Testimonials and Success Stories
The true value of a Platinum-marketed policy is best understood through the experiences of those we’ve helped. Here are a few testimonials from policyholders.

Superior Customer Support
Platinum is committed to providing the best products and the best service:

  • Personalized Assistance: From policy selection to claims processing, Platinum offers personalized one-on-one assistance, ensuring that each customer understands their coverage and how to make the most of it.
  • Responsive Support Team: With a dedicated support team, Platinum ensures that help is always just a phone call or email away.

Questions? Talk to Our Knowledgeable, Licensed Agents
If you would like to discuss a new or existing policy, or have questions about increasing your coverage, our friendly, knowledgeable team is on standby to help.

Do you know someone who could benefit from our supplemental health policies? Have them request a quote.