If you’re like most people, you need a strong health insurance plan — and possibly also supplemental insurance plan — to protect you from high, out-of-pocket medical costs. But deciding the best supplemental health policies for your needs out of myriad of options can be difficult. That’s why we’ve broken down what you need to learn about policies, insurance riders, out-of-pocket costs, and more to help you make an educated decision.
First, you’ll need to familiarize yourself with industry jargon. You can study our glossary of insurance terms, but you can also keep these important items in mind:
When deciding how to choose supplemental health insurance, you should think about what types of needs you have. Ask yourself:
A lot of supplemental insurance plans cover only certain benefits on the base coverage, then insurance companies give customers multiple options of riders, or add-ons, that customers can elect to include with their base coverage.
Here’s a checklist for how to choose the right supplemental health insurance policy:
Ultimately, anticipate what you think you might need covered and consider what you can afford. Then think about what you can handle financially if something catastrophic happens and you’re financially responsible for the cost of your medical care.
What your insurance covers varies, depending on if you select high deductible vs. low deductible plans. High deductible plans are better for those that are just looking for catastrophic coverage. Low deductible plans typically have higher premiums, but benefits kick in a lot sooner.
Here’s how to choose supplemental health insurance based on deductibles and your situation:
Out-of-pocket costs are what you pay as a patient for medical care. Each plan has an out-of-pocket maximum, which is the largest dollar amount you might pay in a plan year for covered medical services, including copays, coinsurance, and deductibles, but excluding monthly premiums.
Insurance riders are defined as insurance policy amendments to add or exclude coverage for a body part, body system, or health condition. They can provide additional coverage or restrict or limit coverage.
Insurance rider options can include a variety of options — from types of extended care, such as home health care or nursing home care, to inflation protection. Be sure to consider your current circumstances and the rider options available as you ponder how to choose the right supplemental health insurance policy.
If you determine your primary health insurance won’t cover all your needs, you can choose a supplemental insurance to fill the gaps. Wellabe offers a variety of supplemental plans:
This plan is supplemental hospital insurance that pays you a cash benefit if you're hospitalized. In addition to its base coverage of inpatient hospitalization or observation unit monitoring, emergency room service, and inpatient mental health services, it also offers optional riders that include some outpatient benefits, like rehab and surgical centers, ambulance services, skilled nursing facility care, and a lump sum for a cancer diagnosis. To learn how Hospital Indemnity insurance can pair with your health insurance, visit the Hospital Indemnity insurance page.
This plan helps bridge the gap between what Medicare pays and your out-of-pocket costs. Wellabe offers Plans A, F, High-deductible F, G, and N, and a basic benefit plan with optional riders in Wisconsin. To learn how this insurance can pair with Medicare, visit the Medicare Supplement insurance page.
Medicare doesn’t include dental coverage, but our Gold and Platinum plans can help you with dental health costs. To learn more about this product, visit the Dental insurance page.
If you’re between the ages of 40 and 89, you can apply for Wellabe’s Short-term Care insurance, which offers coverage for extended care — both medical and non-medical — in your home or in a facility. You select a daily benefit amount per day for up to 360 days. Your plan pays you a full cash benefit for each day you receive care. To learn more about this product, visit the Short-term Care insurance page.
If you're between 18 and 79 years old, Wellabe’s First Diagnosis Cancer plan can help if you’re diagnosed with internal cancer or malignant melanoma. It’s a one-time benefit that is paid directly to you. To learn more about this product, visit the First Diagnosis Cancer insurance page.
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Kelly Rayburn, AVP national sales and distribution at Wellabe, and Olga Villaverde, from Lifetime TV’s The Balancing Act, discuss what Medicare Supplement insurance is and how it differs from Medicare Advantage.
More topics at thebalancingact.com
Wellabe offers life and supplemental health insurance plans to help you prepare for good days and bad. We’ll always be here to empower you to be well — well prepared, well protected, and well loved.
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