Health insurance is a topic that many people tend to focus on when it comes to their health. But whether they’re trying to ensure that they have a solid plan in place for the future or looking for ways to save money. There are so many more types of insurance than just medical and dental plans! Here are some you may not know about—but should.
Medigap Plans
These types of Medicare Supplement Plans can help cover certain expenses that aren’t covered by the main Medicare program.
- There are different Medigap plans, including plans with A, B, C, or F designations. Each plan is designed to fill in gaps left by traditional Medicare coverage. And offer benefits such as hospitalization and prescription drugs.
- You can combine these plans with other types of health insurance to provide more comprehensive coverage at a lower cost than standard policies on the open market.
Medicare Supplement Plans
Medicare supplement plans are an addition to Medicare, which provides medical coverage for people 65 years or older. These supplemental health insurance plans can help pay for costs that Medicare doesn’t cover, such as deductibles and coinsurance, copays, and other expenses. There are different types of Medicare supplement plans in Nebraska:
- Plan F is the basic form of a Medicare supplement plan; this is the most popular type and covers outpatient prescription drugs.
- Plan G covers hospitalization expenses for up to 100 days per year.
- Plan N covers out-of-pocket costs with no additional charge beyond what you would pay with traditional Medicare coverage.
Long-Term Care Insurance
Long-term care is a type of insurance that can help you pay for the costs associated with health complications that lead to loss of mobility and daily living skills such as dressing, bathing, or eating. At the same time, Medicare covers some of these expenses when the individual requires help from a nursing facility. Many seniors do not have private insurance policies to fill in any gaps. Long-term care can be expensive and insufficient funds may leave individuals struggling to make ends meet until they are eligible for Medicaid benefits. (Which don’t kick in until after six months).
Long-term care policies are typically divided into two types:
- Nursing Home Care Policies (or “Traditional” Long Term Care Insurance)
- Home Health Care Policies (or “Intermediate”).
A traditional long-term policy pays out once the insured reaches an advanced stage of chronic illness or injury; on average, this occurs at age 80. Meanwhile, home health insurance provides coverage for less severe instances where you need assistance with activities of daily living but still live independently.
Short-Term Health Insurance
Short-term health insurance is a type of coverage designed to help fill the gaps in your healthcare needs. You can use it to cover you while you’re between jobs, waiting for a new job, or transitioning from one job to another.
Short-term health insurance plans offer fewer benefits than traditional individual or family plans. Still, they typically cost less because they don’t include all required benefits under the Affordable Care Act (ACA) law.
Although these plans are typically more expensive than other types of coverage, they may still be cheaper than paying out-of-pocket when faced with a medical emergency, especially if your employer offers no COBRA continuation coverage options.
Travel Health Insurance
Travel health insurance provides coverage for medical expenses incurred due to an injury or illness before, during, and 72 hours after you return from your trip. It can be purchased as either short-term coverage or long-term coverage. The latter offers comprehensive protection, including emergency medical care and nonemergency treatment (such as dental work). At the same time, the former only protects travelers against major emergencies such as heart attacks or cancer diagnoses while abroad.
Accident Insurance
- Accident insurance covers injuries and illnesses caused by accidents. It can include coverage for the following:
- Car accidents
- Sports injuries, such as broken bones or concussions
In some cases, however, accident insurance will restrict what types of accidents are covered. For example, you may need additional coverage if you want to be protected in a car accident or sports injury.
Conclusion
You may think you’re covered with your current health insurance, but there are a lot of different plans out there that can ensure you get the care you need. Talk to a professional about your options if you want to ensure you have all the bases covered.
