Who Should Buy Supplemental Insurance?

In most cases, supplemental insurance is not needed. If you have a good, comprehensive insurance plan through your employer, union, or individual policy you should not have to purchase a supplemental medical policy. This is if your current policy includes all of the following:

  • substantial life-time maximum
  • good prescription benefit
  • Home health care and Hospice
  • Skilled Nursing Facility (SNF) coverage
  • Durable medical equipment
  • Alternative care (including chiropractor and acupuncture services)
  • Therapy (such as physical, occupational and speech therapy)
  • Mental health and rehabilitation care
  • Preventative care (including routine physicals and immunizations).

If you are on Medicare, have any serious healthcare issues and have opted to use a FFS plan, you may wish to seriously consider purchasing a supplemental policy.

You may wish to consider purchasing a long-term care policy from a life insurance provider. The policy should cover any custodial care you may require in the event of a serious illness. Services you may wish to have included in this policy would include not only attendant care to assist you with your activities of daily living (ADL’s) such as bathing, dressing, eating but household chores as well (including yard maintenance, and housekeeping). Remember, these services are not considered medically necessary and are not part of your medical insurance policies!

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