Your senior clients may ask you if they need a supplemental insurance plan. While not right for everyone, a supplemental insurance plan could provide the right level of additional coverage for your policyholders.
Read on to learn more about supplemental insurance plans and if your clients need a plan, contact us at American Senior Benefits for more information.
What is a Supplemental Insurance Plan?
A supplemental insurance plan is an extra policy consumers may purchase to add additional coverage. These plans can help pay for gaps in traditional health insurance policies, as well as pay for out-of-pocket expenses most health plans do not cover.
Supplemental insurance plans may pay a lump sum benefit to the policyholder when a claim is filed. The policyholder can decide to spend that lump sum when and how they need to cover things like medication costs or co-pays. Other types of supplemental insurance plans make payments directly to health providers.
Many different insurance companies sell supplemental insurance plans to cover various illnesses, injuries, or accident types. As their agent, you can help your senior clients by reviewing the various types of supplemental insurance plans available to them and answering questions about which plan may best meet their needs, if any.
Remember, a supplemental insurance plan is not required, although it may be beneficial to some seniors.
Types of Supplemental Insurance Plans Available
Review these types of supplemental insurance plans with your clients to help find the best fit:
Long-Term Care Insurance
Many seniors worry about long-term care insurance as the costs of nursing care skyrocket. A long-term care insurance plan could alleviate some of these concerns and assist with nursing care.
Critical Illness Insurance
Critical care insurance plans are designed to offer additional coverage to people diagnosed with various serious conditions, like heart disease, kidney failure, or cancer. A critical illness plan can be designed for one specific illness or for many different conditions.
Hospital Insurance
This type of supplemental insurance plan often pays a lump sum when the policyholder is hospitalized. A benefit may also be available for seeking treatment in the emergency room. Hospital insurance benefits can be spent however the policyholder determines, making these plans attractive to many people. Benefits can be spent on copays, medications, or additional living expenses incurred due to the hospital stay.
Medicare Supplement Plan
Private insurers sell Medicare Supplement Plans to enhance a senior’s original Medicare plan. These types of supplemental plans must meet federal guidelines, so even though different insurance companies sell them the plans are standardized.
Seniors can use their Medicare Supplement Plan to cover services original Medicare does not pay for, as well as for copays, deductibles, and coinsurance.
How to Help Clients Purchase Supplemental Insurance Plans
Once you have reviewed the various types of supplemental insurance plans and helped your clients decide which one to buy, you can help them find the right insurance company. There are many different private insurers that sell the supplemental insurance plans reviewed in this article.
Work with your clients to find the best rate for their needs by comparing plans and prices. Remember that Medicare Supplement Plans are identical from insurer to insurer, so the carrier offering the best rate is your client’s best option. Shop around to find the best rates to help your senior clients purchase their supplemental insurance plans. And remember to discuss the plans at renewal to ensure your clients’ needs are still being met.
How Do I Learn More?
To learn more about how to help your elderly clients avoid insurance scams, contact us at American Senior Benefits. Our affiliated experts will be happy to answer any questions you have.
