Northwest Arkansas Democrat-Gazette
Independent insurance broker Carolyn Whitsell
Many seniors worry about the potential outof-pocket cost in the event of a critical illness or debilitating injury. Seniors with a traditional Medicare Supplement are more protected from unexpected costs than seniors who are covered by a Medicare Advantage plan. Medicare Advantage enrollees pay co-pays for all medical services with the exception of the many preventative tests that are available with no additional cost.
There are ways to cover some of your medical out-of-pocket costs with the addition of other insurance coverage. Hospital Indemnity – Pays a daily benefit when hospitalized. The benefit can be paid to the beneficiary or assigned to the hospital. These plans will cover the co-pay you would have paid out of pocket with your Medicare Advantage plan. Cancer Plans – Some plans pay a lump sum benefit when you are diagnosed with internal cancer. There are plans that pay benefits for treatments including hospitalization, chemotherapy, radiation and testing. These plans provide money to pay for expenses not covered
by insurance, such as someone to clean your home while you recover or a home caregiver while you are ill.
Long-Term Care – Traditional Long-Term Care plans are wonderful and allow some peace of mind as we age, however they are expensive and need to be purchased before reaching our senior years, when we are healthy. There are some short-term plans which would help with the cost of nursing home care that are affordable and don’t have the strict underwriting of Long-Term Care.
Final Expense Plans – These plans will give you the peace of mind of knowing that your funeral expenses will be paid and your children will not have to be responsible for this cost. Final expense plans are affordable and are available even if your health is not the best. This is an expense that we all face and your children and grandchildren will be grateful that you planned in advance.
Carolyn Whitsell encourages you to take a look at the insurance plans you have in place and determine if you need additional coverage to protect your assets.