Extras That Fill the Gaps
Hospital indemnity, dental and vision, and critical illness coverage.
Hospital Indemnity Plans
What is hospital indemnity insurance?
Hospital indemnity insurance pays you benefits when you’re confined to a hospital, whether the stay is planned or unplanned. Depending on the policy, it can also pay for other medical services.
These plans are designed to fill gaps, including those in Medicare Advantage coverage, by paying cash toward copays, coinsurance, deductibles, prescriptions and other costs that come with hospital stays. Many people under 65 with copays and high deductibles use them too.
Why hospital indemnity?
Hospital stays can strain even the healthiest budget, and you can’t skip the care you need. These plans pay for each day in the hospital and, on some policies, other qualifying expenses. The money goes to you, to use for hospital bills or anything else that comes up while you recover.
These plans are not major medical coverage. Benefits vary by carrier and state.
Dental, Vision and Hearing Plans
Doesn’t Medicare cover these?
Original Medicare covers dental, vision and hearing only when they’re tied to a medical need.
Dental
Medicare’s dental coverage is very limited. It doesn’t cover routine checkups, cleanings, fillings, dentures or most extractions, and Medicare Supplements don’t either. Some Medicare Advantage plans include dental benefits.
Vision
Original Medicare generally doesn’t cover routine eye exams, glasses or contacts. After cataract surgery with an implanted lens, Part B helps with one pair of standard glasses or contacts. It also covers certain diagnostic tests and eye disease treatment, and glaucoma screening for people at high risk.
Hearing
Original Medicare doesn’t cover hearing aids. Part B covers some diagnostic hearing and balance exams, which typically start with a referral from your primary care provider.
What works best
Most clients do best with a stand-alone plan that combines dental, vision and hearing. Monthly premiums are low, and you get more coverage than Medicare alone. Plans are also available for individuals and employer groups under 65.
Cancer, Heart Attack and Stroke Coverage
What it is
Critical illness coverage pays you a lump sum if you’re diagnosed with a covered condition such as cancer, heart attack or stroke. Some plans cover additional conditions.
Why people add it
Medical plans pay medical bills, but serious illness brings other costs: deductibles, travel for treatment, time away from work and everyday bills. This benefit is paid to you, so you decide how to use it.
It’s not a replacement for major medical coverage. Covered conditions, waiting periods and limits vary by carrier and state, and I’ll walk through them before you decide.