What is supplemental health insurance?
Supplemental health insurance is a type of insurance policy designed to cover the gaps that your regular health insurance may have due to deductibles and co-payments. Supplemental health insurance covers additional expenses that your primary insurance doesn’t cover, such as lost income and living expenses. Those who should consider supplemental health insurance are the self employed, families with children, those financially unprepared to handle large medical bills or time off from work due to illness or injury, and those on Medicare. Some of the benefits of a supplemental health insurance policy include cash benefits, lower cost due to lower benefit amounts, the ability to offset lost income unlike a traditional health insurance policy, and often payment for pre-existing conditions. The most common type of supplemental policy is intended for those covered by Medicare, which doesn’t cover long term health care, at home care, nursing homes, or prescription drugs. Many seniors opt to car
Supplemental insurance benefits, like cancer insurance, heart/stroke insurance and accidental injury insurance, are paid directly to you, unless otherwise required. In contrast, hospital and major medical insurance benefits are typically paid directly to the provider. As a policyholder, you can use those benefits to help with your out-of-pocket expenses or loss of income. If I purchase a supplemental health insurance policy, do I still need major medical insurance? Yes. Supplemental insurance products such as cancer, heart/stroke and accidental injury insurance aren’t a replacement for major medical insurance. Instead, these policies help to cover expenses that are not covered by major medical insurance. How else can I pay for out-of-pocket expenses? In addition to supplemental health insurance, other options you may need to consider include drawing on life savings or selling personal assets to help pay for out-of-pocket expenses. What physicians may I use with my supplemental health i
Even if you have a robust employer-provided health insurance plan, you may be surprised to discover what isn’t covered by the plan and what you have to pay out-of-pocket for your health expenses like doctor visits and prescriptions. When you start to add up your medical expenses (and those of your spouse and children) it might make sense to consider a supplemental health insurance plan. These plans can help lower your insurance costs, expand the number of healthcare providers available to you and also expand the services you can receive at a discounted cost. Your individual needs will help determine what kind of supplemental plan would serve you best, as specific plans have specific goals. Supplemental Dental Plans Many employer-provided dental plans are great at covering major procedures, but may be less effective at paying for regular maintenance like teeth cleanings, fillings and check-ups. A supplemental dental plan can help lower your out-of-pocket costs for your more common denta
Supplemental health insurance is nothing more than a policy that covers what Medicare does not cover, and will protect you from high deductibles and co-payments. It is not meant to eliminate Medicare, but to supplement it. What Types of Supplemental Health Plans Are There? There are three main types of supplemental health insurance. They are: 1. Disease or condition-specific policies 2. Accident policies 3. Hospital indemnity policies Let’s look at these a little closer. Disease Or Condition-Specific Policies This supplemental insurance policy pays a pre-determined amount if you contract a certain disease. Two choices are available: a policy that pays you per day, and a policy that covers medical procedures. Accident Policies This policy will pay if you are injured in an accident. In case of death, they pay your family. The amount you will be paid is dependent on the injury. In cases of accidental death or dismemberment, the policy may specify that a certain percentage is paid to the i
