As its name implies, supplemental insurance is designed to supplement an existing insurance policy. Supplementary insurance is not designed to provide primary health coverage or work on its own; instead, it pays for medical bills after primary insurance has paid or helps with expenses your primary health policy does not cover.
How Does Supplement Insurance Work?
There are a few types of supplement insurance policies:
Hospital indemnity insurance. This type of supplementary insurance offers a fixed cash payment on a daily, weekly, or monthly basis if you are confined during a hospital stay. A minimum hospital stay such as one week is usually required before benefits are paid.
Basic supplement plans offer fixed benefits for covered preventative care.
Dental insurance plans that offer fixed benefits for dental care.
Accident expense insurance helps pay for out-of-pocket expenses after an accident.
Critical illness insurance. This type of policy helps pay out-of-pocket expenses involving a critical condition or illness such as stroke, heart attack, or cancer.
There are many forms of supplement insurance and almost any condition or illness can be covered to help you fill gaps in your existing health insurance coverage. You can even choose policies that protect you in case of specific illnesses like cancer.
This type of insurance will pay benefits directly to you as the insured. The amount of the payments and how payments are made depends on your policy, but the larger your premium, the higher the payments you can receive for hospital stays or other eligible circumstances.
Is Supplemental Health Insurance Right for You?
If you already have health insurance, a supplement insurance policy may be a good choice for you depending on your risk factors, the type of coverage you want, and how much coverage you want.
For example, you may find supplement insurance is a good investment if you know your child will eventually require expensive orthodontic work and your health plan has sparse dental benefits. A supplementary insurance policy may also be a good choice if you could not afford the cost of long-term care or a critical illness.
Request a Supplemental Insurance Quote
Supplement health insurance offers valuable protection against the what-ifs in life by filling gaps in your existing health insurance coverage. Contact us today for a free quote for supplement health insurance to give you the protection you need.