Supplemental Insurance
Are You Perplexed, Bewildered, Dazed, And Confused
About Supplemental Health Insurance?
Health Insurance pays the doctors, hospitals, and surgeons – Who pays you?
Are you worried about high deductibles?
Loss of income because of illness or accident?
High co-pays for Emergency Room, hospital stays, and skilled nursing facilities?
Looking to supplement your primary – Medicare or U65 insurance?
Are you looking to supplement Original Medicare with a a Medicare Supplement (Medigap) policy?
Supplemental Insurance
What is Supplemental Coverage?
We're here to help you handle it all.
What are supplements?
Supplemental health insurance is any policy that you have in addition to your main health insurance. These policies provide an extra level of coverage to help consumers with out-of-pocket costs and/or additional benefits that aren’t covered by their primary health insurance.
Are supplements expensive?
Supplemental policies are less expensive than qualified health insurance plans because they aren’t comprehensive medical plans. These policies often have limitations and caps on benefits, may ask medical questions, and can deny coverage for pre-existing conditions.
Who buys supplemental coverage and why?
As major medical qualified health insurance plans have risen in cost, supplements have become a popular option. For example – Policy holders may opt for a lower cost policy with a higher deductible, and then add a supplement policy to help mitigate the deductible, maximum out-of-pocket costs with supplemental policies. The most popular supplements are accident policies and critical illness policies.
Supplemental policies are also a good way to protect your income if an illness or an accident affects your ability to work. Accidents and illness don’t only affect the wage earner, they have an impact on the entire family. Thinking through the unexpected, unthinkable, scenarios makes sense when putting together a total health protection package.
Others may elect to not have a qualified health plan, and instead, have supplemental coverage only. This is risky. Supplemental policy applications will require applicants to sign an attestation acknowledging that they know this is not a qualified health plan. If a qualified health plan isn’t in the budget, some coverage is better than no coverage – and that’s what supplements as a stand-alone policy offer.
Supplemental Insurance
Types of supplemental policies. We're here to help you to choose the right option.
There are many types of supplemental plans that offer benefits in a variety of ways.
Add on benefits:
Dental and Vision are the most common add on benefits that people include in their health insurance package.
Fixed Indemnity Benefits:
These policies look and feel like regular health insurance. They will pay a facility or a provider a fixed dollar amount for certain events. For example: a fixed dollar amount for a stay in a hospital; ER visit; Ambulance ride; diagnostic exam – etc.
Lump Sum Supplemental insurance:
These policies will pay a one-time lump sum payment if you get diagnosed with a critical illness, such as cancer.
Accident Supplement Insurance:
These policies pay when you have an accident – at work, at home, or at play. There are a variety of accidental policies.
Disability Insurance:
These policies protect your income. There are accident only disability policies as well as accident and illness.
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