Important Things you Must Know About Supplemental Health Insurance

Important Things you Must Know About Supplemental Health Insurance

Supplemental health insurance provides coverage for anything beyond the minimum essential medical insurance. It can provide additional medical coverages, or it could be useful in paying costs not covered by basic health insurance; such as co-insurance, co-pays or deductibles. The coverages, their range and their types are all dependent on the type of supplemental insurance.

What are the Popular Types of Supplemental Health Insurance?
  • Dental Insurance
  • Insurance for Critical Illness
  • Insurance for Vision
  • Disability Insurance
  • Supplemental Travel Health Insurance
  • Long-Term Care Insurance
  • Short-Term Care Insurance

Medicare / Medicaid Supplemental Insurance etc.

There are also supplemental insurance types which are disease specific. Such as;

  • Cancer Insurance
  • Accidental Death and Dismemberment Insurance
  • Accidental Health Insurance

Hospital Indemnity Insurance etc.

How Supplemental Health Insurance is a Sidekick to your Health Insurance?

Supplemental health insurance is designed to pay benefits and provide coverage’s to the insured individuals where limits of mainstream medical insurance are reached. However, the supplemental insurance still remains subservient to the existing medical insurance. As the name suggests, it provides further extensions to the existing policies. It is not a new policy in and of itself.

Is Supplemental Health Insurance Worth the Money?

You must understand the wide range of coverages available in different health insurance plans before investing in supplemental insurance. For example, you can enjoy coordination benefits on your existing plans if you are married.

You must ensure that you are not paying for duplicate coverage. You must also ensure you are only gaining as much insurance as you need. Redundant policies will only eat away at your earnings. Pointless coverages can bring unnecessary headache when you realize how futile they are.

Every health insurance policy is different. The range of their coverage and their paying out policy is different too. You must ensure to buy a policy that pays maximum benefits in minimum price.

There are plans in supplemental insurance, like critical illness and disability policies, which help in payments when you have no source of income to pay for the bills. Make sure if you can profit from such a policy in the future and avail it accordingly.

What Supplemental Health Insurance Do You Need?

You must consider the following factors before deciding which supplemental insurance you might need;

  • Health Risk Factors
  • Your Savings
  • Your Capacity to Afford a Particular Insurance

Following are a few types of supplemental insurances that you can utilize;

  • Disease Specific Insurance; This is a type of supplemental insurance which is designed to provide benefits. The benefits that directly to the insured individual for the treatment of a specific disease, such as cancer.
  • Accidental Health Insurance; It is also called accidental death or dismemberment health insurance. This is a type of supplemental insurance where you are reimbursed for the medical costs resulting from accidents. You can even collect a percentage of death benefit if you lost limbs in said accident.
  • Hospital Indemnity Insurance: This is another type of supplemental health insurance which provides coverage in case you have to stay confined to a hospital for a period of time. This kind of supplemental insurance can be especially beneficial if you contract some viral disease, like COVID-19.
How Can You Get Access to Supplemental Health Insurance?

Supplemental insurance is not sold through ACA. Mostly, private insurers sell it.

  • You can ask your employer to see if you can qualify for it under the additional benefits on your health plan.
  • You can use for Medicare.
  • contact a private insurer, such as SGA Financial Inc. to provide you with an appropriate coverage.