Supplemental insurance is a type of insurance that can be purchased as an add-on to your existing policy. Most supplemental insurance is bought in relation to health and insurance policies. It is designed to plug gaps in your existing policies. These gaps are typically any deductibles, co-pays, and other necessary expenses that your policy does not cover.
How it Works
Supplement insurance is purchased in a very specific manner. For example, someone may want hospital coverage in case they are admitted for a few days. In this case, the insurance company will agree to pay the insured person a pre-agreed sum if they spend a certain number of days in the hospital.
This type of insurance is perfect for those who may not have an extensive health or life insurance policy. Basic health policies have decent coverage, but they also come with high out of pocket expenses. For example, three days in the hospital can results in thousands of dollars that the patient must pay themselves. A supplemental policy can provide the funds to pay those bills, along with any other expenses or lost wages incurred.
Flexibility is the biggest benefit of having a supplementing insurance policy. Instead of having the insurance company dictate what is covered and what is out of pocket, a supplemental policy provides cash and lets individuals use it wherever necessary. One person may pay their hospital bills with that money, while another can use it as a supplemental income if they need to take extensive time off work
Types of Coverage
•Accident Insurance – This provides a payout when the insured is involved in a car accident. It does not matter how the accident occurs, and the policy covers both medical expenses and emergency expenses that arise in the aftermath of the accident.
•Cancer Insurance – The cost of paying for cancer treatments is huge, especially for someone on a cheaper insurance plan. Supplement insurance will pay out a significant sum if the insured is diagnosed, which can help to pay for treatment, medicine and everyday expenses.
There are also plans available for critical care, dental, hospital confinement, hospital intensive care, and life insurance. Find out today what’s available for you.