What is Supplemental Health Insurance?
What is Supplemental Health Insurance?
Supplemental health insurance is an optional policy that supplements your regular health insurance. It’s typically offered as a way to cover costs not covered by your regular policy, like dental care or prescription drugs.
Why choose a supplemental insurance?
Supplemental insurance can help you cover specific risks not covered by your primary insurance. These policies can be sold through agents or directly through the insurance company. Supplemental insurance can protect you against losses due to accidents, health problems, and more. It can be a great way to protect yourself and your loved ones if something bad were to happen. It can provide coverage for things like medical expenses, lost income, or life insurance.
What Types of Supplemental Health Insurance Do We Offer:
Lump Sum Heart Attack and Stroke Insurance
A lump sum heart attack and stroke insurance policy pays out a fixed sum of money, regardless of how many years you have left to live. The policy is typically sold in combination with life insurance to protect your family if you die from a heart attack or stroke.
If you’re looking for a way to help cover qualifying medical expenses, A Lump Sum Heart Attack and Stroke Insurance will get you covered! You can receive up to $75,000 in cash assistance if you experience a heart-related surgery. Plus, coverage begins as soon as your first qualifying event occurs. It doesn’t even cost that much either. It can be as low as $10/month. It is based on age and of course you can’t have a pre-existing condition.
Lump Sum Cancer Insurance
Lump sum cancer insurance is a form of cancer insurance that pays a fixed sum, rather than paying out a monthly or yearly sum. The advantage of this type of insurance is that it allows you to save money in the short-term, as premiums are paid in one go. The disadvantage is that it may not cover all of your costs, so it is important to make sure you are fully covered.
The cost is around $15/month and the cash benefit can help cover expenses after a cancer diagnosis. You can use the cash to help pay out-of-pocket medical or even household or travel expenses. Available to ages 18-99 (including dependents) Shop Now See all product details
Hospital Indemnity Insurance
Hospital indemnity insurance is a type of insurance that helps cover the costs of medical expenses that occur while a patient is hospitalized. Hospital indemnity insurance policies are typically sold in conjunction with medical insurance policies, providing comprehensive coverage for both inpatient and outpatient hospital care.
The cost is around $10/month and pays a fixed benefit dollar amount following a covered hospitalization. You can use the cash benefit to help pay out-of-pocket medical costs or travel expenses. It is normally available from ages 50-85. Shop Now See all product details
Accidental Death and Dismemberment Insurance (AD&D)
Accidental Death and Dismemberment Insurance (AD&D) is a type of insurance that covers death and dismemberment caused by an accident. The policyholder pays a set amount each month, and the insurance company pays a set amount to the beneficiary(s) if the policyholder dies or is injured as a result of the accident. It also pays benefits to survivors if someone is dismemberment or loses a limb as a result of an accident.
The cost is around $15/month and Helps pay the costs for covered accidental injuries, treatment, and related costs. Benefits may be paid directly to the hospital upon assignment or to the beneficiary. Available to ages 18-74. See all product details
Whole Life Insurance
Whole life insurance is a type of insurance that provides a death benefit for the policyholder and/or their spouse. The death benefit can be paid immediately, or it can be paid over time, depending on the policy. Whole life insurance can be a good option if you want to protect your family’s financial security in case of your death. Whole life policies are also known as permanent life insurance.
The cost is about $28/month and it helps pay for final expenses due to death or illness. The cash benefit to be used on your behalf as you wish. The premiums are gauranteed that they will not increase and the benefit amount will never decrease. Available to ages 1-85.
Critical illness insurance
Critical illness insurance (CI) is a type of insurance that helps cover costs for people who become seriously ill. It can cover things like hospital bills, medical expenses, and lost wages. Normally it can cover such illnesses like cancer, heart attack, stroke, major organ transplant (Kidney, heart, liver, etc..), End stage renal failure, Coronary artery bypass graft, amputation, severe burns, and paralysis.
The cost is about $10/month and it helps pay for final expenses due to death or illness. The cash benefit to be used on your behalf as you wish. The premiums are gauranteed that they will not increase and the benefit amount will never decrease. Available to ages 1-85.
Dental and Vision Insurance Plans
Dental and vision insurance plans are types of insurance that protect you and your family from financial damage if you have to undergo dental or vision care. Dental and vision insurance plans can help pay for dental and vision treatments, including surgeries, dental braces, and glasses.
The cost is about $25/month and it mostly help people pay for dental services. This insurance is not a cash benefit that used on your behalf as you wish. But rather, the insurance company and the dentist would be in an agreement on how much the dentist should charge for certain services. Normally, there is a deductible to be met and most dental insurances have a 100/80/60 coverage after the first year. Meaning, the insurance carrier would pay 100% for preventative services, 80% for basic services, and 60-80% for major services. You can click on this link to learn more about dental insurances and who we recommend. It is available to ages 1-85.
Short Term Disability Insurance
Short-term disability insurance (STD) is a type of insurance that provides temporary income support to workers who are unable to work due to an illness, injury, or other qualifying event. It is typically offered by employers as a benefit to their employees, and typically has a duration of 12 months. This cash benefit can be received even if you also would collect Workers’ Compensation.
Long-Term Care Insurance
Long-term care insurance (LTCI) is a type of insurance that covers costs for home and community-based long-term care. It is typically purchased by individuals and families who need assistance with activities of daily living, such as bathing, dressing, eating, and managing finances. LTCI can help pay for services such as personal assistance with meals, housekeeping, and laundry; skilled and companion care; and assistance with activities of daily living. It can be a life-saving insurance option for people who may need care in the future.
What Supplemental Insurance are Often bought Together?
Below I am going to give you a few examples on how a supplemental insurance can help your current health insurance plan.
1. Having a Medicare advantage plan and pairing it with a hospital indemnity insurance plan.
Most Medicare Advantage plans have a daily co-pay for hospital stays. Also, having a hospital indemnity plan can help pay for skilled nursing care if one needs it. Unlike just having a regular Medicare Advantage plan when the skill nursing facility usually just kicks the patient out after day 20.
2. Having a health insurance from the marketplace and pairing it with an out-of-pocket protection plan.
So if you would like to have a great health insurance, but it is too expensive…One trick is to get the cheapest health insurance you can get and buy an out-of-pocket protection plan. So when you do need to go to the hospital you would be covered because the out-of-pocket protection plan would cover the gaps.
3. Having a Medicare Supplement and pairing it with a dental and vision insurance plan.
Having a Medicare Supplement plan is great! But it normally does not come with dental or vision insurance.
Are Supplemental Insurance Plans Worth It?
So, if you are you think if your health insurance deductible, copays, and coinsurance are going to be high…Then I would consider buying supplemental coverage. Taking into account your family health history can give you an idea of any preexisting medical conditions that could put you at risk. Furthermore, how much can you afford to pay each month for health insurance and how much would be required if something were to happen – like a costly accident or serious illness – will help you determine if this type of coverage is right for you.