Supplemental Insurance Information
Supplemental Health Insurance
Life is full of unexpected events and planning ahead with supplemental insurance plans can help you feel more ready to handle unexpected medical costs and out-of-pocket expenses. You can choose from a wide variety of plans, coverage, deductibles and benefits so you have coverage to fit your health needs and your financial situation.
- Hospital Indemnity
- Cancer Policies
- Critical Illness
- Protector Guard
What is supplemental health insurance?
Health insurance goes a long way toward paying your medical expenses. Plus, it’s now required by law. However, even if you have a health insurance policy, you can still face out-of-pocket expenses like deductibles, co-pays and treatment. Supplemental health insurance can reduce that burden. Supplemental health insurance is not meant to replace primary health insurance. But, it can help pay some medical expenses once your primary policy has paid. These policies help cover expenses like the following:
- Outpatient services and hospital stays
- Critical illnesses and emergencies
- Private rooms and private duty nurses
- Deductibles and co-pays
- Unexpected childcare
Hospital Indemnity insurance, also called Hospitalization insurance or Hospital insurance, is a plan that pays you benefits when you are confined to a hospital, whether for planned or unplanned reasons, or for other medical services, depending on the policy.
Critical Illness insurance, also known as Critical Care insurance, Critical Illness or catastrophic illness insurance coverage, pays a lump sum cash benefit directly to the you in the event of a qualifying serious illness. Having a Critical Illness policy in place can help reduce the financial burden and lead to less stress during recovery.
Primary health insurance helps cover medical costs if you get sick, but it doesn’t cover everyday living expenses while you’re out of work. The plans vary by state. With these plans you choose a Maximum Lifetime Benefit and the benefits pay upon the first diagnosis of a qualifying illness at least 30 days after the plan becomes effective. Generally, you receive a non-taxable cash benefits in a lump sum benefit.
Critical Illness policies pays for:
- Heart attack
- Life-Threatening Cancer
- Loss of Hearing
- Loss of Speech
- Loss of Vision
- Major Transplant
- Renal Failure
- Carcinoma in Situ
- Coronary Artery Bypass Graft
If you have health insurance with a high deductible, have limited savings or live in a single household income, a critical illness policy may be beneficial to you and your family. The premiums for these plans are relatively low and you can use the cash for things that your health insurance typically does not cover such as daily living expenses, transportation.
Accident insurance, also known as supplemental accident insurance or personal accident insurance, can help with those unanticipated medical costs that come with an accidental injury. The plan designs and availability vary by state. Accident insurance plans pay benefits for a number of common accidents, inpatient and outpatient services, and select surgical services. Accident insurance can cover:
- Broken bones
- Outpatient Services
- Ambulance – emergency
- Diagnostic testing
- Physical therapy
- Urgent care center
- Inpatient Services
- Intensive care unit (ICU)
- Hospital emergency room
- Rehabilitation/extended care facility
These products provide limited benefits, are not major medical or comprehensive health insurance and do not provide the mandated coverage necessary to avoid a penalty under the Affordable Care Act. This coverage provides benefits for losses resulting from accidental bodily injury.
✓ Helps pay for unexpected medical costs of an accident
✓ Cash benefit paid directly to you
✓ Some plans guaranteed issue - no medical questions to answer for coverage
✓ Accidental Death and Dismemberment (AD&D) coverage included with many plans
Are your medical expenses too high? A supplemental health insurance policy may be a good addition to your healthcare coverage. Complete the quote form to get started or contact us today. We will discuss this coverage in more detail to help you determine the best plan that will keep you in good health.