Supplemental Insurance is designed to ‘fill the gaps’ that health insurance can create. With deductibles increasing and out of pocket costs continuing to increase this type of coverage is becoming more and more important. Health Insurance does a good job paying the hospitals and doctors but it does not pay you. Supplemental insurance will pay cash directly to you to help cover both medical and non medical costs.
Take for example a major cancer diagnosis that leads to surgery and then chemo and radiation followed by a recovery period. There will be time missed from work, travel expenses, out of pocket costs such as deductibles and non covered services. All of these indirect costs can leave even a family with health insurance in financial ruin. A critical illness policy – a form of supplemental insurance – would pay a lump sum cash benefit directly to the insured which would allow them to continue to pay the bills while going through this difficult time.
There are other forms of supplemental insurance such as accident plans, hospital confinement plans, etc. Having this type of coverage is essential to maintain a complete benefits package that will properly protect you when you need it. We can make recommendations as to what type of policies would be the right fit for your needs and budget.
For a free supplemental insurance quote, please fill out our online form.