Supplemental Health Insurance
Supplemental health insurance is designed differently from standard health insurance policies. They are designed to fill in the gaps of co-pays and deductibles with cash benefits. Let’s take a look at what types of supplemental health insurance there might be and who might benefit from purchasing a supplemental plan.
There are three types of supplemental health insurance.
Hospital Indemnity
A hospital indemnity supplemental health insurance policy will pay you daily, weekly or monthly with a cash benefit if you should find yourself admitted into a hospital for an extensive length of time. You do need to satisfy the required amount of days you are admitted into the hospital before you can begin to receive your cash benefits.
These policies usually do not require a medical exam and the premium is a low to very low monthly payment.
Accident Health Or Accidental Death
These policies can come through your employer or you can purchase it on your own. You have the option of individual or family plans. The beauty of the accident plan is it usually covers an accident that does not occur at work. This can be a ski accident or a trip over your kid’s backpack left in the hallway near the bathroom at 2 a.m.
If you were in an accident how would you pay your bills? How long could you live on your savings? How long would it be before you could return to work, heal from the injury and complete physical therapy not to mention possibly even job rehabilitation?
Accident supplemental health insurance can cover medical expenses not covered by your primary health insurance policy, co-pays, transportation, living expenses and domestic support. It can pay a lump sum for the loss of a limb or even accidental death.
Disease Specific
The most common disease to buy a supplemental health insurance policy for is cancer. These policies can cover one disease such as cancer, Alzheimer’s, or heart disease. The policy can be for one disease or a group of diseases.
This policy can really help pay for the required treatments not covered in your primary health insurance policy. Consider how the older you get the greater your chance for getting cancer. 77% of all cancers have been diagnosed in patients 55 and older.
Make sure your policy contains a guarantee that it is renewable for life, premiums will not increase with age, benefits won’t decrease with age and they agree to pay in addition to any other insurance policy you may have.
It wouldn’t hurt to check out the company you are considering purchasing your policy from. There are three easy referral web sites you can go to. The first is A.M. Best rating for financial solvency and stability. The second is your state department of insurance to find out how many complaints are filed against that company. The third one is the National Committee for Quality Assurance.
Who Might Benefit From A
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