SUPPLEMENTAL PLANS

Supplemental health insurance can provide an additional layer of protection that is used to cover what a traditional health insurance plan does not cover. There are several different types of supplemental insurance plans, many of which are aimed at specific health problems. Regardless of your needs, supplemental health insurance can be critical to you and your family’s health care coverage.

What is supplemental insurance?

Supplemental health insurance is additional insurance that can cover some out-of-pocket expenses, such as copays, coinsurance, and deductibles, that primary health insurance plans do not pay for. Some supplemental insurance will pay periodic benefits or a lump sum to the policyholder that can be used to pay for lost wages, transportation, medications, or anything else that results from injury or illness. You can add supplemental insurance at any time; there is no need to wait for the Open Enrollment Period.

TYPES OF SUPPLEMENTARY INSURANCE

Accident insurance
Accident insurance pays a lump sum of cash benefits if you are injured in an accident. This type of supplemental health insurance can help you pay for medical costs and living expenses while you recover. Covered expenses, which vary by policy, may include surgery, emergency treatment, hospitalization, and physical therapy.

Hospital insurance
Also called a “hospital indemnity plan,” this type of insurance will provide coverage for hospital stays. An overnight hospital stay can cost more than $ 4,000, so hospital insurance can be a worthy investment.

Disability insurance

Disability insurance helps preserve some of your income if you become too ill or injured to continue working. Some disability plans pay benefits only for illness, while others pay for illness and injury.

Life insurance

A life insurance policy pays a lump sum to a beneficiary in the event of death. Like health insurance, monthly premiums are required to maintain coverage.

Dental insurance

Preventing lasting damage to your teeth and gums is essential to your long-term health, not to mention your smile. Some health insurance plans include dental coverage, but since dental coverage is not one of the benefits required by the ACA, most plans do not.
Dental insurance works the same as health insurance with monthly premiums, copays, coinsurance, and deductibles.

Vision insurance
Preventive care for your eyes and prescription glasses are not covered under the normal terms of health insurance. But benefits like these, and even laser eye surgery, can be purchased through vision insurance.
Most vision insurance plans provide services at reduced rates in exchange for a monthly premium.