Supplemental Insurance

Traditional medical/hospital insurance policies cover the basics, but in the event a person becomes sick or seriously injured, emergency medical services such as inpatient care, are covered partly or in full. However, most everyday expenses are not covered by normal health coverage including travel to treatment centers, child care, in-home medical caregiver services and more.

Supplemental insurance can help cover these added costs. Out-of-pocket expenses can add up, especially if the injured or sick party cannot earn a regular paycheck.

Forms Of Supplemental Coverage

This type of insurance was developed to help people take care of monthly bills, groceries and domestic services including housekeeping and childcare. These expenses are not included in general health insurance policies or other forms of regular insurance.

Cancer and other disease-specific insurance coverage can be bought from most healthcare providers. This coverge is typically offered to those diagnosed with cancer or other serious illnesses who need their everyday expenses taken care of when undergoing special treatments. Critical illness insurance can cover long trips to treatment centers.

Hospital indemnity insurance is another type of supplemental coverage. Paying cash to individuals who are confined to a hospital for extended periods of time, accidental death policies come under the this type of life insurance as well.

Premiums are paid on a monthly basis. Contingent on the individual policy, emergency cash can be distributed in a single lump sum or several installments over the course of a few months. Generally, the wait period is short, so cash can be paid in time to cover the critical costs.

Major Benefits Of Supplemental Insurance

This coverage is affordable, and generally people who use this coverage enjoy access to cash without needing to wait for long time periods. This is important to those who are raising a family and need to handle monthly charges.

Many employers’ health plans do not cover all medical expenses. In fact, some take care of hospital stays and medical treatment but cannot fully cover prescriptions. It’s important to examine your existing health insurance policy to determine what gaps need to be filled with supplemental insurance.