The Ins and Outs of Supplemental Insurance
If you are injured in a serious accident and can no longer work for a time or should you be stricken with some kind of a serious illness, this can mean financial ruin. Health insurance will only go so far and certainly won’t cover all your bills, which can really start to add up. In cases such as these, good supplemental insurance coverage can be a financial life saver.
Supplemental insurance is a type of coverage that adds to your health insurance coverage by paying for the myriad of uncovered health costs that many standard policies do not cover.
Supplemental insurance can assist just about anyone though there are certain classifications of individuals for whom it can be especially helpful. A supplemental policy can be a boon for those who have health insurance that might require a substantial amount of out-of-pocket pay outs. It’s also designed for those with jobs that have built-in stresses and risks (such as construction).
How It Works
Supplemental insurance coverage helps fills in the holes in your conventional health insurance plan. Policies do vary and each is tailored to one’s needs but, in general, this coverage pays out for certain medical costs or it can provide a lump sum cash amount for which you are free to use as needed.
Different Types of coverage
There is a myriad of supplemental policies offered. Critical illness coverage offers financial protection to those who are diagnosed with severe illnesses like cancer or strokes. There is cancer insurance coverage as well, which specifically pays out should you be diagnosed with that particular illness. Accident insurance pays for just what the title alludes, namely if you are hurt at your place of employment and are thus prevented from working. Hospital insurance compensates for expenses of hospitalization that typical health insurance will not. There are likely other kinds of policies offered as well; ask an insurance professional for help and info.
The major benefit of carrying a supplemental policy is how you are safeguarded from big financial losses should you be injured or contract an illness and, as a result, face big medical costs not covered by standard coverage.