Perhaps you haven’t noticed, but the typical health insurance policy has arguably the highest deductibles with the added detriment of multiple exclusions. Due to this, when dealing with health care, your health insurance coverage will often leave you with the burden of significant out-of-pocket payments. Don’t despair though! Supplemental insurance coverage is available to help fill in these financial gaps that often leave you in the financial hole.
How it works
Supplemental insurance is just what its name implies, that is being a “supplement” to your normal health insurance coverage. It can be utilized to compensate for such charges as deductibles, co-pays and coinsurance, which can all add up notably if you are in need of care. Though policy particulars do vary, this coverage will often automatically pay out should you be hurt or diagnosed with whatever covered serious illness might strike.
Supplemental insurance can be a terrific move for just about anyone, but it is particularly smart for those who have health insurance with burdensome out-of-pocket costs and for those who work in environments in which job accidents are relatively a high risk, like construction or high-rise window washers, to name just two. This coverage is also tailor made for those who are the bread winners in their families.
How it functions
Depending on the kind of supplemental policy chosen, this coverage can pay for anything from out-of-pocket expenses to the provision of a lump sum for policyholders to use as they see fit, including for non-medical costs.
Kinds of policies
There is a variety of types of supplemental policies. For instance, accident insurance is available to compensate with lump sum payments should people be injured in an accident and rendered unable to work. Critical illness insurance is what covers you should you be diagnosed with a covered serious illness. Common covered illnesses include heart disease and cancer. (Note that there is specific cancer coverage to help for those faced with these medical challenges.) There are also supplemental coverage choices available that are engineered to work hand-in-glove with Medicare.
The big plus in purchasing good supplemental coverage is the offering of payments that aid and abet one in covering what are often exorbitant medical costs and/or living expenses that can accrue frighteningly should you be unable to work as a consequence of a major illness or injury. There is great peace of mind in knowing that this coverage can help one who is in danger of accumulating huge debt from going bankrupt.