Do I Need Supplemental Health Insurance?

Are you considering signing up for supplemental health insurance? This kind of insurance can be helpful, but it is not for everyone.

Supplemental health insurance is a type of insurance that is designed to bridge the gap to cover expenses that your regular insurance cannot. If you are one of the many who have major medical expenses that are not being completely covered by your carrier, it is recommended that you look for supplemental health insurance. This may be an effective and wise investment to help you keep your savings intact.

How It Works

Before anything else, you must keep in mind that no supplemental health insurance policy is made to replace your regular coverage. It is meant only to add to your existing regular insurance. Supplemental insurance policies are designed to cover expenses that would otherwise be paid out of your pocket.

Regular or primary policies may require you to pay a deductible or maybe meet a co-payment. Supplemental policies can help you pay some of these expenses. Some supplemental policies provide a lump sum that you can use in any manner that you deem necessary or appropriate.

Depending on the agency, some may give the reimbursement over a period of time instead of at one time only. This may vary from one agency to another, which is why it is important that you first research before signing any paperwork. Doing so will help you know in advance how the payments will work during your agreement.

If you are looking for a supplemental health insurance provider, you must meet their set regulations. Some agencies take on only a certain type of client while some only cover people who are on Medicare.

Who It’s For

Supplemental health insurance is generally recommended for people who are ill and are having trouble with their primary provider. It can be used as an additional plan to pay for special doctors, for necessary travel or even experimental treatments. These supplemental health insurance policies may also help you with your day to day living expenses.

Depending on the agency, you may be able to get either a cash payment upfront or a specific amount of money periodically. This can be very helpful especially in cases where you have to stay in the hospital for an extended period of time.
The accidental death policy is also a type of supplemental policy which would pay in the event of a person dying or suffering a loss of eyesight, limb or is paralyzed from an accident.