Traditional medical insurance doesn’t always cover all of a person’s medical expenses. Supplemental insurance is additional health insurance for out-of-pocket expenses not covered by primary medical insurance. Supplemental insurance saves money on things excluded from a major medical plan, such as high deductibles, copayments, and expenses.
Types of Coverage
Becoming familiar with the types of coverage helps you decide which policy is best. And if you have a critical illness, then supplemental insurance can help pay for costs related to a specialists, travel, lodging, experimental treatment and living expenses.
A Hospital Indemnity plan provides financial benefits if you are admitted to the hospital. However, there is a waiting period before you can receive benefits. After the waiting period, you receive money up to the limits stated on the policy.
Who Needs Supplemental Coverage?
Are you a good candidate for coverage? The policies are affordable, but not everyone needs supplemental coverage. Check your current plan to see what is covered, determine how much you will pay out-of-pocket, and consider the long-term cost. Buying duplicate coverage wastes money. Only buy supplemental policies that fill in gaps left by your traditional policy.
Supplemental coverage helps because you worry less about money and more about recovery.