Information about Supplemental Insurance
Health insurance is expensive. And then you have to pay deductibles when you use the insurance. On top of that, your insurance might not cover all of your expenses. This is why supplemental insurance is helpful. It pays expenses that your traditional coverage does not.
What is it?
Supplemental insurance is a supplement to your regular health insurance. It can pay deductibles, co-pays and coinsurance. You can also get a policy that automatically pays you if you are injured or diagnosed with a serious illness.
Anyone can benefit from this type of policy. However, it is a particularly good idea for people with high out-of-pocket medical costs. It’s also recommended for people who have high-risk jobs or are the sole earners in their households.
How it Works
Some policies pay for some of your out-of-pocket costs or it may pay you a lump sum that you can use for any expenses.
There are various supplemental policies available. Accident insurance pays you if you are hurt in an accident and can't work. Critical illness insurance pays if you are diagnosed with a serious illness covered in the policy. Cancer insurance pays you if you get cancer.
The benefit of supplemental insurance is the ability to receive help to pay your medical bills or living expenses. This coverage can save you from huge debt and bankruptcy.