Supplemental Insurance Policies
Supplemental insurance supplements your health insurance that you currently have. This is a policy that you can add on to help you to cover some of the out of pocket expenses and services that your regular policy may not cover. It is not a substitute for a policy, but rather helps to make your current policy more encompassing.
A supplemental insurance policy can be very helpful for families, business owners, or people who simply don’t have the money to pay medical bills or the time to take off from work. In addition, Medicare recipients will find that a supplemental policy can become very beneficial.
Disability coverage is one type of supplemental insurance. This policy will pay you a portion of your income if you are unable to work. While it may not be the full income, even some money coming in monthly can make a big difference. Disability comes in both short and long term policies, or you can purchase both to ensure you have steady payments coming to you.
Critical illness coverage kicks in when you are diagnosed with a specific disease. You can buy protection for cancer, heart disease, and other types of illness. This type of policy normally pays out a lump sum cash benefit rather than monthly payments.
Accidental death and dismemberment coverage pays a lump sum to your beneficiaries if you are killed in an accident. It pays smaller amounts to compensate for the loss of an eye or limb due to an accident.
Long-term health care helps to pay for in-home medical care, assisted living, and other types of care that take care of day-to-day needs. This plan can be a huge money saver if you are in an accident or diagnosed with an illness that leaves you unable to care for yourself.
Whether you are single or have a family, supplemental insurance coverage can help you to protect your finances and take care of those medical costs that you may be faced with.