Supplemental Insurance Policies
A supplemental insurance policy is additional protection that can be purchased to help you pay for out-of-pocket expenses and services that your regular insurance does not cover. This type of policy is an add-on, not a substitute for your regular policy.
Add-on policies are ideal for those families who have children, are self-employed, cannot afford to pay large medical bills or take time off of work, as well as those on Medicare. If you are unexpectedly disabled due to illness or injury, an add-on policy can make the difference between financial ruin and the ability to maintain your household.
There are many different types of add-on policies that can be purchased. Following are the different types of coverage that can be purchased.
Accidental death and dismemberment policies pay a lump sum to your beneficiary if you die in an accident, and pay a smaller amount if you lose your eyesight or one of your limbs in an accident.
Accident health insurance is designed to pay those medical costs associated with an accident that your regular insurance does not cover.
Critical illness policies are disease-specific add-ons. You can purchase cancer, heart and other types of serious illness policies that may pay you a lump-sum cash benefit.
Dental insurance is designed to pay the percentage of the cost of service that your regular dental insurance does not cover.
Disability insurance provides a monthly benefit in addition to your regular disability policy.
Hospital indemnity insurance pays you a cash benefit if you are confined to a hospital.
Long-term health care helps pay for the cost of medical home care, assist living facilities and other types of long-term care.
It is important to know how a supplemental plan can help cover the many aspects of life, to bring you peace of mind.