Supplemental Health Insurance

We’ve already covered quite a few different types of personal insurance on our blog. You might be asking yourself, “What could possibly be left?”. Well, that would be supplemental health insurance.

We’re going to cover the basics of what supplemental health insurance is, what it covers, and how you can purchase it. Keep reading to learn more.

supplemental health insurance

What is Supplemental Health Insurance?

Simply put, supplemental health insurance is additional health insurance that covers some of the costs and expenses that regular health insurance might not cover.

There are different types of supplemental insurance plans, that target certain health issues or needs. Here is a list of a few of these different types:

  • Critical Illness Insurance – Critical illness insurance may provide coverage for illnesses like cancer, transplants, heart attacks, and stroke.
  • Cancer Treatment Insurance – This insurance may receive cash benefits for cancer treatments and other covered events throughout your illness
  • Lump Sum Heart Attack and Stroke Insurance – This insurance will provide a cash benefit that helps to cover out-of-pocket medical expenses and daily expenses if you suffer a heart attack or stroke
  • Hospital Insurance – This insurance may provide coverage for hospital stays
  • Fixed Indemnity Insurance – This insurance may provide cash benefits to assist with out-of-pocket expenses incurred after an illness or injury
  • Long-Term Care Insurance – This insurance may protect your assets and give you more choice & control when you need long-term care

As you can see, these policies are specific to certain illnesses and incidents and this is only a few of the types of supplemental health insurance available.

Supplemental plans for medicare

Many Americans use Medicare, and just like regular health insurance, Medicare does not cover all health-related costs and expenses. Medicare Part A and Medicare Part B have their own types of supplemental insurance, listed below.

  • Medigap Plans – This plan may help with extra hospital benefits, nursing home services, preventive care and more
  • Medicare Part D – This plan may help with the cost of prescription drugs
  • Medicare Advantage – This plan is a combination of Parts A, B, and D

How do I purchase a supplemental insurance plan?

A supplemental insurance plan can be purchased just like a regular health insurance policy – through an insurance company, private marketplace, or licensed agent. Unlike regular health insurance, supplemental health insurance can be purchased at any time, which means you do not need to wait for an open enrollment period.

Keep in mind that certain plans may exclude pre-existing health conditions, so you may want to take a look at your family health history to see if you are at risk for any specific illnesses or disease. In addition, you’ll want to think about how often you regularly see a doctor for treatments or visits.

The Bottom Line.

Supplemental health insurance costs can vary greatly, so you should get a quote that is customized for your needs and health history.  We’re here to help, so if you need assistance, visit our website to check out some frequently asked questions, or to get a quote today.