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Can I Buy Supplemental Health Insurance Anytime?

What is a Supplemental Health Insurance Policy?

In summary, a supplemental health insurance policy is a health care plan designed to cover costs outside the scope of primary health insurance.1 Supplemental health insurance can help pay for things like co-insurance, cop-pays, and deductibles not covered by your existing health insurance plan, and comes in an array of shapes and sizes – making it an ideal fit for those looking for extra coverage, or for those with more complicated health concerns.1
 

When Can I Buy Supplemental Health Insurance?

As a general rule, you do not need to wait for an open enrollment period to purchase supplemental health insurance. In other words, you should be able to purchase a supplemental health insurance policy at any time. Some supplemental health insurance policies exclude those with certain pre-existing conditions. What they exclude depends on the type of policy and provider, so it’s important to do your research.
 

Types of Supplemental Health Insurance Policies

As mentioned, there are a number of different supplemental health insurance policies to choose from. To help you get a better understanding of some of the more common supplemental health insurance policies, we’ve included a simple breakdown of a few below.


Critical Illness Insurance

Critical illness insurance is designed to help provide additional coverage for specific medical emergencies, and can help pay for costs not covered by traditional health insurance.2 Generally speaking, critical illness insurance typically covers the following medical emergencies – and pays out a lump sum for specific illnesses.2
 
  • Heart attack
  • Stroke
  • Organ transplants
  • Coronary bypass
 
However, there are exceptions to critical illness insurance coverage, which is why it’s important to speak to a licensed insurance agent for information about specific limitations and eligibility requirements for any insurance product you’re considering.

As a general rule, you do not need to wait for an open enrollment period to purchase supplemental health insurance.

Cancer Insurance

A cancer insurance policy is designed to help pay for medical and health expenses associated with cancer.3 Depending on the policy, the payout can help cover things like:3
 
  • Chemotherapy and other cancer therapy procedures
  • Radiation
  • Hospital room and board
  • Physician treatment
  • Private nursing
  • Surgery and anesthesia
  • Ambulance services
  • Blood and blood plasma
  • Prescription drugs
 
However, as with all policies, there are exceptions to cancer insurance policies. In order to learn more about specific limitations and eligibility requirements, speak with a licensed insurance agent.


Disability Insurance

A disability insurance policy is a type of insurance policy designed to provide income in the event an employee is unable to perform their work and earn their income. These policies usually have very specific rules as to what constitutes a disability and how to receive a disability benefit.4 However, since there are two types of disability insurance: short and long term, each with their own set of limitations and eligibility requirements, it’s important to contact a licensed insurance agent to learn more.

No matter what type of supplemental health insurance policy you decide on, you normally don’t have to wait for an open enrollment period in order to sign up. To ensure you understand the scope of the coverage offered by a policy, and the eligibility requirements and limitations of it, contact a licensed insurance agent for more information