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What is Supplemental Health Insurance and Who Should Buy it?

What is Supplemental Health Insurance?

A supplemental health insurance policy is a policy designed to help pay for costs existing outside the scope of your health insurance policy coverage, such as co-insurance, copays, and deductibles.1 Supplemental health insurance policies generally pay benefits out directly to the insured should they meet the qualifications for a benefit payout stated in their policy. However, the amount paid varies by policy.1
 

Types of Supplemental Health Insurance

There are a number of different supplemental health insurance options available which are designed to help cover gaps in coverage left by a health insurance policy. Supplemental health insurance comes in a number of different shapes and sizes, with some of the more popular forms of supplemental health insurance being dental insurance for adults, critical illness insurance, travel insurance, and vision insurance.1 While these are general supplemental health insurance policies, there are also a number of supplemental health insurance policies designed to tackle any costs posed by specific diseases or situations, like cancer, stroke, accidental death and dismemberment, and Medicare Supplement insurance.1

Supplemental health insurance policies generally pay benefits out directly to the insured should they meet the qualifications for a benefit payout stated in their policy.

Who Should Consider Supplemental Health Insurance?

Since there are a variety of different supplemental health insurance plans available, there is no single answer to this question. However, a good way to determine if you should consider a supplemental health insurance policy is to ask yourself the following questions:1
 
  1. Do you have any risk factors which may prevent you from getting the health insurance coverage you want?
  2. Do you want more coverage than your existing health insurance policy has to offer?
  3. Do you have children which may require additional care, such as orthodontic treatment?
  4. Would you have trouble affording costs associated with long-term care or treatment?
 
If you answered yes to any of the above, it may be worth considering a supplemental health insurance policy. The type of supplemental insurance policy will depend on what you’re looking for. For example, if you are looking for supplemental insurance to help cover the costs of any sort of cancer treatment, a critical illness or cancer insurance policy may be worth considering. If you have to pay for orthodontics, you may decide on including a supplemental dental plan.1
 
Whether you are satisfied with your existing health insurance policy or not, supplemental health insurance may provide benefits to those looking for additional coverage. With an array of supplemental health insurance options to choose from, those exploring their options should have limited obstacles in finding the quality and quantity of coverage they’re looking for.