Supplemental insurance allows policyholders to pay for expenses that traditional insurance may not cover. It also helps when traditional insurance has paid all it’s going to pay. Accidents, illnesses or injuries can cost policyholders in excess of their insurance limits. Supplemental insurance is like having a backup insurance plan. It relieves financial pressure.
In a nutshell, supplemental insurance supplements another insurance policy. It pays costs that traditional insurance or Medicare does not, such as deductibles and copayments. Some of these plans offer hospital indemnity insurance, which offers fixed cash payouts to cover incidental fees for hospital stays and outpatient services.
Supplemental coverage is good for anyone, since anyone can need extensive medical funds. However, it is true that this insurance is particularly useful for those who expect a prolonged hospital stay. Self-employed people and those with children can also use additional funds during an emergency.
You can contact an insurance agency about supplemental insurance. You might even be able to get coverage with the same agency as your traditional policy.
Options are few when it comes to supplemental insurance. This is because the policy does one thing – and that is help when traditional insurance will not. All coverage is practically basic coverage, which allows for emergency room costs, urgent care costs and sometimes mammograms and other types of testing. Just make sure your policy includes hospital indemnity insurance, which pays a lump sum for hospital stays.
With the high cost of medical care, any extra finances are appreciated. This insurance will lighten the burden of paying for medical expenses.