Supplemental Insurance Policies
Supplemental plans cover medical expenses that may not be covered under the traditional policy. These plans are designed to provide either a lump sum payment or can be paid directly toward co-pays, deductibles and co-insurance. Many people who want to avoid having to pay too much in medical expenses have supplemental plans to cover the gaps.
Much like other forms of insurance, the Supplemental insurance plan provides coverage to limit out-of-pocket expenses. If there is a serious illness or an extended hospital stay involved, the normal plan will only cover but so much of these expenses. When the policy’s coverage stops, the person must cover the out-of-pocket expenses. Supplemental insurance is designed to handle these expenses.
Supplemental policies offer cash payments for hospitalization, accidents and disability. Many of the supplemental plans allow maximum flexibility in how the funds are used. Once the coverage limits are reached on the original policy, the supplemental plan covers those medical costs. These plans make it easier to handle lower wages, medical expenses, and household expenses that result from an unexpected injury or illness. Policies are portable and can be used wherever the person moves. Maximum flexibility means that any expense resulting from loss of income or extra expenses is another advantage to supplemental coverage.
There are Medigap plans that are designed to cover the expenses that aren’t covered by Medicare policies. Supplemental hospital insurance plans cover expenses stemming from when a person is hospitalized for a serious illness or accident. These plans cover costs like childcare and transportation. Supplemental cancer insurance plans cover non-medical costs and expenses that are not completely covered by the main policy. This coverage can be used towards radiation, prescription drug medication and air travel. Accidental death plans provide payments directly to the beneficiary if the policyholder dies and can supplement an existing life insurance plan.
Getting covered with this type of policy can help reduce the amount of money to be paid out of pocket for medical expenses not covered under the traditional policy. Supplemental plans reduce health care expenses by providing a lump sum payment to policyholders to be used at their discretion.