Supplemental, also called secondary deductible protection plans, help pay your health insurance deductibles and minimize your healthcare expenses for certain types of diagnosis and healthcare claims. These plans often pay benefits for diagnosis of certain illnesses, injuries, or even by simply being admitted to the hospital. The question you need to ask yourself is, “Do I have my medical insurance deductible in my savings account, ready to pay a major insurance claim if I get sick or get injured?” For most Americans, the answer to that sadly is, “No.” That’s where the supplemental plans come in. You can build your deductible payment and additional expense protection right into your healthcare plan.
Accident plan coverage will pay your major medical deductible if you have any type of accidental injury, leaving you with a minor $250-$500 co-payment as opposed to paying your entire $5,000-$7,500 deductible on your regular insurance policy. These plans are invaluable to parents of children who play sports, adults that are highly active, or anyone who has ever experienced that unforeseen Emergency Room bill that came from breaking an ankle and needing X-Rays and a cast, down to cutting your hand in the sink and needing stitches. Everyone can have an accident and this plan solves the financial pain of paying for accidental injury.
Critical Illness Plans
Critical Illness coverage pays a lump sum, tax-free benefit upon diagnosis of several “Critical Illnesses.” If you are diagnosed with Cancer, Heart Attack, Stroke, Major Organ Transplant, Advanced Alzheimer’s, Coma, End Stage Renal Failure (kidneys), Burns, Paralysis, and more, then upon that diagnosis is when your Critical Illness benefit will pay out. Originally conceived to help patients pay for expensive Cancer, Heart Attack and Stroke treatments not covered by the major medical insurance, this invaluable coverage pays for what your regular insurance plan does not and potentially any expenses you might incur from being critically ill.
The tax-free benefit can pay your rent or mortgage, utility bills, car payments, food bills, etc. Most people diagnosed with these Critical Illnesses struggle financially, especially if they are unable to work while they are ill. Critical Illness is an affordable way to build your deductible protection and any other additional expenses you want to protect, right into your health plan.
Cancer plans pay a lump sum, tax-free benefit upon diagnosis, directly to the consumer if they are ever diagnosed with cancer. We all know someone that has been diagnosed with some form of this horrific disease, often our own family members. This is one of the fastest growing supplemental insurance markets because of the prevalence of the disease. Benefits will range from $20,000-$100,000 to help you pay deductibles on your health plan and also help pay for the time off work while you recover from your treatment. The financial responsibility of getting sick does not stop with just your major medical coverage. Cancer coverage will help you pay for the rest of the bills so you can focus on what is important: getting well.
Hospital Confinement coverage will pay a per day benefit directly to the consumer if they are hospitalized for any reason. Benefits can range up to as much as a $1000 per day of hospital admission and last for as much as 365 days of confinement. This coverage is one of the most widely sought after supplemental coverages because the benefits cover a common household issue (being hospitalized) that can cost you and your family the entire deductible on your health plan. We cannot predict when we might end up in the hospital or why we ended up there, but with a hospital confinement policy you can protect yourself from the unforeseen expenses from an inpatient hospital stay.