SUPPLEMENTAL Insurance Policy
A regular medical/hospital insurance coverage policy certainly covers the basics. If an individual becomes sick or is severely injured, emergency medical services - including the high cost of inpatient care - is covered partly or in full. However, many everyday expenses are not covered at all by a normal health insurance policy.
Travel to treatment centers, care for children, and in-home medical caregiver services are generally not covered by a traditional health insurance policy. This is where supplemental insurance can help. Out-of-pocket expenses can become extremely difficult to cover if the injured or sick party cannot continue to earn a regular paycheck.
Types Of Supplemental Coverage
Supplemental insurance was originally designed to help individuals take care of their monthly bills, grocery purchases, and domestic services such as housekeeping and child care. Obviously, these expenses are not covered by a general health insurance policy or other form of regular insurance.
Cancer or other disease-specific insurance coverage can be purchased from most health care providers. This insurance is offered to those diagnosed with cancer or other serious illnesses and who need to cover everyday expenses while undergoing specialized treatment. Travel to a distant treatment center can be expensive, and this is where critical illness insurance can help,
Hospital indemnity insurance is another form of supplemental coverage. This pays cash to individuals confined to a hospital for an extended period of time. Accidental death policies come under the heading of supplemental life insurance as well.
The premiums for this specialized form of insurance are paid on a monthly basis. Depending on the individual policy, emergency cash may be dispersed to the policyholder in a single lump sum or in several installments over several months. The waiting period is generally short, meaning that cash can be paid in time to cover the most urgent costs.
Major Benefits Of This Type of Insurance
Supplemental insurance coverage is rather affordable, and the individual who takes out this form of coverage enjoys access to cash without having to wait for an extended period of time. This is of particular important to those who are raising a family and must deal with various monthly expenses.
Many health plans offered by employers do not cover all medical expenses. Some take care of hospital stays and medical treatment, but do not cover the full cost of prescriptions. It is important to look over the existing health insurance policy carefully to see what gaps might be filled with the addition of supplemental coverage.