If You Have Insurance, Then Why Do You Need Supplemental Insurance?

The idea of supplemental insurance confuses a lot of people…“Why do I need more?”

If you have ever had a serious accident, illness or surgical procedure that required a hospital visit or stay, you know that your primary insurance will cover the majority of your expenses…but my guess is that there were costs and deductibles left that needed to come out of your pocket. And when you consider that a broken leg could cost about $9,000, there could be a lot left for you to pay. Depending on your deductible, you could be left owing between $3,000 to $4,000. That can be a “big pill” to swallow (pun intended!)

Enter the Supplemental Health Plan…

Supplemental Health (Voluntary Benefits) plans are intended to fill in the gaps that your other insurance doesn’t cover. They can help you with extra costs such as…

• Co-Insurance
• Co-Pays
• Deductibles
• Dental
• Critical Illness
• Prescriptions
• Accidental death or dismemberment
• Vision
• Disability
• Long Term Care
• Short Term Care
• Costs that may be incurred outside of your Primary Insurance network
• Costs that may be incurred by someone covered under Medicare or Medicaid. (Called Medigap)

There are plans to cover all of these different situations, and become your financial safety net.

The differences between Supplemental and regular Healthcare Insurance…

One of the primary difference is that rather than paying the provider for services rendered, supplemental insurance is paid directly to the insured, unless directed by the policy owner to do otherwise.

Another major difference is that your supplemental plan will begin the first day you are in the hospital, and there is no waiting period or deductible.

Also, because the benefit is paid directly to you, if you need to, this money can be used for household expenses such as, utilities, rent, groceries, and childcare.

Sometimes your employer will provide Supplemental Insurance options, if not, and you have any questions about Supplemental coverage or if you’d like a free quote, Contact Us at Whitcomb Insurance.