The 411 on Supplemental Insurance Coverage
If you ever are injured in a serious work accident or fall ill and can no longer continue in your employment duties, this can often lead to great financial distress. Health insurance will only go so far and often won’t come to close to covering all your expenses, all of which add up big time if you have to miss work for an extended period of time. In these instances supplemental insurance coverage is the answer to these issues.
What is this Coverage?
Supplemental insurance is a type of coverage that “supplements” health insurance by paying for the myriad of uncovered health costs that many conventional policies will not cover.
Good supplemental insurance coverage can help most people though there are certain individuals for whom it can be especially helpful. A supplemental policy is well suited for those with health insurance that often require substantial out-of-pocket expenditure. It’s also designed for individuals with jobs that are noted for their stress and risk levels, (examples include construction job for instance), in which injury or illness leads to workers being unable to attend to their workplace duties.
How It Operates
Supplemental insurance helps fills in the holes where conventional health insurance falls short. Policies do vary and each is designed to meet individual needs but, in general, it pays out for certain medical costs or provides a lump amount for which a policyholder is free to use as he or she see fits to cover expenses.
Types of Coverage
There is a wide variety of supplemental policies offered. Here are some of the classifications of coverage:
This aspect of the coverage helps compensates for the treatment of specific illnesses, such as cancer or heart disease.
Accidental death coverage provides benefits for a policyholder’s named beneficiaries. The amount of compensation depends each policy’s terms.
If one is forced to stay for extended periods in a hospital, this coverage provides payment on a weekly or monthly basis.
Vision coverage helps one better pay for eye exams, eyewear and contact lenses, and vision correction assistance.
Long Term Disability
This aspect of coverage compensates by paying monthly benefits to those unable to work due to a covered illness or injury. It helps by paying a portion of your income during down time to meet your financial needs.
This is what helps deal with what, as its title suggests, long term costs for such things as nursing home or assisted living care or that which is provided for a policyholder confined to his to her home.
This component helps by allocating a monthly cash benefit to the policyholder. These policies can pay up to 80% of one’s prior income, with the money being made available for uses at policyholder discretion.
A big benefit of having a supplemental policy is how the policyholder can be safeguarded from financial losses due to injury or illness. Financial struggles resulting from being unable to draw a salary or acquire payment for normal work services rendered are addressed with this coverage. This coverage can also pay for medical expenses after primary insurance has been exhausted. Also, retired seniors can declare long-term care premium costs as tax deductible.