Introduction to Supplemental Insurance
If you ever find yourself injured in a serious accident and, as a result, can no longer work or if you come down with some serious illness, this can often mean financial ruin. Health insurance will only go so far and certainly won't cover all your expenses, all of which can add up frighteningly fast and quite significantly if you have to miss work for an extend period of time. In these instances, supplemental insurance coverage can be the answer.
What is it?
Supplemental insurance is a type of coverage that adds to your health insurance by paying out for the myriad of uncovered health costs that many conventional policies do not cover.
Who needs it?
Supplemental insurance can greatly help just about anyone though there are certain classifications of individuals for whom it can be especially pertinent. A supplemental policy can be really helpful for individuals who have health insurance that require substantial out-of-pocket costs. It's also designed for those with jobs that have built-in risks (such as the construction industry for example) that can lead to the policyholder being unable to work due to injury or some kind of illness.
How does it work?
Supplemental insurance coverage can helps fill in all the gaps for which your standard health insurance will not provide compensation. Policies do vary with each tailored to individual needs but, generally, this coverage pays out for certain medical expenses or it can provide a lump sum cash payment for which you are free to use as you see fit to cover various costs during a challenging time.
Different types of coverage
There are several various kinds of supplemental policies offered. Critical illness coverage offers financial protection to those who are diagnosed with severe illnesses like cancer or a stroke. There is cancer insurance coverage too, which specifically compensates one should he or she be diagnosed with the “Big C”. Accident insurance pays out for just what the title implies, namely if you are hurt at your place of employment and are then prevented from working for an extended period of time. Hospital insurance compensates for the costs of hospitalization that standard health insurance will not cover. There are other kinds of policies offered as well; ask an insurance professional for more information.
The major benefit of purchasing a supplemental policy is how you are safeguarded from big financial losses if you are injured or become ill and, as a result, big medical costs accrue. This, of course, is only made worse should whatever is challenging you also prevents you from drawing a salary or making a living as normal. This is how good supplemental insurance can be a financial blessing for so many.