Have you considered the possibility of a medical diagnosis or injury that will cost more than your health insurance will pay? For example, a fall in inclement weather, a cooking accident, or a diagnosis that leads to months of treatment can set you back both physically and financially. 

As the costs of health insurance rise, many have begun to look at the value and necessity of supplemental health insurance. So what is supplemental health insurance, and how does it work? Let’s take a closer look.

Supplemental health insurance originated from the growing prevalence of high-deductible health plans and the need for individuals to pay more than their health insurance will cover. As a result, many Americans are finding themselves borrowing money to cover health insurance costs incurred during the diagnosis or treatment of a major injury or illness.

Supplemental health insurance may be available through your employer or as a separate policy through an independent agent. Having one or more policies may give you the protection you need against the potential of mounting medical bills. Take a closer look at some of the main kinds of supplemental health plans.

Medigap Insurance Coverage

Available to people enrolled in Original Medicare, Medigap can cover health-related services and medical supplies that are not covered. This might include prescription drugs, dental care, and basic vision care. Consider this type of supplemental insurance if you are enrolled in Original Medicare.

Accident Insurance

Accident insurance covers treatments related to accidental injuries. If you have an active lifestyle or participate in sports, you would be a good candidate for this type of coverage. 

Critical Illness Insurance

This type of supplemental insurance pays a lump-sum amount if you are diagnosed with a major, chronic, and debilitating illness such as diabetes, stroke, Alzheimer’s disease, or Parkinson’s disease. If you have a history of serious illness in your family, it would be wise to consider this type of supplemental insurance.

Cancer Insurance

Designed to complement your primary medical insurance, cancer insurance provides benefits for treatments, procedures, or screenings related to a cancer diagnosis. You are a good candidate for this type of supplemental insurance if you have a history of cancer in your family.

Hospital Indemnity Insurance 

Also known as hospital confinement insurance, this type of supplemental insurance will pay out a cash benefit, either in a lump sum or weekly, if you are confined to a hospital for an illness or serious injury. The benefits, meant to complement your health insurance coverage, may not kick in until after a minimum waiting period. 

You might see advertisements for supplemental health plans but buyer-beware. It is possible to duplicate coverage, which is not necessary. While supplemental plans are not expensive, look to a trusted professional for advice about your unique coverage needs. 

Not sure if supplemental health insurance is right for you? Tom Miroballi, Independent BCBS Agent, will help you decide and select the right insurance package to make your healthcare work for you. He will explain the terms, rules, or whether the plan will cover something before signing up. 

Affordable health insurance is just one call away. Give Tom a call at 630-863-3477 or email him today!