WHAT ARE SUPPLEMENTAL INSURANCE PLANS

Supplemental insurance plans are additional insurance policies purchased to cover health care costs that may not be fully covered by a primary health insurance plan. These plans can help with out-of-pocket expenses like copayments, coinsurance, and deductibles, as well as potentially cover services not typically covered by primary plans. 

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AN OVERVIEW

• Benefits:
  Supplemental plans can help you manage out-of-pocket expenses, protect against unexpected medical costs, and ensure your financial security during a difficult time. 

• Important Considerations:
  • Cost: Supplemental plans typically have lower premiums than primary health insurance plans, but they also have limited coverage. 
  • Coverage: The specific benefits and coverage of a supplemental plan vary depending on the type of plan and the insurance company. 
  • Coordination of Benefits: It's important to understand how a supplemental plan works with your primary health insurance plan to avoid overlapping coverage or gaps in protection. 

• Purpose:
  Supplemental insurance is designed to supplement, not replace, your main health insurance plan. It provides an extra layer of financial protection by helping cover costs that might leave you financially vulnerable. 
• There are various types of supplemental insurance, including:
  • Accident insurance: Pays benefits for accidental injuries and related costs. 
  • Dental insurance: Covers dental care expenses. 
  • Vision insurance: Covers eye exams, glasses, and other vision-related services. 
  • Critical illness insurance: Pays a lump sum if you are diagnosed with a covered serious illness, like cancer or heart disease. 
  • Hospital indemnity insurance: Provides a lump sum benefit for hospitalization. 
  • Disability insurance: Provides income replacement if you become unable to work due to illness or injury. 
  • Long-term care insurance: Helps pay for long-term care services in a nursing home or at home. 
    

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​IS IT WORTH IT TO GET SUPPLEMENTAL INSURANCE?
​To understand whether it’s worth it to you to get supplemental health insurance, assess your health and lifestyle needs. You can ask yourself these questions:

• Do I have a chronic illness that could put me in the hospital?
• Am I at risk for accidents and injury? (Considering your lifestyle and leisure activities could help you decide if you need additional coverage for accidents or injury.)
• Do I have a history of family illness, like cancer or stroke? (If so, what would happen if you were to be diagnosed with a critical illness? Would having the peace of mind of a critical illness policy be helpful?)
• If I died, would my loved ones be left having to deal with my finances? (If so, should you consider purchasing a life insurance plan?)

If you’re thinking about buying supplemental insurance coverage, you will want to make sure to read the details of any policy you’re considering. Cancer insurance may cover you for certain kinds of cancer or treatment, but may come with limitations you will want to understand.
Evaluate your health history and your family’s needs. In addition, read all plan and policy details to ensure you are getting the financial protection you may need.

WHEN CAN I BUY SUPPLEMENTAL HEALTH INSURANCE?
You can purchase a supplemental insurance policy anytime. Unlike traditional health insurance plans, there is no formal enrollment period. You can buy from a health insurer all year round. Check the terms of the policies to understand what’s covered and not covered. For example, you may need to be at least 18 years of age to purchase a policy. Life insurance and hospital insurance may have age limits, too.
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