Choosing a Supplemental Plan

Supplemental insurance helps you cover your healthcare needs for items your regular insurance plan doesn’t cover. As far as healthcare is concerned, the most common types of supplemental insurance includes vision, dental, critical illness and accident insurance. Although services covered vary from plan to plan, the majority of options tend to follow a fairly similar pattern. For example, supplemental vision insurance tends to include eye exams and glasses, where supplemental dental insurance can include services like teeth cleanings. Accidental insurance covers things like injuries experienced in a car accident, while critical illness insurance covers expenses caused by life-threatening diseases.

If you have a serious illness, having supplemental insurance can help offset the costs and save you money in the long-run. Additionally, supplemental policies are a little more flexible in nature. For example, if you opt for an accident supplement policy, you’ll find things like housecleaning can be covered through your plan. Or if you choose to enroll in a chronic illness supplement plan, you might be covered from unreimbursed time off work. Every supplemental policy is different so become familiar with the plan language to know which policies you can take advantage of.

On the flip side, having supplemental insurance will add a monthly expense to your budget. Not to mention, insurance coverage plans have limits and you’ll probably have to exhaust your traditional insurance policies before tapping into your supplemental options.

When determining whether you need supplemental insurance, read and understand what benefits your regular policy will provide and under what conditions they’ll provide it. Consider things like waiting periods, illnesses covered and any requirements you’d have to fill to claim your benefits. If you find that your regular insurance policy leaves some gaps open, research supplemental health plans. In addition, if you decide to look into an additional health insurance policy, it is advisable that you have an insurance professional do a needs analysis. By determining what your needs are presently and in the future, you’ll be better prepared to make decisions about whether supplemental insurance is right for you.

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