Supplemental Health and Accident Insurance – When Less is More!
What is Supplemental Health and Accident Insurance?
Supplemental insurance policies usually pay out cash for specified events. For instance, a cancer policy may provide money for specific cancer treatments, transportation, and even lump sums of money that an ill person many need to pay bills if they are out of work. Broader policies also exist, that pay out for a variety of critical illnesses. These are usually called critical illness policies, and they may pay out for specific diseases like cancer and heart attacks. Another type of supplemental insurance is called a terminal illness policy and it may pay out if a policy holder is diagnosed with a disease that may end their life within a specified amount of time, usually 12 months. A supplemental health policy can make up for gaps in regular health insurance, or it can just help out with money to pay bills.
Like supplemental health insurance, supplemental accident policies can work in multiple ways. Some pay out a lump sum for different accidents. In other words, a compound fracture will entitle the insured person to a larger sum than a minor burn. Other accident policies will pay out a pre-determined lump sum. Again, this money from the supplemental accident policy can pay for major health insurance deductibles and coninsurance amounts, or it can provide money to make up for lost income.
Why Consider a Supplemental Insurance Policy?
Of course, many consumers may already have major medical insurance. These people feel as if enough of their income goes to pay for health insurance, and that no more is needed. However, a supplemental insurance policy can actually help lower insurance premiums because they will make up for higher deductibles!
A typical 50 year old may pay $350 a month for a PPO plan with a $1,000 deductible. However, the premium for a $5,000 deductible PPO plan may only be $200 a month. An inexpensive accident and health supplement, which are usually available for a few dollars a month can provide the protection so that the actual deductible never comes out of the insured person’s pocket — or at least, very little of it does!
If you can spend an extra $50 a month on supplemental insurance, but cut out $150 from your major medical bill, then you have come out ahead, and also reduced your potential risk of having large deductible bills if you do have an accident or get sick!
Find Supplemental Insurance and Health Insurance that Work Together
If you would like a quick way to lower your health insurance premiums, and find the best supplements and health insurance plans that work together, I suggest using a major online quoting system. You can fill out your information one time, and it usually only takes a couple of minutes. The online quoting system will return competitive policies, plus the contact information for qualified local health insurance agents in your area. If you contact a health insurance agent, tell them what you are looking for, and they should certainly be able to help you out.
In order to find a good online quoting system, look for a secure server and a stated privacy policy so your information will be safe. I also find that most of the major, credible services participate in the Better Business Bureau Online program.
