Although supplemental health insurance is often thought of as optional, you may find it can pay for itself in some situations.
Supplemental insurance may offer coverage for deductibles, lost wages, disability, recovery time and more.
For more information on supplemental insurance options, call Plan IV at 248-689-4910.
Traditional medical plans and Medicare plans offer health care coverage that you and your family rely on. However, these traditional plans sometimes have gaps in coverage that could leave you vulnerable. Now, there are supplemental health insurance plans available to you to help fill in some of those holes.
What are the supplemental plans?
Critical Illness Plans
Hospital Recovery Plans
Long-Term Care Plans
Adding at least one of these supplemental plans to your traditional medical coverage can drastically reduce your risk of financial crisis in the event of a major medical event like a heart attack or cancer diagnosis.
Critical Illness Plans:
A major health event like cancer or a heart attack can quickly throw an average family into financial crisis. Cash benefits from a Critical Illness Plan can help pay the expenses a traditional health plan won’t cover.
People ages 18 through 70 years old are eligible for this type of plan and many plans guarantee renewals through age 75.
You can choose any benefit amount starting at $5000 up to $50,000 in $5000 increments. The benefit amount represents the cash payout you may receive upon diagnosis of a Specified Disease.
Examples of Specified Diseases
-Coronary Artery Disease
- Invasive Cancer
-Carcinoma in Situ
-End Stage Renal Cancer
-Major Organ Failure
Hospital Recovery Insurance
Your medical plan provides benefits to help with medical costs resulting from an inpatient hospitalization or treatment in an observation unit. Once you leave the hospital, you shouldn’t have to worry about financial setbacks that you didn’t expect during your recovery. Things like lost wages plus the cost for help with transportation, meals, child care, or even housekeeping can all add up. Hospital Recovery Insurance provides cash benefits for covered services regardless of any other insurance you have.
By pairing it with your medical plan, you can extend your protection to help with those unexpected costs so you can focus on your recovery.
People aged 18 to 85 are eligible for this type of plan and in most cases these plans are renewable for life.
You can choose a daily benefit amount starting at $100 up to $900, in $10 increments.
The Daily Benefit Amount represents the amount payable to you for each day you are to a hospital as an inpatient — up to 35 days per calendar year, which includes up to 4 days for treatment in an observation unit.
Many Hospital Recovery plans have optional riders that you can add to your plan to add additional protection against other expenses you might face following a hospitalization.
Examples of some of the optional riders are:
-Emergency Room & Ambulance Benefits
-Major Diagnostic Exam Benefits
-Rehabilitation Facility Benefit
Long-Term Care Insurance
Unlike traditional health insurance, long-term care insurance is designed to cover tong-term services and supports, including personal custodial care in a variety of settings such as your home, a community organization or other facility.
Long-term care insurance plans reimburse policy holders a daily or monthly amount (up to a pre-selected limit) for services to assist them with activities of daily living. Examples of activities of daily living are, bathing, grooming, eating, ambulation, etc. You can select a range of care options and benefits that allow you to get the services you need, where you need them.
Just like many other supplemental plans, there are optional riders that can be added to a long-term care plan that can increase the benefits of the plan.
Personal Accident Insurance
Your medical plan provides benefits to help with medical costs if you suffer an accidental injury. In that unfortunate event, you shouldn’t have to worry about unexpected financial setbacks resulting from the injury. Things like lost wages plus your out-of-pocket expenses and the cost for help with transportation, meals, child care, or even housekeeping can all add up. Personal Accident Insurance provides cash benefits regardless of any other insurance you have. By pairing it with your medical plan, you can extend your protection to help with those unexpected costs, so you can focus on healing.