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Supplemental Insurance Provider Comparison Chart
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Consumer's Guide To Supplemental Insurance
When you think about supplemental insurance providers, you think mostly of supplemental health insurance; however, they can often include various types of insurance. Supplemental insurance offers extra money beyond what your insurance (whatever type of insurance that may be) offers. It provides you with another layer of protection, which you can use on top of any existing policies you currently have. Most often used for unexpected, out-of-pocket expenses, supplemental insurance should not replace a primary insurance policy but instead be added to it. Benefits are paid directly to you to be used at your discretion.
Here are a few types of supplemental insurance to look for. Consider the coverage options of each before you decide which types to use, and then narrow it down to the best supplemental insurance plan within that category.
Supplemental health insurance covers additional costs that your health insurance plan may not cover such as extended hospital stays or in-home care.
Supplemental life insurance often covers the costs associated with housing expenses and replacement income and is designed to protect your family in the event of your death.
Supplemental disability insurance is paid if you become disabled and can no longer work to supplement your income; a physician must determine that you cannot carry out the functions of your occupation.
Supplemental cancer/critical care insurance varies by lender, but some will cover the costs of travel for treatment, private nursing, radiation and chemotherapy, prescriptions, hospital stays, intensive care, organ failure, etc.
Supplemental accident insurance may offer additional security for expenses not covered by health insurance or even supplemental health insurance such as emergency room treatment, physical therapy or post-hospital recovery for treatment unrelated to disease, such as a bee sting, hitting your head on a hard object or otherwise injuring yourself.
Federal Supplemental Insurance
In addition to independent and private supplemental insurance providers, the United States government offers various types of supplemental insurance such as Medigap and Supplemental Security Income.
Medigap: Most retired individuals cannot afford to pay the full premium of health insurance, so the government offers Medicare to anyone over the age of 65. Medicare is also available to anyone under the age of 65 with certain disabilities or to anyone with end-stage renal disease. There are several parts to a Medicare plan and not everything is covered under these parts. Medigap is the supplemental insurance that you can add to your Medicare coverage.
Supplemental Security Income: People with disabilities who have worked long enough and paid social security taxes may also wish to add supplemental security income (SSI). Supplemental security income is essentially supplemental insurance for those who are disabled. Benefits of SSI are awarded based on financial need. Designed to help the elderly, blind and disabled people who have little to no income, SSI provides money for basic needs such as food, clothing and shelter. This program is funded by general tax revenues separate and apart from social security taxes.
What to Look for in Supplemental Insurance
The purpose of supplemental insurance is to provide coverage for expenses that your standard insurance does not provide. Generally speaking, insurance serves as a precaution. When choosing the best supplemental insurance provider, you want to look not only at what you need currently but what you may need in the future as well. You should know what your current insurance covers ahead of time before you start shopping around for supplemental coverage - that way you know what additional coverage you'd like, what you already have, and what you feel is redundant, or unnecessary.
When it comes to supplemental insurance, you can be as conservative or as progressive as you'd like; it all depends on what you feel most comfortable with. The best supplemental insurance providers will provide you with a plan that includes the options you are looking for without overselling what you have decided you do not need.
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