Your health insurance policy isn't enough: Why you need supplemental coverage

Heart attack. Stroke. Cancer. Hospital confinement. 

Yes, those are some of Americans’ biggest fears, but they’re also expensive conditions to treat – even if you have a health insurance plan. You can offset both the medical expenses and indirect costs for these conditions with the right mix of supplemental coverage. Here's what you might consider:

Dental and/or vision insurance 

Much to the consternation of Americans everywhere, dental and vision benefits aren’t included in core medical plans. That leaves them paying out-of-pocket for things like eye exams, dental cleanings, and corrective care. That can add up quickly.

Luckily, most major medical carriers recognize this gap and offer their own solution. This can often simplify your billing and claims experience, so long as you enroll with the same carrier that has your health plan. However, there’s never any harm in shopping around for dental and vision coverage – you may just find more appealing rates and benefits somewhere else.

Critical illness insurance

Sometimes known as dread disease policies, these products will help lessen the financial impact of a heart attack, stroke, or cancer diagnosis. While each carrier’s offerings will vary, these policies generally pay a lump sum directly to you.

And, you can use that cash however you see fit: paying off health insurance deductibles and copays, paying for a loved one's travel, boarding Fido as you recover, or socking it away for a post-recovery vacation. It's all on the table.

Hospital indemnity insurance

Hospital stays are expensive. Depending on your health policy, you may be looking at paying anywhere from 20% of your costs to a flat copay of $350 per day. For anyone, but especially those of you on fixed incomes, you likely have better uses for that money. 

Instead, for less than the cost of that $350 hospital stay and an ambulance ride, you clients can unlock a whole suite of benefits to make your wallet whole after a medical encounter.

These plans will pay a lump sum when you’re hospitalized, but you might also customize that coverage with outpatient surgery riders, outpatient therapy riders, ambulance riders – and even riders that pay out for critical illnesses.

Short-term/Recovery care

Major medical policies, including Medicare, have another glaring gap: they often don’t pay enough to cover care in a nursing home, assisted living facility, or for at home care. Short-term policies step into that gap by paying daily benefits while you can’t perform your normal activities or suffer cognitive impairment.

While benefit levels and policy details will vary here too, you can count on coverage for things like skilled nursing care, general nursing care, a variety of therapy services, and social services. Some plans might also include a prescription drug benefit. 

Be wary, though – these are called short-term care policies for a reason. Many policies will have a maximum benefit period of around 360 days. And, benefits won’t be restored until you’ve been out of care for some time – sometimes up to six months. However, for these shorter ailments, these policies can really save your financial bacon.

Why do you need supplemental coverage?

Supplemental coverage rounds out your benefit package to protect your finances when the worst occurs. And, generally speaking, as long as you buy them before you need them, you can enroll in one at any time. There are no strict enrollment periods, like your employer plan, Medicare, or the Marketplace might have.

Every day is a good day to be protected. If you need to add to your protection, talk to our team of licensed health insurance agents today.