What is Supplemental Insurance?
Accident Policies - Regular medical insurance won’t cover all the expenses that result from injury—at the very least, you will likely owe a deductible and copays—and accident insurance can help fill in those coverage gaps as you pay out-of-pocket medical bills.
Critical Illness and Cancer Policies - Critical illness insurance provides coverage for acute illnesses that can be financially catastrophic.
Hospital Confinement Policies - Hospital Indemnity Insurance plans (sometimes called “bridge”) pay a set amount if you’re confined in a hospital. The plan can pay benefits based on per confinement, per day, per week or per month. Some plans can pay for outpatient benefits as well.
These plans are different from the major medical insurance since these plans pay regardless if the hospital is in the network and these plans pay the policy holder directly, NOT the provider.
Telemedicine Plans - As costs of co-pays increase and technology becomes more accommodating telemedicine is becoming more and more prevalent. Telemedicine is the use of telecommunication and information technologies in order to provide clinical health care at a distance. As we all know many of us will put off seeing a doctor because we don’t want to take the time off work or are unable to fit an appointment in. Telemedicine is a solution that not only saves on the copay, but also saves time and effort of getting to the doctor. Many times even prescriptions can be handled with this alternative.
Short Term (Long Term) Disability - The purpose of short-term disability insurance is to protect your income during short periods of disability. The benefits paid under short-term disability are usually for terms of 3 months up to 1 or 2 years. If you are disabled, short-term disability will provide you with weekly or monthly payments of either a fixed amount or a set percentage of your regular income thus providing income replacement when you are disabled for a limited time.