Supplemental health Insurance refers to additional health insurance that you can buy to pay for medical expenses that your regular insurance might not cover. Supplemental Insurance plans cover various out-of-pockets costs such as deductibles, co-insurance, or copayments. It can also cover medical services that your regular insurance does not cover, such as dental insurance or vision costs. Depending on your supplemental insurance plan, you can also avail lump-sum amounts of cash benefits. You can use this cash for covering any lost wages, transportation costs, or food and medication costs that you have incurred due to an illness.

There are various different types of health insurance plans.

Critical Illness and Cancer Insurance

Also called critical care insurance, this type of insurance covers expenses related to cancer or major illnesses such as organ transplants, a stroke, a heart attack, or kidney failure.

Accident Insurance

This covers all expenses if you are injured in an accident and can also pay lump sum cash benefits. This insurance can help with your expenditure during the time you cannot work and are healing. The injuries covered through these insurance plans depend on the insurance policy but generally may include burns, fractures, and the like.

Long-Term Care Insurance

As you grow older, protecting your finances and independence becomes more important. With the costs of nursing homes increasing, long-term care plans help protect your assets and give you more financial control if you or your spouse require long-term care in the future.

Takeaway

Supplemental health insurance provides a layer of protection to cover costs your traditional health insurance plan does not and helps you manage all extraneous healthcare costs. They also ensure you have control in case of medical emergencies or critical illnesses. Due to all these reasons, getting supplemental health insurance is a wise choice.