Supplemental health insurance benefits allows consumers to cover various “holes” in their major medical health insurance plans. These benefits are made to pay for the deductible in specified conditions. These conditions are identified as critical illness, accidents, long term needs, and various types of catastrophic events.
Did you know that more than 50% of your lifetime potential exposure to a medical claim or cost is an accident? 30,000 diseases currently known don’t equal ½ of the single most unforeseen and common malady!
An accident benefit plan will cover deductibles and coinsurance costs if you were in an accident. These plans can be purchased separately or added to your current health insurance. If a person is active and has a high deductible, this benefit is strongly recommended. Most accident coverage will pay a cash sum while others will pay for treatment costs only, this depends on the insurance carrier.
Critical illness plans are intended to protect people from the huge costs associated with major illnesses. Such illnesses are heart attack, stroke, cancer, coronary artery bypass, kidney disease, and many others. Like accident coverage this will pay a cash sum or pay for treatment only depending on the insurance carrier. Cash benefit can be used for out of pocket costs, travel to a treatment center, and for other bills. There is a waiting period for coverage depending on the company and state, commonly 30 day wait after effective date for the first diagnosis.
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DISABILITY INCOME INSURANCE
This is insurance to cover income in the unfortunate event of becoming disabled due to an accident or illness. It is insurance meant to help you pay for the things that your paycheck usually covers while you recover and are unable to work. The amount covered varies depending on the amount of coverage you need, which you choose when you pick a plan. The benefit is usually paid in monthly increments and is tax free. There is an elimination period, which is usually 30 days after coverage begins.
LONG TERM CARE
Long-term care insurance is important for the possible long term after affects of a catastrophic event or illness. Activities of daily living such as dressing, bathing, and eating may impossible without the help of others. Family may take on the burden but they don’t have to with long term-care insurance. Long-term care insurance usually covers home care, assisted living, adult daycare, respite care, hospice care, and nursing homes. Benefits within the plan can offer 24 hour care for someone in need.