SUPPLEMENTAL INSURANCE
SUPPLEMENTAL INSURANCE
This is America, healthcare is expensive. Even after paying high monthly premiums for insurance, there are still out of pocket costs you may be responsible for if you go to the hospital. Luckily there are solutions for that kind of financial risk. That is where supplemental policies come in. The most common types of supplemental insurance are Hospital Indemnity/Fixed Benefit plans, Accident, Critical Illness, and Disability. Each company structures there payments a little differently, but they pay to the enrollee based on medical claims made with or without major medical insurance.
Accident Policies
No one can predict an accident. These unexpected injuries can be costly, and not everyone has a rainy day fund. Even if you do, depending on the injury, one accident could wipe that out quick. Accident insurance is well worth it if you are looking for extra financial support when an unexpected event happens. Companies structure their payments differently, one accident policy may have one lump sum benefit for each claim another policy may have a payment schedule per claim type. Either way this benefit is paid to the enrollee to be used how you see fit. Many clients pair accident and critical illness with high deductible medical plans to protect their finances from out of pocket costs. We also work with small business for group supplemental coverage. In group policies, rates are typically lower and benefits are higher than with an individual policy from the same carrier. Contact us for a quote for your small business! Get an individual quote for our preferred accident policies!
Hospital Indemnity
When it comes to you and your family, an unexpected or long-term hospital stay should not be spent worrying about medical costs. Hospital Indemnity insurance is there to help you focus on rest and supporting one another on the journey of recovery. This is a supplemental product to be paired with your medical insurance plan. These payments will be made directly to you, the policy holder. Even if you medical insurance covers the majority of the cost, you will still receive the benefit which can aid in recovery costs. Hospital Indemnity Insurance usually pays benefits for hospitalization, intensive care, critical care, and some also have emergency room and outpatient surgery benefits.
UnitedHealthCare Hospital Indemnity Quote
Allstate Health Solutions Hospital Indemnity Quote
Fixed Benefit Plans
While some do opt for a Fixed Benefit plan on it’s own, it is important to note that it is not medical insurance. It is a type of healthcare insurance product and has many benefits but also many limitations if you are looking at it through the lens of major medical insurance. This is not to say that we don’t recommend these plans, in fact these plans have some of the highest satisfaction rates among the products we offer. The right candidate can benefit greatly from these plans and those who add them as a supplement to major medical even greater. A Fixed Benefit Plan is similar to a Hospital Indemnity where there is a pre-determined amount per incident, but includes much more than just hospitalization benefits. There are many times when the plan pays more for the than the cost of the service, so you receive the difference. That’s like getting paid to go to the doctor!
UnitedHealthCare Fixed Benefit Quote
Allstate Health Solutions Fixed Benefit Quote
Philadelphia American Fixed Benefit Quote
Critical Illness
In the USA someone has a heart attack every 40 seconds, according to 2022 data from the American Heart Association. What is truly alarming about this situation is the cost that comes along with having a heart attack. Critical illness insurance can prevent you from dipping into your savings to meet your health insurance deductible, by adding an accident and critical illness policy for an amount that matches your deductible or max out of pocket. One of the major benefits is limited or no waiting periods unlike Short and Long Term Disability Policies.