Life’s full of unexpected moments. Planning ahead with supplemental insurance plans can help you feel more ready to handle the medical costs and out-of-pocket expenses that often accompany these unexpected events. Choose from a wide variety of plans, coverage, deductibles and benefits so you have coverage to fit your health needs and your financial situation.
Types of Supplemental
Long Term Care
Critical Illness and Cancer Plans
Critical illness insurance is a type of supplemental insurance plan. Like other supplemental plans, critical illness insurance can help fill the gaps in your health insurance coverage in the event of an unexpected medical event.
If you experience a qualifying illness, critical illness insurance policies pay out lump-sum cash benefits directly to you. Qualifying events often include:
• Advanced Alzheimer’s Disease
• Amyotrophic Lateral Sclerosis (ALS)
• Benign Brain Tumor
• Cancer In Situ
• Coronary Bypass
• End Stage Renal Failure
• Heart Attack
• Illness Induced Coma
• Life-threatening Cancer
• Major Organ Transplant
Because you get the benefits paid directly to you, you can use your benefit amount in whatever way you need (out-of-pocket medical costs, mortgage payments, or even transportation expenses). But don’t wait for an illness to strike before getting critical illness insurance. You cannot purchase this type of plan after an illness has been diagnosed. In order to receive the cash benefit of a policy, you must be first diagnosed after the waiting period of your policy.
Accident insurance is a great way to help manage the out-of-pocket expenses that quickly add up after an accidental injury. Accident insurance plans can help protect you financially by paying a lump sum cash benefit to you for a qualified accident that can be used to help pay unexpected medical costs or everyday living expenses such as mortgage, rent, car payments, childcare or groceries while you are recovering from an accident or injury. It’s your money. How you spend it is up to you.
Depending on the type of plan selected, the following are some accident related expenses that make you eligible to receive cash benefits paid directly to you:
For people without disability insurance, an accident or illness that prevents them from working for a period of time has the potential to change a difficult situation into a financial hardship.
A supplemental disability insurance plan pays a monthly cash benefit during a time of total disability and helps provide the important extra layer of financial protection you need. The money can be used to pay unexpected medical costs or everyday living expenses while you are unable to work.
Here are some points to consider when choosing a supplemental disability insurance plan:
Your income requirements
The period of time you want benefits to last
The period of time before benefits begin
No matter how good your medical insurance, if you are hospitalized for an injury or illness there will probably be medical expenses and out-of-pocket costs that aren’t covered. Maintaining your financial security includes planning for costs related to hospitalization. A hospital confinement supplemental insurance plan generally pays a daily cash benefit directly to you when you are in the hospital. The money can be used to pay unexpected medical costs or everyday living expenses.
The advantages of having supplemental hospital insurance include:
Benefit amounts are increased for the first five days of confinement
No network restrictions
Long Term Care
As you plan for the future, consider how your independence and hard-earned savings will be affected by a long-term illness or a chronic condition requiring extended care. Long term care insurance helps protect your assets and gives you more choice and control when you need long term care.
Long-term care (LTC) needs typically arise as part of the normal aging process, but can also be due to an injury or illness, such as multiple sclerosis, stroke, rheumatoid arthritis, or due to a cognitive impairment, such as Alzheimer’s disease. Long-term care services can be given at an assisted living facility, a nursing home or even at home.
When reviewing your LTC insurance options, you’ll need to consider:
Total coverage needs — Total value of the assets you want to protect. Your total coverage is calculated based on the benefit amount and the benefit period you choose.
Benefit Amount — Maximum amount that your policy provides to cover your care costs on a daily or monthly basis.
Benefit Period — Minimum period of time (years) you can expect your coverage to last.
Elimination Period — Similar to a deductible, the amount of time (days) you are required to pay for the cost of care before your policy begins to pay benefits for an eligible claim.
Inflation Protection – Helps your benefits grow over time to keep up with the rising cost of care.
Total Benefit Amount– Total pool of money from which your benefits are paid.
Provides cash benefits for covered healthcare services with no deductible.
A Fixed Indemnity supplemental insurance plan is a great way to help manage the out-of-pocket expenses that quickly add up after an illness or injury. Fixed Indemnity supplemental insurance provides protection by giving cash benefits to help cover the cost of common medical services, such as ER visits, x-rays, hospital visits, and other services. It’s your money. How you spend it is up to you.
Benefits of Fixed Indemnity Supplemental Insurance include:
No annual deductible
Benefits are paid directly to you – not your doctor or hospital
Flexible benefit options with multiple plans to choose from
Note: A fixed indemnity supplemental insurance plan is not considered minimum essential coverage under the Affordable Care Act, and you may be subject to the tax penalty if you do not maintain appropriate coverage.