Should You Get a Supplemental Health Insurance Policy? Stradling & Spece Insurance can answer your questions!
October 10, 2008 by Kayleigh
Generally, supplemental insurance is thought of as only for senior citizens on Medicare. However, anyone can buy a supplemental policy. These policies work with the insurance coverage you already have, acting as an “add-on” to give you extra coverage. With this type of insurance, you typically receive direct cash benefits regardless of what your other insurance pays.
There are three main types of supplemental policies:
Disease Specific Insurance. This policy pays you cash benefits if you require treatment for a specific disease, such as cancer.
Accident Health Insurance. This policy reimburses you for medical costs resulting from accidents. It can also pay cash benefits if the accident disables you or if you lose your vision or a limb, finger, or toe. If you die because of an accident, your beneficiaries receive the payments.
Hospital Indemnity Insurance. This policy provides a daily, weekly, or monthly cash benefit if you’re in the hospital for over a specific number of days.
Should You Get a Supplemental Policy?
Before you consider buying supplemental medical insurance, you must have a good basic insurance policy. Then, you might consider a supplemental policy if you can afford it and you’re at high risk for serious illness, accidents, or hospitalization - for example, if your family has a history of cancer or another serious health problem.
Gregory Knies - Agent
Phone: 800-707-0023
4641 Horseshoe Pike
P.O. Box 280
Honey Brook, PA 19344
Phone: 610-273-3756
Fax: 610-273-2382
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