What is known as supplemental insurance is exactly what the name implies. It is a policy that is purchases to help you afford out-of-pocket expenses and services that regular insurance policies do not cover. Note that this kind of policy is an add-on and never a substitute for a regular policy.
These add-on policies are very helpful for those who have children, run their own business, do not have the kind of money on hand to pay large medical bills or simply cannot afford to take time off from their job. Those on Medicare as well can benefit greatly from a supplemental policy. If you were to be suddenly disabled as a result of illness or injury, such a policy can provide you with financial stability as opposed to financial calamity.
There are a myriad of kinds of add-on policies generally available. There is the accidental death and dismemberment policy. It pays out a lump sum to your beneficiary should you pass away due to an accident. It also provides smaller compensation for the loss of eyesight or a limb from an accident of some kind. It is also designed to pay for medical costs arising from an accident that normal insurance will not cover.
Critical illness insurance is for disease-specific supplemental coverage. You can buy extra protection for cancer, heart, and other types of disease. These policies often pay out a lump-sum cash benefit.
There is dental supplemental coverage that takes care of the percentage of costs that your regular dental insurance does not cover.
Disability insurance will help you with a monthly payment over and above the benefit from your regular disability policy.
Should you be confined to a hospital bed, hospital indemnity insurance pays you a cash benefit to help you through such an often life-changing situation.
Long-term health care provides coverage for in-home medical care, assisted living facilities, and other types of longer in duration care that you may one day need.
It is essential that you know how a supplemental plan can assist you through so many potential challenges in life, ensuring you of priceless peace of mind.