What is Supplemental Insurance?
Health insurance pays for your doctors, hospital stays, and procedures . . . but who pays you? Supplemental insurance does!
Supplemental insurance sends a check directly to you (not your doctors) when you have an accident, an illness, or a critical condition. It pays you for events such as going to the emergency room, going to an urgent care clinic, having an MRI or CT Scan, getting physical therapy, outpatient surgery, and much more.
You can use the money to cover the deductibles from your health insurance or for any purpose you choose. Additionally, because the money is an insurance payout, the money you receive is tax-free.
Supplemental insurance plans start as low as $15.46 per month and they are a great way to cover the gaps in your health insurance or Medicare plan.
Accidental Injury Insurance
Great insurance for kids in sports and active adults.
Accidental Injury insurance pays you cash directly when you incur medical expenses due to an accident. Accidents include things such as breaking a bone, requiring stiches, or a slip and fall, but they can also include things like a bee sting or an allergic reaction. If you need treatment because of anything that is accidental in nature, this policy will cut you a check.
Accidental Injury insurance pays you a pre-specified lump sum when you do things like a visiting the Emergency Room, visiting an Urgent Care clinic, requiring an MRI or other imaging, requiring follow up treatment, and much more. The money they send can help you cover any deductibles or out-of-pocket expenses you may have to pay according to your health insurance plan.
Accidental Injury insurance starts at $15.46 per month for $10,000 in coverage. See the table to the right for coverage options and their rates.
Hospital Indemnity Insurance
Great for older adults and makes an excellent add-on to Medicare Advantage.
Hospital Indemnity Insurance is similar to Accidental Injury insurance in that it covers expenses due to accidental injury, but in addition to that, it also covers expenses that are due to illness. Illness would be considered things like the flu, the corona virus, a kidney stone, or needing to get your appendix taken out. While these things would not be covered under an accidental injury policy, they would be covered by a Hospital Indemnity policy.
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Hospital Indemnity Insurance pays a pre-specified amount per day that you are in the hospital. It pays for 3, 6, 10, or 21 days depending upon how you set up your policy. These policies also offer "riders" you can choose that would pay you cash for things like taking an ambulance ride or having outpatient surgery.
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Hospital Indemnity Insurance makes a great addition to Medicare Advantage, as the largest cost shares on a Medicare Advantage plan are typically inpatient hospital stays.
Critical Illness Insurance
Protection for the worst case scenario.
A Critical Illness Policy acts a lot like life insurance, but instead of death triggering the payout, you would get the payout while you are still alive.
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Critical Illness policies can pay you up to $100,000 in tax-free money on the first diagnosis of cancer, heart attack, stroke, or any other qualifying critical illnesses. And with a "recurring rider," you can get another $50,000 tax-free payout if there is a second occurrence of the critical illness.
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The money is paid directly to you to help you cover the added cost of the critical illness.
