Supplemental insurance is additional coverage
Supplemental insurance is additional coverage that you can use to help with the out-of-pocket expenses that may not be covered by your major medical insurance. Many major medical plans do not cover 100% of medical costs. There are things like co-pays, deductibles and just the cost of being out of work if you are involved in an accident or illness. Voluntary insurance, or an optional layer of financial protection. With prices on the rise people now, more than ever are seeking an extra financial safety net for unexpected medical expenses such as an accident or something much worse like a critical illness.
There are a variety of plans that can help you add an extra layer of protection for you and your family such as accident, hospital stays, critical illness, cancer, and short-term disability. The nice part about this plans is that many of them pay “you directly”. You just have to supply the supporting documentation and a check comes to help you with those out-of pocket expenses. Many of these plans have a wellness visit payouts once a year when you do your annual bloodwork or exams. Just knowing you have the additional protection gives you have peace of mind.
Additionally, many employers are also offering employees the ability to purchase these plans through payroll deduction to help their employees cover those times of sickness, illness or injury.