Health insurance is a helpful plan or policy that ensures protection from unexpected expenses like the cost of surgeries, preventative care, prescriptions, emergency care, doctor appointments, and more. Although most health insurance covers most health-related expenses, some aspects are excluded. In such scenarios, supplemental health insurance can benefit. As the name suggests, supplemental health insurance will augment one’s existing health insurance plans. Keep reading to learn more about supplemental health insurance and its benefits.

Supplemental health insurance guide

Supplemental health insurance does not replace health insurance but helps to pay for the healthcare costs not covered by the plan. Alternatively, senior supplemental health insurance offers additional coverage for special needs like long-term care, vision, and dental care. The types of supplemental health insurance, their advantages, and factors affecting the price of such plans are listed below.

Supplemental health insurance price

Typically, the prices for supplemental health insurance are less than the regular ones as they offer additional coverage and are not comprehensive. But the prices may vary dramatically. For example, some may cost less than $10 monthly in premiums, whereas others may cost well over $500 monthly. The pricing depends on the policy type and many other factors, such as gender, health status, age, and place of residence.

Some supplemental health insurance plans have consistent premiums across the years, whereas others raise the premium yearly. With almost all the policies, age is a crucial factor influencing the cost. Therefore, supplemental health insurance for seniors is costlier. Thus, evaluate all costs while determining the value of your supplemental health insurance plan. Similar to regular insurance plans, even supplemental health insurance will have coinsurance, copays, and deductibles that add to the overall costs.

Benefits of having supplemental health insurance

Supplemental health insurance can help you bear the health care expenses not covered by traditional health plans. Some supplemental health insurance plans cover certain aspects like disability or hospital stays, while others cover severe health conditions like cancer. It all comes down to your chosen coverage. Supplemental insurance may benefit the health care provider or the insured person. The amount and how you pay it out depends on the selected plan.

Types of supplemental health insurance

Your supplement insurance can complement different health insurance plans by providing specific coverage for vision, dental, short-term disability hospitals, critical illness, cancer, and accident. Usually, policyholders opt for more than one type of supplemental health insurance plan.

• Accident – It covers unexpected costs related to an accident. These can help you handle the out-of-pocket expenses and get back on your feet.
• Cancer – These can help you bear the emotional and physical repercussions following a cancer diagnosis. These plans will cover varying levels of support, from chemotherapy to talk therapy.
• Critical illness- This plan covers the procedures and treatments following a life-altering health condition, such as a stroke or a heart attack.
• Hospital – Under this, you can get assistance related to hospital expenses not covered by the primary healthcare plans.
• Short-term disability- Such plans will provide treatment options and income support if the condition temporarily puts you out of work.
• Dental – Your dental plans cover fillings, X-rays, routine dental examinations, and other procedures. With regular dental checkups, it is easier to diagnose emerging or existing conditions, helping you save money in the long run.
• Vision – Covered benefits include routine eye examinations, eyeglass frames, contact lenses, and more.