Understanding Supplemental Insurance
As you might have guessed, supplemental insurance acts as a supplement to a traditional type of insurance plan. This additional coverage is given to the policyholder once they pay their extra premiums. You might see this insurance referred to as supplemental health coverage or supplemental health insurance.
Who Needs this Insurance?
Elderly people who have higher medical costs are the population who purchase this insurance most often. It can be used in conjunction with Medicare. The insurance can cover any person on the policy, including the insured, their spouse, and any dependents. Children can use the benefits until the age of 26.
Supplemental health insurance is paid for through premium payments, usually on a monthly or semi-annual basis. Once the policyholder exhausts their other forms of insurance, this policy kicks in to cover any additional expenses. There are limits as to how much this policy can cover, and restrictions on what types of illnesses are covered.
What Does Supplemental Health Insurance Cover?
Coverage is based on each individual policy, depending on which insurance company you’re using. In any case, the plans always cover remaining expenses following critical illness treatments, heart attack, stroke, and hospital stays.
Supplemental health insurance is not a standalone policy. You will still need a traditional policy in order to qualify for supplemental coverage. The supplemental policy is simply meant to provide extra coverage for those who need it. The purpose of this insurance is to cover costs that other insurance plans do not cover.
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