When you have a serious medical diagnosis or severe injury, you may be faced with expenses that aren’t covered by major medical insurance, as well as non-medical costs like transportation. Supplemental insurance is additional coverage that works alongside your health insurance policy to cover financial burdens that occur due to a specific illness or injury. These types of plans pay cash benefits directly to you and can be used for your specific needs. Supplemental Insurance plans — also referred to as voluntary benefits — are typically offered alongside the group health insurance plan from your employer.
There are several types of supplemental insurance, including:
- Accident Insurance: This type of plan pays claims if you are injured due to an accident. The types of injuries covered vary by policy but may include burns, fractures and lacerations. Ambulance costs, emergency treatment and physical therapy may also be covered.
- Critical Illness Insurance: This type of plan pays claims associated with illnesses and medical emergencies such as a stroke, heart attack, kidney failure or major organ transplant. These diagnoses often come with extended hospital stays and recovery times.
- Cancer Insurance: As the name implies, this type of plan pays claims associated with a cancer diagnosis. Depending on the nature of the diagnosis, you may be faced with months of treatment and recovery that can prevent you from working.
- Hospital Indemnity: Also known as a hospital confinement plan, this insurance pays out when you need to spend time in a hospital for treatment. This is particularly helpful when your hospital stay is extended due to long-term treatment or recovery from surgery.
Accidents, injuries and illnesses can have a wide range of financial consequences. Due to extended treatments, hospital stays or recovery periods, many patients find themselves facing lost wages and drained savings accounts. Supplemental policies are a good way to prevent long-term financial issues.
Unlike traditional health insurance, supplemental policies can also be used to cover medical expenses — such as deductibles, out-of-pocket maximums or copays — that are not covered under a traditional major medical plan. These policies are useful for people who aren’t sure if they have enough savings to cover the cost of an unexpected accident or illness. Health insurance provides payment for services and facilities provided by medical professionals, but supplemental insurance policies allow you to decide how best to use the lump sum payout, whether that be for mortgage payments, transportation needs, groceries or other expenses associated with lost wages.
Trust True Texas Benefits
If you want more financial protection, a supplemental insurance policy is a good choice. True Texas Benefits can help you decide which policies are right for you and your loved ones.
When you work with True Texas Benefits, you will get unique services such as:
- Creative benefits planning and design
- A dedicated account manager who will be with you every step of the way
- Platinum benefits communication
- A centralized, cloud-based enrollment platform
Reach out about supplemental insurance policies today.