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Supplemental Health and Accident Insurance – When Less is More!

What is supplemental health and accident insurance?

Supplemental insurance policies typically pay cash for specific events. For example, a cancer policy might provide funding for specific cancer treatments, transportation, or even one-time payments that a patient may have to pay if they lose their job. Broader policies also exist that pay for a variety of critical illnesses. These are often called critical illness policies, and they may pay for specific illnesses such as cancer and heart disease. Another type of supplemental insurance, called a terminal illness policy, may pay out if the policyholder is diagnosed with an illness that could end his life within a specified time (usually 12 months). Supplemental health insurance can make up for gaps in regular health insurance, or it can help pay the bills.

Like supplemental health insurance, supplemental accident insurance can work in a number of ways. Some people make lump sum payments for different accidents. In other words, compound fractures will entitle the insured to a larger amount than minor burns. Other accident policies will pay a pre-determined one-time payment. Again, this money from a supplemental accident policy can pay primary health insurance deductibles and coinsurance amounts, or it can provide funds to cover lost income.

Why Consider a Supplemental Insurance Policy?

Of course, many consumers may already have great health insurance. These are people who feel they earn enough to pay for health insurance and don’t need more. However, supplemental insurance policies can actually help lower premiums because they make up for higher deductibles!

A typical 50-year-old might pay $350 a month for a PPO plan with a $1,000 deductible. However, the premium for a $5,000 deductible PPO plan might only be $200 per month. Inexpensive accident and health supplements, often available for just a few dollars a month, provide protection so that the actual deductible never comes out of the insured’s pocket — or at least rarely does!

If you can spend an extra $50 a month on supplemental insurance but take $150 off your major medical bills, you’re already ahead of the curve and also lower your large deductible in the event of an accident or illness Potential Risk of Billing!

Find supplemental and health insurance that work together

If you want to quickly reduce your health insurance premiums and find the best supplement and health insurance plans, I recommend using the major online quoting systems. You can fill out your information all at once, which usually only takes a few minutes. The online quoting system will return competitive policies, along with contact information for qualified local health insurance agents in your area. If you contact a health insurance agent, tell them what you are looking for and they will be able to help you.

In order to find a good online quote system, look for a secure server and a clear privacy policy so your information will be safe. I also found that most major, reliable services participate in the Better Business Bureau Online program.

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