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Supplemental Insurance

Supplemental insurance is engineered to give coverage that is coupled with existing insurance policies. It can be a great choice for people seeking additional protection from such things such as out-of-pocket medical bill payments once the primary insurance coverage levels have been exhausted. Unexpected hospital visits that end in longer term stays, having a private room and/or a private nurse, meals, testing and supplies are all examples of what can significantly raise the cost of medical bills that often exceed coverage in existing plans, or that are not covered at all by the primary policy. The long-term financial consequence can be problematic for many.

Good supplemental insurance coverage is available to purchase from just about all providers for any number needs. For instance, one such plan is hospital indemnity insurance. This can provide fixed cash payouts for covered items, like outpatient service and emergency hospital visits. Policies can also be purchased that pay out-of-pocket expenses for heart surgeries, cancer, stroke, and other medical conditions.

Nearly any condition, including dental, eye care, life, and disability, can be covered under supplemental medical insurance. Benefits include co-payment, coinsurance, and deductible payouts. Some plans offer immediate payment without a deductible or waiting period, as well as long-term coverage for the same stay or medical condition. However, these policies are not meant to be comprehensive and work best in tandem with traditional medical coverage already in place.

It is important to weigh the costs of supplemental medical insurance versus the potential benefits. Some policies cover only specific illnesses, and will not pay out for anything not meeting fixed criteria. Others pay only for inpatient care. The monetary payout is based on the monthly premium: the higher the premium, the greater the fixed cash benefits received. This coverage is ideal for those for whom the cost of future medical care may be prohibitive without a supplemental policy.