Complementary Insurance
What is supplemental insurance?
Supplemental insurance is coverage you can buy in addition to your main health plan. These policies can help provide coverage for certain types of illnesses, accidents and injuries, as well as life insurance.
Supplemental health policies are different from traditional health plans. This is because they can help cover costs that your health plan might not include. Some insurance companies may also treat dental and vision plans as supplemental.
What are the benefits of purchasing supplemental insurance?
For many, supplemental health coverage can be an affordable way to help with out-of-pocket costs. Here are some of the advantages of supplemental health insurance plans:
Advantage
- They usually have affordable monthly premiums.
- They may offer you financial assistance if you experience unexpected medical situations.
- In many cases, you can use your cash benefits for what you want (for example, to pay for medical costs or household expenses, or even for pet and child care).
- You can keep some policies as long as you want, but not all of them are guaranteed renewable for life.*
- You can buy the policies at any time of the year. You don’t have to wait for the open enrollment period like you would with a traditional health plan.
- You can buy them on your own or buy them through an employer, as long as the employer offers them. An employer might offer them as “voluntary” or “optional” policies.
- Do you need more than one policy to meet your needs? You can buy each policy separately. You can also ask your insurer if it’s possible to add a “rider” to a policy for an additional premium cost.
