Discover If Supplemental Insurance Is Right For You

A basic major medical insurance care plan may not cover all the expenses incurred as a result of illness or injury. Supplemental insurance is designed to cover those costs that may otherwise leave patients out-of-pocket such as co-payments, deductibles, loss of earnings or the cost of travel to treatment centers.

These additional policies differ from normal health care plans in that cash benefits are usually paid directly to the patient as opposed to being paid directly to health care providers. When considering purchasing extra health care cover people should consider their personal circumstances, including their general state of health and their income and savings. They should examine also their current health care policies and make sure they understand exactly what is and what is not covered.

There are a number of different types of policy to suit the differing needs of individuals and families. Some policies pay out a cash benefit every time a patient visits a doctor; others cover the cost of prescriptions or routine health care monitoring. It is also possible to purchase extra cover in the case of hospitalization, critical illness and accidental death or dismemberment.

A critical illness plan will usually pay out a lump sum if a patient is diagnosed with a life-threatening illness such as cancer. The payment is designed to cover additional costs associated with the condition. This may include specialist or experimental treatments not covered by standard policies. It can be used to cover the costs of travel, child care, home help or simply daily living expenses.

Accidental death and dismemberment plans will pay out a lump sum to named beneficiaries in the event of accidental death, but not death arising from suicide, illness or natural causes. Alternatively a single cash payment will be made to those who suffer loss of limb, eyesight or paralysis as a result of an accident. It is also possible to purchase accident health cover which will pay for expenses such as travel and lodging in order that family members can be at the patient's bedside or for ongoing care in the home.

Hospital indemnity cover will pay out cash benefits to policy holders who find themselves confined to hospital for a prolonged period. Benefits which will help to recover some of the costs of lost earnings may be paid in one lump sum or on a weekly or even daily basis. Generally such payments do not start from the commencement of hospitalization but after a minimum waiting period.

Those who already have comprehensive health care plans which offer extensive benefits may not need extra cover, especially if their income or savings can sustain them in the event of a costly illness or sudden injury. Those with little by way of savings, or who are uncertain of their income may, however, wish to consider it. Those who stand to lose earnings from even brief periods of illness, such as the self-employed, may wish to protect themselves against loss of income. Similarly those on Medicare may also wish to buy extra cover for additional care expenses.

Purchasing additional cover will not necessarily make sense for everybody, but there are people that can benefit from supplemental insurance. It can be a sensible measure which protects people from the unexpected and can supply peace of mind.