Supplemental Insurance

Let’s address the elephant in the room, or the duck as it were. A major well known insurance company gets national attention through commercial advertisements focusing on their bread-and-butter offering of supplemental insurance coverage. But you need to know they aren’t your only option. When it comes to filling in any gaps in your insurance coverage or protecting your finances with cash benefits in the case of an emergency, you are in good hands when you go with your trusted policy provider.

Here we explore what supplemental insurance is; determine how these benefits could be right for you and your family; and answer why you should consider Allstate when finding the right coverage package for your situation.

What are supplemental benefits?

Supplemental benefits are part of a complete, comprehensive insurance coverage package that helps ensure your family is prepared to handle the immediate costs that arise during a medical crisis.

These products help fill coverage gaps from standard policy packages, they offer income protection during life’s most challenging events, and they supplement your existing medical coverage to help pay unforeseen out-of-pocket costs.

Here are some individual supplemental coverages you should be aware of:

• Accident – Pays a benefit for covered accidental injury and treatment
• Cancer – Pays a benefit for covered cancer diagnosis and can help pay for treatment, surgery, and more
• Critical Illness – Pays a lump-sum cash benefit when diagnosed with a covered critical illness
• Life – Pays a lump-sum cash benefit to help loved ones pay final expenses or cover bills
• Hospital Indemnity – Pays a benefit to help cover out-of-pocket hospital costs
• Supplemental Health – Pays a benefit for an in-hospital stay
• Disability – Pays a cash benefit monthly for covered sickness that requires the policy holder to miss work or causes a lapse in income
• Heart/ Stroke – Pays a cash benefit for non-medical expenses that may not typically be covered under medical insurance
• Dental and Vision – Pays a cash benefit specifically for dental of vision exams which may not be covered through employer-held insurance coverage or when a deductible hasn’t been reached

Supplemental coverage isn’t comprehensive. These packages are designed specifically to work alongside your typical health insurance policy and protect the holder against gaps in coverage. One major difference, too, is that supplemental benefits come as direct cash payments to help mitigate the financial burdens of an unexpected accident, hospital stay, or illness.

Are supplemental insurance plans worth it?

Insurance plans protect your finances while dealing with health-related expenses. When you’ve planned ahead, supplemental insurance can help you avoid dipping into your savings to handle whatever life throws at you and your family. Things to consider when making a decision on supplemental plans are current coverages, your ability to cover out-of-pocket expenses in case of an emergency, and family history with cancer or other illnesses that may put you at a higher risk.

Is supplemental insurance necessary?

As with all insurance coverage, supplemental insurance is not something you think about until you need it. Supplemental insurance plans provide coverage for and reimburse everyday expenses like co-pays, deductibles, and prescriptions, as well as the more unexpected expenses like ambulance rides, cancer treatments, and hospital stays.

Another common use of supplemental insurance is to complement an employer’s medical plan.  Many plans don’t always have coverage for things like vision and dental insurance. Deductibles in these instances can be exorbitant. Having a supplemental plan in place can close the gap in coverage and help pay for deductibles or procedures.

So, while not necessary, supplemental insurance coverage can have a huge impact in the face of medical emergencies. With the right package, you will have cash in hand to tackle the bills that arise. And, when you get your supplemental benefits coverage through Allstate, you are trusting a leading provider of voluntary insurance so you know your finances are protected and in good hands.

If you are looking for more details about supplemental insurance contact our office: