Supplemental Health Insurance

Supplemental Health Insurance

What exactly is Supplemental Health Insurance? the unexpected financial burden of a serious illness and an accident is something many people are not prepared for. This is especially true if you are self-employed and a business owner.  A supplemental health insurance plan can help minimize large out-of-pocket expenses that could affect you and your family. Supplemental health insurance policies will pay you directly cash benefits for the unexpected – accidents, cancer, heart attacks, stroke and hospital stays due to sickness.

ACCIDENT MEDICAL EXPENSE

 advantages

  • Pays out-of-pocket expenses not covered by your primary coverage up to the selected benefit amount, no matter how many accidents you have.
  • No waiting period.
  • Accidental death and dismemberment benefits.

example : You are cleaning your gutters and fall off the ladder breaking your hip. Your deductible is $5,000 which you will have to fund as the average hip replacement costs a lot more. With a supplemental plan at or above your deductible, you will only have to fund $250 and the balance will be fully covered.

CANCER / HEART / STROKE

 advantages

  • Covered first-ever cancer diagnosis and a covered heart attack or stroke with a lump-sum benefit.
  • Pays regardless of other coverage you have.

example: Following a routine colonoscopy you were diagnosed with colon cancer. With a supplemental plan at or above your deductible, you will only have to fund $250 and the balance will be fully covered.

 

SICKNESS HOSPITALIZATION

 advantages

  • Pays a lump-sum benefit on first covered day of hospital admission.
  • Pays regardless of other coverage you have.

 example

You are admitted to hospital with pneumonia and your bills exceed your $5,000 deductible. If this coverage formed part of your plan all of your out-of-pocket expenses would be covered.

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