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
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
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.
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.