Supplemental Insurance for extra Peace of Mind
What is Supplemental insurance?
Comprehensive health insurance covers a wide array of medical services and are designed for routine care to emergencies. But "comprehensive" doesn't necessarily mean all-inclusive. Unfortunately, it is when emergencies happen when you see financial vulnerabilities.
This is were supplemental coverage (ancillary) is the difference maker.
Supplemental insurance is designed to fill the financial gaps left by your primary health insurance plan. Providing broad financial protection against mechanisms that make your primary health insurance work.
These policies pay out cash directly to you for medical and non-medical expenses.
What are coverage gaps?
Coverage gaps is where your financial freedom is most at risk. These vulnerabilities usually don't appear until emergencies happen. They come in the form of:
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deductibles
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coinsurance
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co-payments
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fees for surgeries
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cancer diagnosis
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everyday non-medical expenses like rent, utilities and groceries.
For a breakdown of your specific options, you can consult a licensed AEC Insure agent
Add Extra Protection to Your Health Coverage
Even with primary health insurance coverage, unexpected expenses can still happen. In essence private insurance, employer coverage and even Medicare perform as primary health insurance, but the benefits and vulnerabilities can be different. Regardless, your insurance rarely pays 100%, leaving you responsible for any amounts not covered by your health insurance.
To combat these financial vulnerabilities for people of virtually any age, most policies coverage people from ages 18 to 89, the creation of ancillary products is meant to ease the financial stress that accompany different medical events.
Most common types of supplemental policies include:
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Dental, Vision, & Hearing: Routine exams, braces, glasses, and hearing aids.
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Cancer Diagnosis: Pays a lump sum amount when diagnosed with a covered cancer to help with travel and treatment.
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Final Expense: A whole-life insurance policy that often maxes out at $50,000 to help cover end of life expenses and leave behind an inheritance for family and loved ones.
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Critical Illness: Pays a lump sum if you are diagnosed with a severe, qualifying illness, allowing you to pay for specialized treatments or lost wages.
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Medicare Supplement: Specifically for those on Original Medicare, these plans help cover out-of-pocket costs like coinsurance and deductibles that standard Medicare doesn't pay. But some services like dental, vision, hearing and prescription drug coverage are not included.
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Accident Insurance: Provides cash payouts to offset costs (like copays or childcare) if you are injured in an accident (usually referred to as income protection).