Supplemental
Supplemental Health Insurance Overview
If you are diagnosed with a serious illness or are involved in an accident, traditional health insurance programs such as Medicare and qualified health plans may not pay for all the services you need.
Are you prepared financially if something did happen to you? Supplemental Insurance Plans might be that answer. As its name implies, supplemental insurance provides you with another layer of protection, on top of existing policies you probably already have. It can help you pay for care and services existing policies may not cover such as life or health insurance - but it is not meant to be your only means of protection. While major medical or life insurance policies can provide the bulk of benefits to your family after an illness or loss, supplemental insurance benefits can be used to pay for unexpected out-of-pocket expenses.
Types of Supplemental Insurance
Supplemental insurance policies include coverage for:
- Cancer
- Heart disease
- Accident
- Disability Income
- Hospital Indemnity
- Short Term Medical Insurance
- Travel Insurance
Supplemental insurance such as cancer and heart disease policies fall into two main categories. There are those that provide a one-time lump-sum benefit and others that are expense-based. Accident and hospital indemnity policies are typically indemnity-based; in other words, the policy will pay specified amounts for certain covered conditions or injuries. Note: Not all options are available in all policies or in all states.
What to Consider
You may want to consider supplemental insurance if:
- You have primary health insurance.
- You are not financially prepared to pay for care that may become necessary due to a major illness or accident.
Keep in mind that supplemental insurance is not intended to take the place of primary health insurance but it can help you with the extra expenses of a serious or chronic illness.
Why Consider Cancer Insurance?
The total financial impact of cancer includes direct and indirect costs. Many persons diagnosed with cancer uses all or most of their savings because of the financial cost of dealing with cancer*. The problems are significantly worse for those without insurance. No one wants to experience a cancer diagnosis, but the fact is that the risk of getting cancer is great. In the United States, men have slightly less than a one in two lifetime risk of developing cancer; for women, the risk is a little more than one in three. (American Cancer Society, Cancer Facts & Figures 2013, page 1) A cancer/specified-disease insurance policy is designed to provide you with cash benefits during covered cancer treatments. Cancer can occur at any time regardless of lifestyle, yet too many people lack cancer insurance coverage to help pay for additional costs associated with treatment.
With a Cancer Benefit Insurance:
- The money comes directly to you, all at one time in one lump sum payment, unless you assign it to a health care provider.
- You know exactly how much money may be paid for a covered claim — there are no surprises.
- It is guaranteed renewable for life, subject to the company’s right to increase premium on a class basis.
- Coverage is available for individual, single parent, or family.
* American Cancer Society Cancer Action Network The Costs of Cancer page 20.
Travel Insurance
At Aware Benefits, we prioritize our clients' needs by offering comprehensive travel insurance solutions tailored to provide peace of mind during your travels. With our commitment to exceptional service, we ensure that you are well-protected against unexpected medical expenses and travel disruptions.
Our personalized approach means you receive a plan that aligns with your specific needs, from coverage for pre-existing conditions to emergency medical evacuations, all while benefiting from our extensive network of trusted providers. Our dedication to helping clients extends beyond just offering insurance policies; it’s about making a difference in people's lives.
Short-Term Medical Insurance - Temporary Coverage
Outside of the individual market’s annual open enrollment period a short-term health insurance policy might be your best option, especially without a qualifying event. Short-term plans generally provide the most comprehensive coverage available outside of open enrollment.
Short-term policies have been around for some time. They are a good option for people who are between jobs or waiting for a new employer’s coverage to become effective. Unlike regular individual major medical plans, short-term health insurance policies are not regulated by the Affordable Care Act and their sale is not limited to open enrollment windows.
When does a short-term policy make a lot of sense?
If you experience a qualifying event, you can apply for an ACA-compliant policy during a 60-day special enrollment period. Short-term policies are an alternative if you miss open enrollment or don't qualify for a special period. These plans offer up to six months of coverage in most states, with various premiums, deductibles, and benefit maximums. They are generally more affordable than ACA-compliant plans, and healthy applicants can get immediate coverage. Short-term plans cover physician services, surgery, outpatient, and inpatient care, often allowing you to choose your own doctors and hospitals, though in-network providers might have financial incentives.
What short-term health insurance won’t cover?
Short-term major medical plans may be a great fit for healthy folks who just need temporary coverage, but the plans weren’t designed to cover everything, and they do not provide coverage for all of the ACA’s essential benefits. They typically won’t cover your routine office visits, maternity, mental health or preventative care – and they won’t cover preexisting conditions. They also still use medical underwriting, which means that applicants with serious pre-existing conditions may not be able to get short-term coverage. Be sure to check the list of exclusions on any policy.
Give me a call to find out if short-term health insurance is an option for you.
Accident Insurance Can Help Avoid Surprises
The economic impact of these fatal and nonfatal unintentional injuries - accidents - amounted to $1,097.9 billion in 2019. This is equivalent to about $6,400 per household.*
Is this a financial burden that you could manage? Don't let the financial impacts of an accident take you by surprise.
Personal Accident Insurance can be used not only to offset the costs associated with an accident such as ambulance transportation, emergency room visits, X-rays and rehabilitative therapies, but also for ordinary daily bills, child care or even yard work. These types of policies can work well with both individual and group medical insurance plans.
Premiums can be competitively priced and some policies have decreasing deductibles over time. Call or contact us today for more details.
Did you know?
Approximately 62 million people, or about 1 in 5, sought medical attention for nonfatal preventable injuries in 2022. *
In recent years, an estimated 7.8 million children annually visited emergency departments for unintentional injuries, with data showing a slight reduction from previous years. **
*National Safety Council, Injury Facts – 2023 Edition
**www.cdc.gov
How Critical Illness Insurance Coverage Can Work For You
Are you financially prepared for a Critical Illness? Unfortunately, most are not. Too many people discover that after a critical illness diagnosis their primary health insurance is inadequate, resulting in a large financial burden directly on your shoulders.