Supplemental Health Insurance Plans
Designed to cover a variety of circumstances
If you’re diagnosed with a critical illness, require a hospital stay, or get into an accident, your health insurance plan won’t kick in until you meet your deductible. For those with high-deductible Obamacare plans, this means you could be paying a hefty sum just to cover your deductible. For example, based on the four Obamacare metal plans, you might have to pay up to 40 percent of healthcare expenses (up to your maximum out of pocket). (see chart)
Make sure you’re covered in the event of an unfortunate medical-related event — especially if you have a high-deductible health insurance plan.
Plan Coverage VS. Your Cost
Supplemental Health Insurance Plan Types
A Supplemental Health Insurance plan can shield you from this type of financial impact by providing a lump sum cash payout as your benefit. Plan types include the following:
Critical Illness Insurance
Provides a cash benefit if you’re diagnosed with a covered critical illness. You’re free to use the cash for medical expenses, travel costs for family members, and to pay for any non-medical expenses.
Hospital Indemnity Insurance
Reduces the financial impact of hospitalization – up to $1,800+ per day, in most cases — with a set payout amount per day, week, or month you are confined to the hospital bed. Some plans pay per visit.
Provides a cash benefit for injuries caused by an accident, such as broken bones, sprains, fractures, and other injuries that require treatment. Since many health plans have a high deductible, you receive a lump sum benefit to use for medical expenses or anything else.
Provides a cash benefit if you are diagnosed with cancer, up to $100,000 in some cases. Some policies can be guaranteed to be renewable for life. You can use the cash for both medical and non-medical expenses.
Metal Gap Plans
Fills the gap in coverage you have with an Obamacare Bronze, Silver, and Gold level ACA-compliant health insurance plan. You receive a lump sum cash benefit for hospital bills or to cover everyday expenses.