Supplemental Insurance: What is it and do I need it?

To begin, we need start with a common understanding of what supplemental insurance actually is.

A good working definition is:

Supplemental insurance is extra or additional insurance that you can purchase to help you pay for services and out-of-pocket expenses that your regular insurance does not cover.

Some plans will pay for out-of-pocket medical expenses, such as deductibles, copayments, and coinsurance. Other supplemental plans may provide you with a cash benefit paid out over a period of time or given to you in one lump sum. (Source)

You can use this money to cover things like:

  • Transportation required for treatment
  • Replacement of lost wages due to missed work
  • Even food or living costs incurred during treatment or illness

There are several types of supplemental insurance policies you can find in the Buford / Gwinnett area of Georgia.

Let’s talk about some of those solutions.

1) Dental, Vision, and Hearing

This is a popular form of supplemental policy because most insurance programs do not include coverage for eye doctors, dentists, or hearing aides. With dental plans the benefits are reimbursed to you and there is no dentist network. You can use your current dentist if you like.

This type of solution is great for covering the costs of glasses, dental surgery, routine cleanings, and the like. They are typically low cost, relative to health insurance plans.

2) Accident and Hospitalization

Also know as Hospital Indemnity Insurance or Hospital Confinement Insurance, this covers the costs when you are actually staying in the hospital due to an illness or injury.

Hospitalization plans are very popular because they are very affordable and help cover the expenses that are the biggest cause for someone reaching the out-of-pocket maximum—a hospital stay. These benefits also come directly to you.

There are some limits. For instance, the coverage may not start until after a specific waiting period has expired.

3) Medigap

This type of policy is available to those who are already enrolled in Medicare. The concept is just as it sounds — it covers the gaps in your Medicare plan. These gaps include:

  • Copayments
  • Coinsurance
  • deductibles

The way the policies work is that Medicare first pays up to its limit, then the Medigap policy kicks in to pay its share.

These are all popular forms of supplemental insurance that can be added to an existing coverage plan.

This creative insurance solution serves as the inspiration for our company name and highlights our core values of providing the right mix of coverage at the right time for the right person.

If you’d like to learn more about our coverage plans, click here.