Health insurance plans that cover the costs beyond what is withing the purview of standard policies come under the category of supplemental coverage. This type of coverage will either pay for the expenses that are not covered by the traditional health insurance, such as deductibles, copay, and coinsurance, or offer coverage in addition to the standard insurance. Like general health insurance, the kind and extent of coverage you get depend on the kind of supplemental plan you take. Here, we will try to cover everything you must know about supplemental health insurance.

Why do you need supplemental health insurance?
Supplemental healthcare insurance policies are not meant to replace your regular healthcare policy. However, depending on your health concerns or the budget, the vitality of the supplemental health insurance is measured. This policy goes a long way in offsetting the impact of the catastrophic illness on your finances.

Supplemental health insurance will provide you with direct cash payment when you undergo an accident or a critical illness or during your hospital stay. Although these insurances are usually provided to you via your employer, you can also shop for them via the agents or the insurance carriers.

Most insurance providers will offer tailored supplemental health insurance plans, keeping in view your affordability and requirements. Typically, most people’s primary reason for supplemental health insurance is the need for greater peace of mind that these insurances bring with them. Such insurances are not coordinated or reduced with existing health insurance you have and are usually affordable. It should not cost you over $50 per month. Owing to high premium costs, supplemental policies are becoming hugely prevalent and have driven us to a greater deductible plan.

Types of supplemental health insurance
There are several different kinds of supplemental insurance products. However, offerings such as vision coverage and dental insurance can be regarded as supplemental health insurance plans. These plans have a different working from the products that offer direct cash payment benefits.

Here are a couple of supplemental insurance plans that you can get for yourself.

• Critical-care insurance
  This kind of supplemental health insurance will offer coverage for severe illnesses, such as a stroke, an organ transplant, kidney failure, heart attack, and cancer. Critical-care insurance plans are specific to a certain disease or a particular kind of illness.

• Accident insurance
  This kind of insurance complements health insurance by offering benefits for the covered accidental injuries that need urgent care, hospitalization, or treatment. Accident insurance coverage is perfect for a household with kids as they are often susceptible to injury during a sporting event or while playing with friends. People who lead an active recreational lifestyle, such as sports participants, bikers, or hikers, can also consider getting supplemental health insurance.

• Hospital insurance
  The hospital confinement plan, or hospital insurance, is another pivotal supplemental health insurance plan. In this form of coverage, you are paid cash while you are in the hospital. The cash is paid to bear the out-of-pocket expenses such as prescriptions and deductibles, i.e., any other cost not covered by general health insurance. It has no deductibles, no networks, and you can spend the amount as you deem fit.

• Long-term care insurance
  As you grow older, guarding your finances and independence is crucial. Unfortunately, the cost for a semi-private room in a nursing home can add up to approximately $7000 per month. To shield your assets, you can consider getting long-term care insurance. This insurance offers greater control and choice for people who seek long-term care.
• Disability insurance
  If you are injured or too sick to continue working, disability insurance can be an ideal pick for you. It is a great way to secure some of your income. You can avail of this benefit even when you are receiving the Workers’ Compensation benefits.