In today's unpredictable world, the importance of supplemental health insurance cannot be overstated. Whether you are just starting your career, raising a family or planning for retirement, supplemental health insurance can provide the necessary financial buffer to weather life's unforeseen health challenges.
An unexpected accident or serious illness can have a devastating impact on your physical, mental, and financial well-being. While your health insurance may cover medical treatments, it often falls short of covering other associated expenses and losses. Supplemental health insurance can help bridge this gap, providing support during your recovery and works to protect income and avoid debt.
Types of supplemental health insurance benefits
- Accident insurance: provides cash payments for injuries and treatments resulting from a covered accident.
- Critical illness insurance: provides a cash payment after a diagnosis of a covered illness like a heart attack or stroke.
- Hospital indemnity insurance: provides a cash payment if you are confined in a hospital, including planned surgeries, labor, and delivery.
All three products can complement one another, allowing for multiple payouts for a single accident or event. For example, if you are enrolled in both accident insurance and hospital indemnity insurance, and you get in an accident resulting in a hospital stay, you could receive payments from both.
Who needs supplemental health insurance?
People of all ages and backgrounds can benefit from supplemental health insurance and different generations may have distinct reasons to consider it. Here are some of the factors that each generation should keep in mind when thinking about supplemental health insurance:
