Supplemental benefits are insurance plans that provide financial security against expenses linked with illnesses or accidents that major medical insurers don’t cover.
In the United States, sudden medical costs due to a health issue or serious illness can severely impact residents’ finances when they experience major medical coverage. Supplemental benefits are one way that life insurance companies provide financial protection when life takes a sudden turn. While no one can predict the future, life insurers ensure everyone can prepare for it with supplemental insurance.
Understanding Supplemental Insurance Products?
Supplemental benefits are insurance plans that provide financial security against expenses linked with illnesses or accidents that major medical insurers don’t cover. The benefits are usually paid directly to the policyholder, and he or she can use it for any purpose – typically to pay for out-of-pocket or sudden household expenses. Remember that supplemental benefits will not cover medical expenses. They can’t pay benefits on various benefits or an expense-incurred basis based on other insurance coverage that a person may have.
Types of Supplemental Benefits Products
Accident Insurance
This supplemental benefit provides financial protection in case of an accident that results in injuries requiring treatment or hospitalization. Benefits are paid as a fixed or lump-sum amount, depending on the product. Accident insurance benefits supplement significant medical coverage to help pay for sudden out-of-pocket costs, like high deductibles for ongoing hospital care or an emergency room visit.
Critical Illness
The policy holder receives benefits in a lump sum when they are diagnosed with a major illness, such as a stroke, cancer, MS, etc.
Specified Disease
Supplements a current medical insurance plan to help cover costs if a person is diagnosed with a medical condition or disease. For instance, policy holders can take out a policy if they have a family history of heart disease or breast cancer to help pay for costs in case of diagnosis.
Hospital Indemnity
Provides existing primary medical coverage by protecting policy holders in case of hospital admission, outpatient needs, or provider office-visit care. If your employer’s insurance policy offers hospital indemnity insurance, you should enroll. This insurance helps employees afford extended hospital stays that may cause financial catastrophe.
Malden Solutions can help your business support its staff with supplemental benefits they will use. Call us today at 410-435-4937 for more information or get a FREE QUOTE.
Find the Right Health Insurance Solutions for Your Needs
Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter, Facebook, and Linkedin