Speak to your independent insurance agent about Supplemental Health Insurance Policies
There are several types of health insurance policies that are available on the market today in Orange County and elsewhere in the country that cover specific illnesses such as cancer.
These policies are referred to as supplemental insurance plans because oftentimes they will supplement the coverage that is provided by an individual’s existing health insurance policy. They are available from your independent insurance agent.
These plans are not intended to replace traditional medical insurance coverage, but rather offer increased benefits should the policyholder contract the specific disease or condition that is covered in the policy.
There are several pros and cons to be aware of prior to purchasing such policies:
First, because supplemental health insurance policies are not considered primary coverage, the insured must also have a regular health insurance before being eligible to purchase coverage for the specific illness or condition.
And often, especially if an individual is covered under a major medical plan, treatment for certain medical conditions may already be covered.
So, it’s important to read the small print.
In addition, similar to other forms of health insurance, an individual may not be able to purchase a specific illness policy if he or she has already been diagnosed with the condition he or she wants covered – likely when the person needs it most. On the positive side, supplemental insurance policies typically pay benefits directly to the insured rather than to the treating hospital or medical professional.
Therefore, the benefit dollars can be used as the insured sees fit and can often cover out-of-pocket charges such as the deductibles with other insurance coverage or for services that are not already covered in the individual’s regular insurance plan.
Benefits can also be used to help cover normal living expenses such as rent or mortgage payments, utility costs, and food.
This can be especially helpful if the insured is unable to work for a long period of time while he or she is ill.
Based on the above, you can see why you might want to look into Supplemental Health Insurance and speak with your Orange County independent insurance agent about whether these types of policies will be beneficial to you and your family.