Better off insured than sorry

Staff Reports

Supplemental insurance is, as the name implies, a supplement to your normal insurance. It is not a smart decision to only have supplemental insurance.

Supplemental insurances are extra insurance to cover what normal insurance will not cover. For instance if you develop a cancer your deductibles could total a few thousand dollars (still much better than not having insurance!) on top of you not being able to work for months - the bills still have to be paid! Supplemental cancer insurance would pay some, if not all, of the deductible and give allowances for things like normal utility, rent, etc. bills that occur while you are not working.

Supplemental insurance can be purchased directly from companies like AFLAC, but it is mostly sold through an employer as an extra benefit.

According to the University of Arkansas, most Americans are in a position where their main health insurance does not cover all their health-related risks and expenses. In this situation, every time you are afflicted by a condition that is not covered by your insurance, you have to spend your own money for treatment. Supplemental Health Insurance is meant precisely for such times. Supplemental Health Insurance covers such expenses and protects you from additional out of pocket expenses and unforeseen health care expenditure. There is a variety of Supplemental Health Insurances available that you can customize to fill gaps in your insurance coverage.

Supplemental Health Insurance is advisable under the following circumstances says bizjournals.com:

If you do not have disability coverage- Disability coverage will pay your bills and lost wages if you were to be injured on the job or be afflicted with a chronic illness.

If you are in the high-risk category for heart disease, cancer or some other serious illness that will require big ticket medical spending.

If you belong to an HMO that won't cover out of network benefits and procedures such as new therapies or trial drugs.

If you lack enough savings to cover your family's living expenses for a period of three months, or to preserve the savings you do have.

Different kinds of supplementary insurances cover different diseases. You can choose Supplemental Health Insurance for dental, vision, or cancer. Medicare Supplemental Health Insurance may cover deductibles and co payments, accident insurance, disability insurance and long-term care.