Supplementary Insurance
What is Supplementary Insurance?
Supplementary health coverage includes extra plans like short-term medical, dental, vision, accident, and critical illness insurance. These plans can fill in the gaps that regular health insurance doesn’t cover, giving you more protection and peace of mind.
What is Short Term Medical coverage?
Short-term medical insurance is a temporary plan that provides basic health coverage for a limited time, up to three months. It’s a good option if you’re between jobs, waiting for open enrollment, or need coverage for a short period. However, short-term plans don’t cover everything that regular health insurance does, and usually require health underwriting to determine eligibility.
What does Dental Insurance cover?
Dental insurance helps pay for the cost of dental care, including routine checkups, cleanings, fillings, and sometimes major procedures like root canals or braces. Having dental insurance can save you a lot of money in the long run, especially if you need frequent dental work.
What does Vision Insurance cover?
Vision insurance helps cover the costs of eye care, including eye exams, glasses, and contact lenses. Some plans may also cover corrective surgeries like LASIK. If you wear glasses or contacts, vision insurance can be a smart way to lower your out-of-pocket costs.
What does Accident and Critical Illness Insurance cover?
Accident insurance gives you a cash payout if you’re injured in an accident. It can help cover things like medical bills, hospital stays, and even transportation or household expenses while you recover. This type of plan is great for people with active lifestyles or jobs that carry some physical risk.
Critical illness insurance provides a lump-sum payment if you’re diagnosed with a serious illness like cancer, heart attack, or stroke. This money can help cover medical bills, living expenses, or anything else you might need while focusing on your recovery.
How much does supplementary insurance cost?
The cost of supplementary insurance depends on the type of coverage you choose and your personal needs. Short-term medical insurance tends to be cheaper than regular health insurance, but it offers fewer benefits. Dental and vision insurance are usually affordable, while accident and critical illness insurance costs depend on your age and health condition.
How Do I Choose?
Answering the following questions can help you decide which coverage options best fits your health and lifestyle needs:
Your Health
How often do you go to the doctor? Do you have any health conditions? What medications do you take regularly?
Your Budget
What are you able to pay each month in premiums? How comfortable are you meeting your deductibles and covering copays or coinsurance for services? How willings are you to accept the risk of high out-of-pocket costs?
Your Preferences
Which doctors, hospitals and pharmacies do you like to go to? How important is it for you to have access to health care while traveling? What other coverage do you have, such as an employer or retiree plan?