Supplemental
(Voluntary) Benefits

Supplemental Insurance Policies

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Supplemental insurance covers gaps in comprehensive health insurance coverage.

The majority of people in the US have health insurance that they get from their employer or they purchase it for themselves. Obamacare requires people to have health insurance, otherwise they will have to pay a fine, but some may not be able to pay for out-of-pocket costs like co-payments and deductibles. Supplemental insurance can be purchased from insurance companies to help cover costs that are not covered by standard health insurance. Supplemental policies do not comply with the Obamacare mandate, so people will still need to have standard health insurance in order to be in compliance with the law.

There are many forms of supplemental policies, but the two most common types are dental and vision insurance. Other types include disability, long-term care, and critical conditions such as cancer, hospital stays, and Medigap, which cover out-of-pocket costs that Medicare doesn’t cover. When considering purchasing a supplemental policy, a person will need to consider risk factors and how much they can afford. For example, if a woman has a history of breast cancer in her family, she may want to consider purchasing a policy that covers cancer; a construction worker may want to consider purchasing a disability or an accidental death and dismemberment policy.

The major benefit of having supplemental insurance is that is covers what comprehensive health insurance does not. This helps people avoid paying for services out-of-pocket when they do not have the money to cover the costs. It is important for people to understand what their health plan covers so that they do not purchase a supplemental plan and end up with unnecessary duplicate coverage. It is also important for people to understand the limitations of supplemental policies because some may not pay benefits unless certain conditions are met. People should always due their due diligence when exploring the possibility of purchasing a supplemental health insurance policy.

 

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