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Supplemental Insurance

Supplemental insurance is a great addition to a person’s regular insurance. It is a special policy that covers some of the things that his other policy does not cover. Some of the items that a supplemental policy may pay for are items such as a doctor’s copay, medication, nursing home care, living expenses, income, lost wages and the like. The policy can make a person more comfortable and take away the worry that he or she has about getting sick or having an accident. Such coverage usually only costs a few dollars a month and is well worth the additional expense.

Supplemental coverage is not mandatory and is not always necessary, but it gives the policyholder and his or her immediate family members a peace of mind in knowing that they care covered if something unusual arises. It’s always better to have coverage that it is to be without it. Several types of supplemental coverage exist. One of the most common types of this insurance is the type that covers the expenses that Medicare does not cover. Some refer to this insurance as gap insurance. It picks up where the Medicare stops paying. For example, Medicare may only pay the first $1,000 for a hospital stay. The gap insurance would possibly cover the rest of the hospital stay. Another type of supplemental insurance is hospital indemnity insurance. This type of policy pays the policyholder either a lump sum or a weekly payment if the person ends up confined to a hospital for a certain amount of time.

Accidental death and critical illness policies are extra policies that cover special situations. The critical illness coverage is for diagnoses of severe illnesses like Alzheimer’s and stroke. The policy pays a lump sum to a policyholder in such a situation. The accidental death coverage is specifically for the family of a person who has an untimely death. It covers funeral services and such. It may also cover a person who has been blinded or rendered limbless because of a freak accident. Accidental death policies are for unusual deaths and impairments. They do not cover situations such as natural deaths or cases of suicide.