You’ve probably seen many advertisements for supplemental health insurance plans. What are these Aflac plans, what are these cancer plans? What do we call this type of insurance?
Those are called supplemental insurance policies. Do not confuse that with the name of a different type of insurance, the Medicare supplement. That’s not what I’m talking about.
A different description is insurance for supplemental, ancillary benefits. These plans are quite valuable. They can be quite good.
We have been finding that most consumers have been experiencing higher deductibles and higher out-of-pocket costs relative to their health insurance costs. Then, should they get faced with a serious medical episode, such as cancer, a stroke, a heart attack, bypass surgery or very severe injury, these ancillary supplemental policies absolutely have a value. They can be quite helpful.
What Supplemental Health Insurance Policies Do and Don’t Do
They are not replacements for your major medical insurance. Your regular health insurance policy covers the medical and doctor bills to an unlimited benefit. So that’s not what they do.
However, these supplemental policies pay what we call cash benefits directly to you, regardless what insurance you have. These cash benefits can be very helpful not only for covering out-of-pocket costs like deductibles or what is owed the doctor or hospital. Maybe because of that injury or stroke or the cancer treatments, I’m losing time at work and so now I need some cash supplemental for my lost wages.
Because of the treatments, I now need a loved one to come along with me and they’re going to lose wages or have other costs. So I could use some cash to help compensate them.
Great Value to Supplemental Health Insurance
These benefits are extremely valuable. The premiums are more than fairly affordable. I feel the costs are pretty mild compared to health insurance premiums and they can be a great asset for you.
I definitely suggest that you explore these policies. Aflac is a great company, but there are several options. All the staff at MBhealth Insurance Agency will be happy to explain your choices to you. Call us at (314) 544-5400.
