Supplemental Individual Insurance | Get a Free Cancer Insurance Quote |
| Overview | Many types of insurance plans exist. One popular product these days is supplemental insurance. Supplemental plans pay on top of regular benefits, providing an extra source of funds during trying times. Another offering that is growing in popularity are travel insurance plans, which provide a source of low-cost protection in these more anxiety-ridden travel times. |
| What It Is Not | Supplemental benefits are paid on an occurrence basis. Therefore, they are not intended to pay for medical bills directly and are not a substitute for regular medical insurance and benefits. |
| Evaluating Your Needs | When evaluating your needs for supplemental benefits some things to keep in mind are: Your health insurance plan. Every group health plan, no matter how good, does not pay for everything. Read over your plan and find out what it pays for and what it does not. Also review the amounts of coverage, which may indicate a shortfall. The uncovered and under-covered areas are the ones in which you may need supplemental coverage, such as for cancer or accident coverage. Your Savings. The more money you have saved the less you will need supplemental coverage. However, if you have saved little or do not want to risk depleting your savings, supplemental coverage may be right for you. Your Lifestyle. Are you a high risk for certain illnesses or accidents? If cancer runs in your family, you may wish to look at a cancer plan. Likewise, if you or your family members play sports or have dangerous hobbies, an accident plan may be worth looking into. |
| Purchase Information | Supplemental insurance can be purchased through most insurance companies and can be purchased through your current employer's group benefits or cafeteria plan. |
| Product Definitions | Click on the links at the left for more information |
| Dental plans | Group Dental Dental coverage, or a dental benefits plan, reimburses you for certain dental expenses according to written agreement. Premiums usually vary, from about $10 a month for a single person to $71 for a family. |
| Cancer plans | Cancer Plans This is the most common form of a supplemental insurance policy. Cancer policies pay on an occurrence basis for the expenses related to cancer. Most notably, cancer policies pay amounts toward experimental treatments and travel expenses, often not covered in group medical plans. |
| Accident plans | Accident Plans These are second most common form of a supplemental insurance policy. Accident plans pay set amounts for certain types of injuries and treatment. These plans are great for people who play sports or have small children that are constantly getting "bumps and bruises." |
| Legal plans | Legal Plans Growing in popularity are group legal plans. These plans provide a source of low-cost legal services to employees on a group basis. |
| Umbrella Policies | Umbrella Policies This is excess liability insurance coverage over and above that which is covered by basic homeowner or auto insurance policies. It is an extra layer of protection against lawsuits resulting from damage to someone else's property or injuries as the result of an accident. Often you can purchase your policy from the same provider with which you hold your automobile and homeowner's policy for a lower rate. |
