An Introduction to Medical Supplemental lnsurance

Group health insurance rates have been going up with the passage of time. Employers have been obligated to make some dramatic changes in their employee benefit programs. The majority of employers have gone in for health insurances with high deductibles. Employers have been forced to find alternatives for coverage that has been left out or reduced in their benefit package. The solution has come in the form of medical supplemental insurance. Medical supplemental insurance firms enroll employees and the premiums are paid via payroll deduction.

Supplemental health insurance products:

  1. Disability insurance: Employees are sold supplemental disability insurance to fill in the gaps or make up lost benefits. They can purchase short term and long term disability insurance with both varying waiting and benefit periods.
  2. Life insurance: Medical supplemental life insurance consists of a wide variety of permanent plans and even term life insurance. Larger groups of employees can take the benefit of non-medical life policies too.
  3. Dental insurance: This forms the most crucial supplemental health products.
  4. Cancer insurance: This is a single need policy with comparatively low premiums.
  5. Accident insurance: This policy covers accidental injury and cases of death. Some accident policies have accident disability riders.
  6. Hospital income: This policy pays a daily dollar rate to the individual while hospitalized. It varies from $10 per day to as high as $200 per day when hospitalized.

Post retirement medical supplemental insurance:

If you think medical supplemental insurance before retirement is both confusing and expensive, then you are making a huge mistake. There are many health insurance options. These are both government and private. There is a great probability that you will require supplemental insurance to cover your medical expenses.

Many people are under the false impression that Medicare will cover most of their entire expenses. Beneficiaries of Medicare aged between 65-74 spend $2,920 a year from their own pockets. On average Medicare beneficiaries spend 30% of their income on medical expenses. In order to make up for this loss, it is recommended that you go in for a medical supplemental insurance plan.

AARP supplemental medical insurance:

The American Association of Retired Persons (AARP) is a non-government association based in the U.S.A. This association services a huge membership consisting of around 33 million people. It functions like many other supplemental plans.

This policy offers elaborate and supplemental health insurance plans for members falling in the age group of 50-64 years. For members over 65-years-old, AARP has a multitude of quality Medicare advantage, Medicare prescription drug insurance plans and also Medicare supplement.

Supplemental insurance for starting a family:

If you are deciding to start a family and want a stress free pregnancy, it is a great idea to purchase a supplemental maternity insurance policy. Maternity brings with it a massive bill that is ignored by medical health insurance. It is best advised to go for a supplemental maternity insurance policy, which will pay for the doctor’s bill and hospital care.

Pm-531-70-11/24/2012