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Supplemental Insurance Benefits

Supplemental insurance benefits are optional insurance policies that can be purchased by the policyholder in addition to a primary insurance plan.

Also, supplemental insurance benefits and policies can cover costs, including medical costs and lost wages that are not covered under the policyholder’s primary insurance policy.

Health insurance basically is nothing more than “pay a little money today, in order to avoid potentially paying a lot of money tomorrow”.

So, health insurance is basically like a teeter-totter, as your deductible increases your insurance premium decreases.

Supplements in affect bend this teeter-totter effect and help keep both ends of the teeter-totter low (see below “Recommendation”).

Insurance companies know that 80.9% of all medical claims are less than $5,000 which is why they start significantly increasing their premiums when choosing a deductible below $5,000. Which basically works in favor of the house (insurance company).

Chart

Recommendation

Choose a high deductible with a low premium. Use the monthly savings to add a critical illness and injury supplement to eliminate the deductible and coinsurance, while maintaining a low premium.

 

Supplements