Supplemental Insurance

Supplemental Insurance for Individuals

Buying an insurance coverage, such as supplemental insurance is a complete process. Various factors need to be considered when buying an insurance product. The key is to first understand your insurance needs and then narrow down your search to that one insurance solution that answers your needs at lowest price.

What is Supplemental Insurance?

Supplemental insurance is exactly what the name suggests – it is an add-on, a supplement to your current insurance coverage(s).

Supplemental insurance is an additional insurance that is meant to cover services and out-of-pocket expenses that your regular insurance does not cover. In other words, the sole purpose of this type of insurance is to fill the gaps in your current health coverage.

The most Common types of Supplemental Insurance

The most common types of supplemental insurance coverage are:

• Medigap
• Critical Illness Coverage
• Accidental Death Policies
• Hospital Indemnity Insurance

The biggest misconception about Supplemental Insurance

I have health insurance and so I don’t require supplemental insurance.

Your health insurance policy is not likely to cover all the expenses that you may incur due to an illness or accident. Most health insurance policies include deductible or copayment clauses, which basically mean that the insured person will have to pay a certain amount or portion of the total medical treatment expenditures. Further, health insurances typically, do not cover loss of wages that you may experience due to illness.

A good supplemental insurance coverage will pay for your out-of-pocket expenses that your regular insurance does not cover.

Essential Tips for Buying Supplemental Insurance Coverage

Shared below is a list of questions that will help you identify your insurance needs and locate the right insurance solution:

• Why do I need supplemental insurance?
• What are my insurance needs?
• What type of supplemental insurance should I choose?
• What will be the premium that I would need to pay?
• What will be time-frame for claim settlement?

How can Advantage SBS Help You?

Our experts, will first understand your requirement, and will then help you purchase the supplemental insurance solution that answers your needs best at the lowest price.

Through our agency partnership, our experts will help you choose a supplemental insurance solution that will fit your insurance needs.

To learn more about Supplemental Insurance available through Advantage SBS or to speak with a representative, contact us today at (888) 762-2075 or complete our quote request form here.