3 MIN READ | Wellness

What Are the Advantages of Having a Supplemental Health Insurance Plans

Peter Wallace

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Peter Wallace, (2018, May 19). What Are the Advantages of Having a Supplemental Health Insurance Plans. Psychreg on Wellness. https://www.psychreg.org/health-insurance-plans/
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Did you know your health insurance doesn’t cover anything? In fact, most health insurance is only required to cover what are known as Essential Health Benefits. This is a set of 10 categories of health services that health insurance is required to cover under the Affordable Care Act.

While you can receive coverage for things like mental health care, childbirth, prescription drugs, and more, there are a lot of limitations to traditional health insurance coverage. For example, dental benefits are usually only offered for children leaving adults without coverage for dental care and treatment. There are a lot of advantages to having the right supplemental health insurance plans, so let’s talk about them in this article.

Types of supplemental health insurance

Supplemental insurance is a top of coverage you get on top of your regular health insurance. The coverage included with normal health insurance is actually really broad and general, and if you need more specific, customised coverage, you’ll probably need a supplemental plan. These can add additional coverage to an existing plan or provide coverage in the gaps of your current plan.

There’s a lot of misunderstandings about the different types of supplemental health insurance plans. Here are some of the most common types you’ll likely encounter:

1. Dental insurance – The most common and necessary supplemental coverage is dental insurance. Dental insurance plans offer coverage for routine treatment, cleanings, and regular exams. As we said before, dental coverage is only included for children under traditional health insurance plans.

2. Vision Insurance – Another common insurance is vision insurance which covers some of the costs of annual vision exams, vision treatment, and glasses and eyewear.

3. Critical illness insurance – It might be a surprise to learn that many critical illnesses and diseases won’t be completely covered under your existing health insurance. Critical illness insurance gives additional benefits for treatment from a critical illness some of which are specific to the plan.

4. Hospital Insurance – If you’re confined to a hospital for treatment, this can be a pricey expense. A single night stay in the hospital can cost several thousand of dollars even with insurance. Hospital insurance will help cover this cost.

5. Travel Insurance – If you leave your network of coverage, your health insurance might no longer offer any coverage. Travel insurance is for any time you’re travelling outside of your coverage zone.

Benefits of supplemental plans

Now that you understand the different options, you’re probably starting to see why supplemental plans are such a smart investment. We all know that insurance is expensive, but supplemental plans are notoriously more affordable. The average dental insurance plan, for example is around $15 a month. This is extremely affordable compared to the cost of traditional health insurance. Let’s outline the other benefits of supplemental health insurance:

1. There are more treatment options available to you. If you’re experiencing a health issue, you might feel limited by your current healthcare network. With supplemental plans, you have access to additional providers, specialists, and more.

2. You can save money. Simply put, having supplemental insurance will save you big time in the long run. Using the dental example again, paying around $15 a month will cover all your annual exams, cleanings, and minor treatments. All of these things add up quickly, especially if you experience an emergency and need more expensive care.

3. You’re afforded more peace of mind. Most importantly, you’re afforded the peace of mind of knowing that you have more coverage. The limitations of normal health insurance plan can leave you worried what will happen if you’re diagnosed with a life-threatening illness, if you’re in the hospital, or if you have a dental emergency. All of these things become less of a financial burden with a supplemental plan.

Protect your health

In a perfect world, nobody would need supplemental insurance. Normal health insurance would provide more than enough coverage, be affordable, and easy to navigate. In reality, the world doesn’t work this way right now. You need to take the right steps to protect yourself and your family from a medical emergency.

Supplemental plans fill in the gaps in normal coverage that you might not even realise you have. Start today by learning more about your existing coverage. It might be time to look into a supplemental insurance plan.

Peter Wallace has been an advocate for mental health awareness for years. He holds a master’s degree in counselling from the University of Edinburgh.

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