Supplemental Insurance? By all means, YES!
Most folks have seen the commercials featuring a real live duck who quacks out a brand name of a company that is the most widely known provider of something called ” supplemental insurance”. Few know or understand what this really means, despite the advertiser’s valiant attempt to explain the complicated topic in 30 seconds. This is my attempt to explain the concept and also my recommendation for most people to consider purchasing this important protection.
What is supplemental insurance? It is a specialized insurance product sold by licensed agents that pays a cash benefit if an event stated in the policy occurs. Most policies are specific and have a menu of stated events and the amount that is paid corresponding to that event. For example, a cancer policy will pay the insured so much for a diagnosis of cancer, so much for certain types of diagnostic tests, chemotherapy treatments, radiation, surgery, etc. A claim is made each time a stated event occurs (accompanied by appropriate documentation) and usually a check arrives in a few days.
Why have supplemental insurance? Although the answer may seem obvious to some, it is simple – who can’t use extra cash when experiencing a serious illness, accident or hospitalization? Even if you have health insurance, deductibles and out of pocket expenses for medical services can be gut-wrenching. Cash that is paid through a supplemental policy is paid to the insured – not the medical provider. It can be used for any need. There is no further requirement to document how the money was spent. It is yours to cover out of pocket medical costs, to make up for time taken off work, to cover travel and transportation, to pay bills, or to treat yourself to something that helps you feel better. That’s it!
If you own a business, you can provide the opportunity to have supplemental insurance as a payroll deduction and actually save payroll taxes for your business and give your employees the opportunity to protect themselves and their families!
We have an excellent referral partner who assists clients with supplemental insurance. Please call us for a referral today at: (727) 381-6001.