Yes, you heard right! National health insurance companies have traditionally had a corner on the market and have been able to determine premiums, benefits, exclusions and every other feature of individual health insurance policies. It appears that their dominance may be coming to an end. Consumers have a tool they may not have realized they had until now (and it is not the new health care reform act). In fact, it is not new, but it is being offered as never before. That tool is SUPPLEMENTAL HEALTH INSURANCE.
What is supplemental health insurance ?
Basically, supplemental health insurance is a policy which addresses specific health care concerns and covers them either in part or 100%. Some examples of available types of coverage are: Accident & Injury, Cancer, Critical Illness, Disability, Hospitalization, Long-term Care.
Why do you need a supplemental health plan?
Having a supplemental health plan puts the consumer in control of their health care. They determine what features, benefits, and exclusions are important to them and the cost they are willing to pay. Applicants can customize almost every feature of these policies to their exact needs. By doing so, people have the flexibility to adjust their major medical policy to be more specific to their situation. Consumers can opt to increase deductibles, reduce features, limit the physician’s network, or increase co-pays or share of cost to reduce health insurance premiums. The savings can be in the hundreds of dollars each month according to a recent example.
According to Robert Scott, CEO of XSI Sports Insurance, the leading accident and injury insurance provider in the United States, there are supplemental medical plans for anyone and everyone. He adds that plans can be tailored to cover a family, an individual, professional athletes, baby-boomers, child and teen amateurs, and everyone in between.
“At XSI we show our clients how to save money and increase their health care coverage today. We have seen actual savings of $50-$200 a month for some just by adding an XSI accident plan to their major medical plan for about $20 a month,” says Scott. “Supplemental health plans are the absolute future of health insurance! “
Are supplemental health plans difficult to qualify for?
Most supplemental health plans are easy to qualify for. Long-term care and cancer plans do generally have underwriting and health qualifications. But these are the exception. In fact, some accident plans, such as those offered by XSI and others, are guaranteed to be issued based only upon a single question on the short two-page application. Online applications, electronic signatures, and credit card payment options make supplemental health plans easy to apply for as well.
Frankly, health insurance may suck. But adding a supplemental health insurance plan can give consumers options they may not have known they had and at a price they can afford. The next time your health insurance premium is due, you may want to talk to a health insurance agent to see what options are available to you to save money and regain control of your health care costs and options.
