About Supplemental Insurance

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Supplemental insurance serves a pretty specific purpose. Learn about supplemental insurance with help from a longtime insurance agent in this free video clip.

Part of the Video Series: Insurance Questions
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Video Transcript

Hi. I'm Tom Dyar with Medicare Specialties Insurance Associates in Garden City, South Carolina. Today we're going to talk about supplemental insurance. Supplemental insurance is extra or additional insurance that you can purchase to help you pay for services and out of pocket expenses that your regular insurance does not cover. Some supplemental insurance plans will pay for out of pocket medical expenses such as deductibles, copayments, co-insurance. Other supplemental plans may provide you with a cash benefit paid out over a period of time, or give it to you in one lump sum. The cash could be used to cover lost wages, transportation related to your health condition, or used to pay for food, medication, or other unexpected expenses you have due to an illness or injury. One of those most common types of supplemental insurance is medigap, which can be sold by private insurance companies for people enrolling in Medicare. Aside from medigap policies, three other types of supplemental health insurance plans are widely sold in the United States. Sometimes these policies are available as a voluntary benefit from your employer, or you can purchase one directly from an insurance company. Some types of these policies are critical illness insurance, accidental death policies, and hospital indemnity insurance, all of which provide cash benefits to help you pay for services not covered by your regular insurance plan. I'm Tom Dyar with Medicare Specialties Insurance Associates. Service, guidance, and benefits you can depend on.


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