Definition of Supplementary Insurance

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Supplementary insurance is something that covers what other policies may not. Get a definition of supplementary insurance with help from an experienced insurance professional in this free video clip.

Part of the Video Series: Insurance Questions
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Video Transcript

My name is Susan Combs. And today. we're going to talk about the definition of supplementary insurance. With supplemental insurance, how it works is just kind of how to sounds like. It supplements what you currently have. So, in terms of, if we're talking about say, health insurance, you have typically a policy that's going to cover your doctor's visits and hospitalization. But you might have some out of pocket expenses. So, out of pocket expenses such as your deductibles, your copay, your copay for your prescription drugs. And also the co-insurance split between you and the insurance company, until you ultimately get to a maximum amount of pocket number. If you have a supplemental policy, what those can do is actually provide you money to make you as whole as possible with those out of pocket expenses. Another way a supplemental policy can come into play is sometimes what id does, is if you do certain things, it'll pay you a lump sum. So, for example, if you go for your say, your annual exam or your annual physical. It looks at that as you know, you being a good steward and you're trying to have a healthy lifestyle. So, a supplemental policy might give you an extra say, 25 dollars or something like that, if you go for your annual physical. If you are a woman that's over 40 and you get your mammogram. Then the supplemental policy might say, give you X number of dollars to, since you're being a health steward as well. Then, also supplemental policies, they might have things like, if you were diagnosed with cancer. They'll give you X number of dollars per day while you're in the hospital, because they know you're unable to work. So, there's a lot of different ways you can look at supplemental policies. The best thing to do is to talk to your broker and see exactly what type of supplemental policy you can get and tell them what your fears are. And tell them what you're worried about. And then, they can try to help insure the best way possible.


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