Your Guide to Supplemental Health Insurance Products
Ancillary health insurance products cover what your typical health insurance plan might not, namely miscellaneous medical expenses. There are a number of ancillary products available on the market including accident, critical illness, dental, vision, and hospital indemnity. These supplemental plans are designed to help with the financial burden of expenses incurred from procedures or services that are not covered by your traditional medical plan. A basic dental cleaning, for example, will not be covered by your health insurance plan, but will be covered with a dental plan.
There are a number of supplemental products that you may consider when putting together your benefit package for the year, including:
The expenses from an accidental injury can quickly add up, and accident insurance is designed to help in those situations. The insurer will pay money directly to you to help with the costs of hospital stays, emergency treatment, medical exams, and so on.
Critical illness products are designed to avoid the financial burden from extensive medical care and treatment that results from heart attack, stroke, organ transplants, coronary bypass, and cancer. The lump-sum of money provided can be used for non-medical-related costs, such as child care, transportation, etc.
Hospital indemnity products can help cover the cost expenses that may not be covered by your health insurance plan, like hospitalizations, intensive or critical care, and more. Your plan will make cash payments to you if you are admitted to the hospital for an injury or illness. Those funds can be used to pay for costs including health insurance deductibles, copays, coinsurance, cost-of-living expenses, and more.
Dental plans emphasize preventive care, saving you money in the long run from more major procedures that may result from not visiting the dentist on a regular basis.
Most dental plans provide coverage for routine exams, cleanings, and X-rays for limited to no out-of-pocket costs. Services that might entail a filling, bonding, veneer, extracting, crown, bridge, root canal, etc., on the other hand, are more comprehensive coverage options in which the insurance companies may only cover up to a certain annual limit.
Vision insurance is a great option to help reduce the cost of preventive eye care, glasses, and contacts. These plans tend to resemble discount plans more than health insurance. The insurance would usually pay a flat amount, while the subscriber would be responsible for the rest of the payment. Also, vision insurance usually only covers glasses or contact lenses during the same benefit period, not both.
If you are interested in adding any of these plans to your current package, contact your ARC client care advisor today. Our licensed sales agents are available to answer any questions and help you determine which products will be most beneficial for you and for your wallet.