April 12, 2017
While most people are quite familiar with the various types of traditional health insurance, the term ancillary coverage remains a bit of a mystery. Perhaps this is because many of the plan types under the ancillary blanket are more commonly referred to as supplemental health insurance. In short, these plans are offered to those seeking specialized coverage for a wide array of health, recovery and financial concerns. Let's review some of the most popular to provide a better understanding of how each works.
Accident coverage plans provide cash benefits to assist with bills and expenses while recovering from an accident or injury, and can be especially helpful for those who need to take unpaid time off of work. Benefits can be used to cover routine bills, medical expenses and others if you're unable to work and not covered through your employer.
In the event that you were to suffer a heart attack, stroke or become diagnosed with cancer or other serious illness, a critical illness plan would (like accident plans) provide cash benefits to help lessen the financial burden of not being able to work. They are popular among self-employed individuals, professionals and others not covered by group health plans.
The costs of nursing homes, hospice and other specialized care can be overwhelming, and this is why many decide to purchase a long-term care insurance plan. They cover a wide range of expenses, including many services and treatments not covered by traditional plans and Medicare; offering reimbursement for some of today's most common and costly health expenses.
Bills and financial obligations don't go away when you get hurt and are unable to work, and this is why many choose to purchase either short term disability, long term disability or a combination of the two. If you receive health insurance through your employer, you may have a limited amount of disability insurance built into your group health plan. If not, picking up a plan is not a bad idea.
Thanks to the thousands of cheesy television commercials that flood our televisions, this one is pretty self-explanatory. The most common types of life insurance are term life, whole life and universal life, and all can be tailored to meet your family needs, lifestyle, budget, etc. You can read more about the different types of life insurance policies here.
Accidental Death & Dismemberment (AD&D)
AD&D coverage provides cash benefits to those who suffer a catastrophic injury that prevents one from working or pursuing their passions (such as a professional musician who loses a hand), in addition to the family of those who meet an untimely death on their job. These are typically part of group health plans, but can be purchased by individuals as well.
Dental & Vision
Familiar to many, vision and dental insurance help cover the costs of various procedures, equipment and treatment of the eyes and teeth. Like other forms of ancillary and supplemental insurance, they're commonly bundled into employee benefit packages, but can be purchased on their own or as an adjunct to family and individual plans.
Learn More or Get a Free Quote on Supplemental Coverage
For more information on any of the coverage options discussed in this article, Premier Financial Insurance of Lisle can help. Call us anytime at 800-369-0287 or drop us a line through our website's contact page.