The cost of group health insurance has been going up every year, so employers have had to make some big changes to the benefits they offer their workers. Many companies have switched to health plans with high deductibles. Some companies have stopped offering dental insurance and some have stopped offering eye care. Both disability programmes and group life insurance have been cut back. This has led to gaps in coverage, and employees have had to find other ways to get the coverage that was taken away or cut back. Supplemental health insurance has been created to solve this problem. Companies that offer supplemental health insurance will sign up employees for these products, and the premiums will be taken out of their paychecks.
Products that add to your health insurance
Disability Insurance: Employees can buy extra disability insurance to fill in gaps or make up for lost benefits. You can buy both long-term and short-term disability insurance with different waiting periods and benefit periods.
- Life insurance: Supplemental life insurance includes both term life insurance and a number of permanent plans. Larger groups can get non-medical life insurance if a certain number of their employees sign up for the plan.
- Cancer insurance: The cancer policy is a single-need policy with low premiums.
- Dental insurance: This is one of the most popular supplemental health products because employers usually drop it first.
Accident insurance: This covers injuries and deaths that happen by accident. Some accident policies have accident disability riders.
Hospital Income: A hospital income policy gives the insured a certain amount of money every day while they are in the hospital. These policies can pay anywhere from $10 to $200 per day for hospital stays.
It's more important than ever to have extra insurance. Most companies also allow people to buy these policies on their own.
