What is the purpose of accident insurance or supplemental insurance?

Supplemental Insurance, sometimes called “voluntary insurance,” helps pay benefits that your primary coverage does not provide. Some employers offer voluntary insurance options, but usually supplemental insurance is sold by private companies and purchased by individuals. Actually, this type of coverage can be either an add-on to the insurance you already carry or a separate policy altogether, depending on what type of supplemental insurance you are purchasing. So, allow an experienced professional InsuranceDirect123 agent can review with you the types of plans available, or you can complete a short form and receive instant quotes from the best providers around.

Because the principal function of accident insurance or supplemental insurance is to fill gaps left by your current policy, it is something to strongly consider. In some cases, it can be designed to take the place of your primary insurance for a short time.

What are the types of accident insurance and supplemental insurance?

There are three main categories of supplemental insurance:

Health Care, Accident Protection, and Life.

Health Care Plans:

  • Additional coverage can help pick-up where your primary insurance drops off, covering expenses like deductibles, coinsurance, and co-payments.
  • Prescription plans can help with the cost of medication.
  • Since most primary plans only cover a certain network or region, supplementary insurance can offer coverage if you are planning to travel.
  • Fixed Benefit Health Plans and Short Term Health Plans are available should you lose your primary insurance because of a job change or other life event.
  • Vision and dental plans are available, as most major medical plans do not include these.
  • If you qualify, Medicare offers several supplemental plans including: Medicare Advantage, Medigap, and Medicare Part D Prescription Drug Coverage.

Accident Protection Plans:

Coverage can vary depending on the plan, but a typical plan will pay a fixed benefit amount for expenses resulting from an accident, in addition to your primary health care benefits. An accident protection plan can also help cover:

  • Accidental Death and Dismemberment
  • Initial Care
  • Hospital Care
  • Follow-up Care
  • ER Visits
  • Rehabilitation
  • Life Insurance

Actually, most financial planners agree that employer-sponsored group life insurance plans rarely provide enough coverage. You can never have too much life insurance.