A Patriot's Guide to Supplemental Health Insurance

Your health insurance covers your medical bills. It does not cover your mortgage. It does not cover your car payment. It does not cover your groceries, your utilities, or your children's school expenses. When a serious illness or injury keeps you out of work for weeks or months, your health insurance pays the hospital. Supplemental insurance pays you.

Supplemental health insurance is a category of products that pay cash benefits directly to you - not to the hospital, not to the doctor - when you experience a covered event. You can use the money for anything: medical bills, living expenses, childcare, travel to treatment, or anything else your family needs.

The Five Types of Supplemental Coverage

Critical Illness Insurance pays a lump-sum cash benefit when you're diagnosed with a covered condition - typically cancer, heart attack, stroke, kidney failure, or major organ transplant. Benefits typically range from $10,000 to $100,000. The money is yours to use however you need it. A 40-year-old can typically get $25,000 of critical illness coverage for $20 to $35 a month.

Accident Insurance pays cash benefits for injuries caused by accidents - broken bones, dislocations, lacerations, burns, concussions. It also covers emergency room visits, ambulance rides, follow-up care, and physical therapy. For families with active children or adults who work in physical jobs, accident insurance is one of the best values in insurance.

Hospital Indemnity Insurance pays a fixed daily benefit for each day you're hospitalized - typically $100 to $300 per day. With the average hospital stay costing $2,000 to $3,000 per day, and most health insurance plans having deductibles of $3,000 to $7,000, a hospital indemnity policy can cover your entire out-of-pocket exposure for a few dollars a day.

Cancer Insurance pays specific benefits for cancer diagnosis, treatment, and recovery - including chemotherapy, radiation, surgery, bone marrow transplants, and experimental treatments. Some policies also cover cancer screening and early detection.

Dental and Vision Insurance covers the two things most health insurance plans exclude entirely. Regular dental and vision care prevents small problems from becoming expensive ones - and without coverage, most Americans skip it.

The Combination Strategy: Maximum Protection at Minimum Cost

The most effective approach is layering: a critical illness policy for the big diagnosis, an accident policy for everyday injuries, and a hospital indemnity policy for hospitalizations. Together, these three products can cover your entire health insurance deductible and out-of-pocket maximum for $50 to $80 a month - less than most people spend on coffee.

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