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Supplemental Health Insurance Coverage Is Getting Popular

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Supplemental Health Insurance Coverage Is Getting Popular

Supplemental Health Insurance Coverage Is Getting Popular

At a time where recession is prevailing over the economy, business firms are in process of cutting back on employee benefits in various forms. This cut back results in insurance gaps for which supplemental health insurance coverage is getting popular. Supplemental benefits in various forms are being added by various companies. While long term care, vision coverage or dental insurance are being added by many companies, cancer indemnity, hospital and sickness indemnity, accident or disability have also been included.

As supplemental health insurance coverage is getting popular, an increasing interest is being observed in purchasing supplemental insurance. At a time when benefit-cutting is a common incidence while increasing the deductibles, employees will have options of paying USD 10 to 50 monthly, which will be deducted from their monthly paychecks, against an entire bill paid by the companies.

In case of supplemental insurance coverage, there is no centralized authority that maintains a database of types of coverage and its takers. Even though, Aflac Inc., Columbus, GA is one of the giants through which the supplemental insurance are being provided. In 2009, there has been an increase of 4 percent from previous year of 2008 in premium income obtained from sales of supplemental coverage sold in the United States, according to this company's shareholder report of second quarter 2009. This can be deemed as a proof that supplemental health insurance coverage is getting popular. For supplemental term life insurance, the sales increase has been 26 percent while dental insurance receives an increase of 9 percent. Though there has been in decrease in sale of supplemental coverage in case of long-term care. This decline is measured at 28 percent, says Karen Riedel, second vice president of Aflac Inc. As supplemental health insurance coverage is getting popular, life insurance, dental insurance and disability insurance are the most popular in case of voluntary supplemental insurance coverage, as they are being purchased by the employees more than other plans.

The reason behind term life insurance being most popular lies in its portability as opposed to the life insurance. It provides an extra insurance coverage, so that the gap in company disability insurances, as it pays only two-third income of employee's, can be filled.

There are many situations where standard medical insurance coverage is not available, according to Riedel. The sales of supplemental coverage for critical illnesses, accident and cancer and hospital indemnity is on the basis of this lack of coverage. Inpatient or outpatient expenses, rehabilitation or private nursing expenses are not covered by standard medical insurance coverage, while the supplemental insurance coverage covers this arena too. Other than these, the supplemental health insurance coverage also covers prescription drugs and child care.

In 2009, a Consumer Union study found that medical expenses related to illness and injury have the greatest contribution to bankruptcy, Riedel says. While in case of paying doctors as well as hospital, the standard health insurance is good, in critical illnesses, cancer and accident, the supplemental health coverage covers living expenses, including payments related to house and car. At the same time, middle wage earner can afford to make a small payment of a few dollars weekly to get this extra coverage, without being burdened heavily.

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