Personalize your insurances.
All insurance policies are legal contracts between the insurer and the insured which describe the types and limitations of the insured events. Some insurances are Federal or State requirements. Health insurance and Auto insurance are examples. Theft, Loss, Property damage and Life insurance are examples of insurances which are discretionary but, by and large, most citizens accept that it is sensible to make financial provisions to protect themselves from the losses that any of these events could cause.
When considering insurance, particularly Health and Life coverage, it is of course important to understand what is included and, as just as importantly what is not included.
There are many options you should consider which can be built into your plan (riders) or additions which can run in parallel (supplements).
Commonly requested supplementals
This list is not definitive and may vary from insurer to insurer. Talk to one of our qualified consultants to design affordable coverage for you and your dependents.
Hospital Indemnity
Medical insurance does not include ‘board and lodging’. Hospital indemnity helps to pay for your ‘out of pocket’ expenses if you are confined for an extended stay through accident or illness.
Cancer/Heart/Stroke
These plans offer a lump sum benefit if you are diagnosed with one of these conditions. The benefit can be used for immediate medical needs or to meet routine living expenses. Most of these plans are guaranteed renewable for life.
Accidental Expense
These insurance plans provide guaranteed cash benefits payable in the event of accidental injury. They are usually paid as a lump sum which you may spend as you choose to reduce the financial effect of an injury. These plans can be written to include dependents.
Critical Illness
Critical illness plans can stand alone or be combined with a term life insurance. In either case they reduce the financial impact of a critical illness on the insured, either as loss of income or additional costs e.g. deductibles, home care etc.
Disability Insurance
Health Insurance is designed to cover your medical expenses. Disability insurance is designed to cover lost income while unable to work. Coverage can be short or long term.
Final expense
Final expense coverage enables you to ensure that neither your estate nor your relatives will be faced with unexpected expense. Though usually associated with ‘end of life’ these policies should be included in any review of Insurance options, or retirement planning.
Accidental Death
You can get coverage for accidental death as a standalone policy or as a rider both to term and whole life insurance policies. Typically, adding an accidental death rider can double the benefit value of a term policy.
Any one of the above riders or supplements may vary according to your particular circumstances and choices of insurer. Our consultants will guide you through the options step-by-step, and help you make the choices that meet your need.
Dental and Vision insurance
Dental insurance and Vision insurance are not broadly speaking part of Medical Health coverage but it is sensible to find out what is or is not covered by your individual Health insurance coverage and by your group insurance if applicable.
In general, Dental and Vision insurances concentrate on everyday dental and vision concerns but most plans make provision to help you budget for preventative basic or major treatments at all levels.
In any case if you are reviewing your health insurance coverage in anticipation of a life changing event, e.g. change of employment, forthcoming marriage, impending birth, it is sensible to include these and the options listed above in your considerations.
Dental Insurance
Basic dental plans cover two dental visits per year for cleanings, x-rays, and fillings. Plans may also cover root canal therapy, crowns and oral surgeries such as extractions and biopsies.
Some plans will include periodontics, bridges and dentures. Orthodontia for cosmetic reasons is usually not covered unless necessitated by a medical condition.
Although not defined by the ‘metal tiers’ ofhealth insurance, dental insurance companies typically deliver cost sharing service in the silver tier.
Vision Insurance
As with dental insurance the emphasis is on prevention rather than prescription.
Vision insurance entitles the insured to regular eye examinations and prescriptive advice on recommended treatment.
According to the terms of their policy the insured is guaranteed a discount from the regulated cost of any treatment/service provided by an optician or medical provider with in the Insurance company network.
Basic policies
- include the benefit of substantial discounts on the purchase of contact lenses and eye ware
- discounts for approved surgeries such as PRK and LASIC.
