Supplemental Insurance Products
Supplemental insurance is also referred to as “gap” insurance. There are many carriers. Our agency personally has standardized on the Aflac family of supplemental products. Not because of the duck, but
because Aflac is a fine company, and they pay claims well. Aflac truly created the industry. They allow you to pick and choose the gap products you need. Supplemental insurance is for anybody who has health insurance whether it is individual or group coverage.
Most health insurance plans today expect individual members to be accountable for a larger share of the cost of treatment — especially at the beginning of any major medical issue. That’s a fancy way of saying deductibles are increasing. It was common years ago to have a $500 deductible. Today, it is common to have a $5,000 deductible. That may or may not be an issue for a member who is healthy, but it is an issue when someone is hospitalized for an illness or accident, or for maternity coverage. Supplemental plans help defray the cost of hospitalization.
Some accident plans provide supplemental insurance coverage.
Accident plans that are available provide all sorts of supplemental coverage for being involved in an accident. For example, if you have a bad accident and have a $5,000 deductible on your health insurance plan, chances are the supplemental accident plan will contribute a cash benefit that covers a majority of the member’s deductible. If you’re hospitalized because of an illness, hospital plans work the same way. They pay a specific daily benefit that can cover a substantial portion of your deductible.
There all types of plans you can choose from. Based on your medical history, you can choose a hospital plan, accident plan, critical care plan (which covers heart attacks and strokes) or a cancer plan. The cancer plan was one of the first supplement plans ever created to cover any type of internal cancer. A typical testimonial based on a claimant’s personal experience is as follows: “When my family member was treated for cancer the cost was $50,000; my responsibility was $10,000, and my cancer supplement plan paid me close to $10,000”. That’s the best example of how a supplemental product works.
Supplemental insurance today is almost as important as your health insurance, but health insurance is always of primary importance. You have to have health insurance! In today’s economy supplemental insurance is very important, too, especially for those living paycheck to paycheck.
“I just told my agent at Future Funding Unlimited that I had to drop my Aflac Accident plan because my husband lost his job and then I broke my foot. He was able to reinstate my accident policy and help me get paid quickly. I can’t thank him enough.”
~ C.R. Administrative Assistant
“I am one of those people that is accident prone. I have had over four claims just this year , and each time my agent at Future Funding has helped me file the claims to help me get everything that is due. He makes it so easy.”
~ L.R. Court Reporter
“As the administrator for a municipality in South Florida I can only say that our agent at Future Funding is the best! Not only was he the lowest bid but his service is impeccable. Every year that he has been our vendor he receives a top ranking at our vendor fair.”
~ D. Crespo
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