SUPPLEMENTAL INSURANCE
Dental and vision coverage is not always included with health insurance, and going without it can lead to higher out of pocket costs. Plan IV helps individuals and families across Michigan compare dental and vision plans from multiple carriers and choose coverage for services such as cleanings, crowns, glasses, and contacts based on their needs and budget.
cost-effective supplemental insurance options
Although supplemental health insurance is often considered optional, it can sometimes pay for itself.
Supplemental insurance may offer coverage for deductibles, lost wages, disability, recovery time and more.
For more information on supplemental insurance options, call Plan IV at 248-689-4910.
Traditional medical plans and Medicare plans offer health care coverage that you and your family rely on. However, these traditional plans sometimes have gaps in coverage that could leave you vulnerable. Now, there are supplemental health insurance plans available to you to help fill in some of those holes.
What are the supplemental plans?
- Critical Illness Plans
- Hospital Recovery Plans
- Accident Plans
- Long-Term Care Plans
Adding at least one of these supplemental health care plans to your traditional medical coverage can drastically reduce your risk of financial crisis in the event of a major medical event like a heart attack or cancer diagnosis.
the types of supplemental health insurance plans
Critical Illness Insurance Plans:
A major health event like cancer or a heart attack can quickly throw an average family into a financial crisis. Cash benefits from a Critical Illness Plan can help pay the expenses a traditional health plan won’t cover.
People ages 18 through 70 years old are eligible for this type of plan and many plans guarantee renewals through age 75.
You can choose any benefit amount starting at $5000 up to $50,000 in $5000 increments. The benefit amount represents the cash payout you may receive upon diagnosis of a Specified Disease.
Examples of Specified Diseases
-Heart Attack
-Stroke
-Coronary Artery Disease
– Invasive Cancer
-Carcinoma in Situ
-Prostate Cancer
-Skin Cancer
-End Stage Renal Cancer
-Major Organ Failure
Hospital Recovery Insurance
Your medical plan provides benefits to help with medical costs resulting from an inpatient hospitalization or treatment in an observation unit. Once you leave the hospital, you shouldn’t have to worry about financial setbacks that you didn’t expect during your recovery. Things like lost wages plus the cost for help with transportation, meals, child care, or even housekeeping can all add up. Hospital Recovery Insurance provides cash benefits for covered services regardless of any other insurance you have.
By pairing it with your medical plan, you can extend your protection to help with those unexpected costs so you can focus on your recovery.
People aged 18 to 85 are eligible for this type of plan and in most cases these plans are renewable for life.
You can choose a daily benefit amount starting at $100 up to $900, in $10 increments.
The Daily Benefit Amount represents the amount payable to you for each day you are to a hospital as an inpatient — up to 35 days per calendar year, which includes up to 4 days for treatment in an observation unit.
Many Hospital Recovery plans have optional riders that you can add to your plan to add additional protection against other expenses you might face following a hospitalization.
Examples of some of the optional riders are:
-Emergency Room & Ambulance Benefits
-Major Diagnostic Exam Benefits
-Rehabilitation Facility Benefit
Long-Term Care Insurance
Unlike traditional health insurance, long-term care insurance is designed to cover long-term services and supports, including personal custodial care in a variety of settings such as your home, a community organization or other facility.
Long-term care insurance plans reimburse policy holders a daily or monthly amount (up to a pre-selected limit) for services to assist them with activities of daily living. Examples of activities of daily living are, bathing, grooming, eating, ambulation, etc. You can select a range of care options and benefits that allow you to get the services you need, where you need them.
Just like many other supplemental plans, there are optional riders that can be added to a long-term care plan that can increase the benefits of the plan.
Personal Accident Insurance
Your medical plan provides benefits to help with medical costs if you suffer an accidental injury. In that unfortunate event, you shouldn’t have to worry about unexpected financial setbacks resulting from the injury. Things like lost wages plus your out-of-pocket expenses and the cost of help with transportation, meals, child care, or even housekeeping can all add up. Personal Accident Insurance provides cash benefits regardless of any other insurance you have. By pairing it with your medical plan, you can extend your protection to help with those unexpected costs, so you can focus on healing.
Frequently Asked Questions About Supplemental Insurance
Plan IV helps individuals and families across Michigan understand how supplemental insurance can work alongside traditional medical or Medicare coverage, what different plans may cover, and which options may fit their needs and budget.
What is supplemental health insurance?
Supplemental health insurance is additional coverage designed to help with expenses or financial losses that may not be fully covered by a traditional health insurance or Medicare plan. Depending on the policy, benefits may help with deductibles, lost income, recovery expenses, transportation, household costs, or other covered needs.
Does supplemental insurance replace regular health insurance or Medicare?
No. Supplemental insurance is generally designed to work alongside traditional medical insurance or Medicare rather than replace it. The primary plan covers eligible medical care, while supplemental coverage may provide additional benefits for certain illnesses, hospital stays, accidents, or long term care needs.
What types of supplemental insurance plans are available?
Supplemental insurance options may include critical illness insurance, hospital recovery insurance, long term care insurance, and personal accident insurance. Each type addresses different risks and has its own benefits, limitations, eligibility requirements, and exclusions.
How does critical illness insurance work?
Critical illness insurance may provide a cash benefit after the policyholder is diagnosed with a covered illness or specified disease, such as a heart attack, stroke, or certain forms of cancer. The benefit may be used for medical or nonmedical expenses, subject to the terms of the policy.
What is hospital recovery insurance?
Hospital recovery insurance may provide cash benefits following a covered inpatient hospitalization or treatment in an observation unit. These benefits can help with expenses such as lost wages, transportation, meals, child care, housekeeping, or other costs that arise during recovery.
What does personal accident insurance cover?
Personal accident insurance may provide cash benefits following a covered accidental injury. Depending on the policy, benefits may help with medical costs, lost income, transportation, household expenses, or other financial needs related to the accident.
What does long term care insurance help cover?
Long term care insurance is designed to help pay for covered services and support when a person needs assistance with activities of daily living. Care may be provided at home, through a community organization, or in an assisted living or other residential setting, depending on the policy.
Can supplemental insurance benefits be used with another insurance plan?
Many supplemental plans are designed to provide benefits in addition to other health insurance coverage. Some policies pay cash benefits directly to the insured regardless of what another plan pays, while others reimburse covered services up to policy limits. The exact payment structure depends on the policy.
What should I compare before choosing a supplemental plan?
Review the covered events, benefit amounts, waiting periods, exclusions, age requirements, renewal terms, policy limits, optional riders, and premium costs. It is also important to understand how the plan works with your current medical or Medicare coverage.
Can Plan IV help me compare supplemental insurance options?
Yes. Plan IV helps individuals and families across Michigan compare supplemental insurance options, understand how different policies work, and choose coverage based on their current insurance, financial concerns, and budget.