Supplemental insurance plans are often overlooked, but they are a great addition to any health insurance policy!

The biggest misconception is that if you have a major medical health insurance policy, you don’t need a cancer or critical illness policy.  Right? -  WRONG !  Supplemental insurance policies such as cancer and critical illness policies are designed to do something completely different from your major medical policy.                               

Supplemental policies pay cash directly to you regardless of any other coverage being in force. While your health insurance policy is paying the large medical bills, the money that your cancer or critical illness plan is paying to you can be used to pay: your deductible, mortgage, car payments, lost wages, etc……..  These plans are designed to supplement your income for several months while you or your family member recover from a catastrophic illness without having to worry about lost work time and lost income.  In some instances, however, they can payout very large sums of money.

The younger you are when you start a cancer or critical illness plan, the cheaper your rates will be.  A word to the wise, these plan sales rates usually increase at: 35, 45, 55, & 65 years of age.  Get them early and save premium!  The rates on these plans are usually reasonable enough – vs – coverage amounts, to substantiate keeping the plans to retirement age or longer……..if you ever need to use your plan, you’ll find that what you’ve paid in won’t come close to what these plans will pay out.

Cancer and critical illness plans are an especially good compliment to a high deductible health insurance policy!!

Look for companies that don’t increase their rates every year as a standard practice……they are out there!  Always add a first occurrence benefit if possible…….this will payout a lump sum upon diagnosis or occurrence……..this gets money to you right up front……when you need it most!!!!