10 Best Supplemental Insurance Companies in 2023

Quality health insurance plans ensure you enjoy all the amazing benefits of their amazing plans. However, supplementary insurance gives you the edge you need to select health services. 

According to HealthCareInsider, you’re allowed to have secondary insurance if you choose. And in certain situations having two plans can help you pay for your healthcare. However, when you have two plans, you also have to pay two premiums and two deductibles — the amount you must pay for medical care out of pocket before your plan pays one dollar.

In this article, you will learn about the existing supplemental insurance companies and how you can take advantage of any of their amazing packages to reduce further or eliminate any costs on your health.

Should You Buy Supplemental Health Insurance?

Supplemental insurance is a type of insurance that you can buy to assist pay for services and out-of-pocket expenses that your normal insurance doesn’t cover.

Some supplemental insurance policies will pay for your health insurance plan’s out-of-pocket charges (deductibles, copayments, and coinsurance), as well as medical treatments that your health plan does not cover, such as dentistry and vision costs.

Other supplemental plans may offer you a cash benefit that is paid out over time or in one big payment. The money can be used for a variety of things, including:

  •  Compensation for lost wages
  • Transportation and your medical condition
  • Food, medication, and other unforeseen costs incurred as a result of an illness or injury

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How Does Supplemental Health Insurance Work?

Most supplemental plans work in the same way as other health insurance plans: you obtain care and then file a compensation claim (whether for yourself or through your healthcare provider).

Like standard health insurance, supplemental health insurance usually has a monthly or annual premium that you or your employer must pay.

Depending on your plan, you may also have to pay deductibles, coinsurance, and copays for certain services. Your basic insurance may only cover a portion of a healthcare expense, leaving the remainder to your supplementary plan.

On the other hand, supplemental plans are not a replacement for full health coverage. They provide limited benefits, usually up to a predetermined amount, for specific preventive therapies or health issues.

Supplemental plans may pay you a fixed lump payment straight in some instances. These policies are sometimes referred to as employee benefits instead of insurance coverage because they are often simply set up to cover specific costs.

Common Types of Supplemental Insurance

People with various types of health insurance can choose from various types of supplemental health coverage.

They may be available as a voluntary benefit through your workplace, or you can purchase one directly from an insurance company.

Adult Dental and Vision Coverage

Dental and eye care are typically not covered by adult health policies.

Like many Medicare Advantage plans, Original Medicare does not cover routine dental and vision care, and neither do most commercial health insurance policies.

You can enroll in a different plan covering dental and/or eye care to get things covered. Employers frequently offer this as an additional insurance option for their employees; where the employer covers a portion of the payments.

If you don’t have access to employer-sponsored dental and vision insurance, you can buy coverage on the open market.

See Also: 15 Best Short Term Health Insurance Companies of 2023

Children’s Dental and Vision Coverage

Individual and small group plans must cover pediatric dental and vision treatments under the Affordable Care Act.

Insurers may include dental and vision coverage as part of a medical plan or sell them separately.

Critical Illness Insurance

Critical illness insurance, often known as disease-specific insurance, helps people cope financially when diagnosed with a serious illness like cancer.

These plans may give a lump-sum cash payment to assist you in covering additional costs incurred due to your illness that are not covered by your regular health plan or disability coverage.

The funds can then be used to cover a variety of costs, including:

  •  Out-of-network experts Deductibles
  • You’ll need to plan for travel and lodging when getting treatment far away from home.
  • Treatments that are being tested
  • Assistance with childcare and household chores
  • Car payments, energy bills, and groceries are typical living expenses.

Critical illness insurance policies usually feature a long list of conditions that will result in a payout.

Even if you have significant out-of-pocket payments as a result of the disease, the plan will not pay you anything if you become extremely ill with something that isn’t clear in your policy.

It’s crucial to understand how the policy works before you buy it so you don’t get in a difficult scenario, expecting reimbursement from your critical sickness plan but not receiving one.

Accidental Death and Supplemental Accident Plans

There are two categories of Accident policies: accidental death and dismemberment (AD&D) and additional accident insurance.

They’re frequently combined and marketed as a set. Because of local insurance restrictions, the advantages differ from state to state.

If you’re the designated beneficiary of someone who died in an accident, an AD&D policy will give you a lump-sum cash payment.

If the victim didn’t die, but lost a limb, went blind, or became permanently paralyzed, these plans may pay out less.

The AD&D insurance doesn’t cause any fatalities caused by sickness, suicide, or natural causes.

Medical costs resulting from an accident or injury can be under accident medical insurance, often known as an accident indemnity or supplemental accident policy.

Some of these policies may cover extended home care services and travel and hotel expenditures for family members.

If you have medical claims from an accident, certain accident supplements may only reimburse you up to a pre-determined set sum ($5,000 is usual).

Accident supplement policies are popular among healthy people with high-deductible insurance plans. This is because they reduce upfront premium expenses while also serving as a “backup plan” in the unlikely case of a disaster. The money then covers the deductible on your health insurance.

Having an accident supplement in addition to a high-deductible health plan that qualifies for an HSA does not affect your ability to contribute to a health savings account before taxes (HSA).

Hospital Indemnity Insurance

If you’re confined to a hospital due to an illness or major injury, hospital indemnity insurance, (hospital confinement insurance) pays you cash compensation.

You can receive the monetary reward in one lump sum or as daily/weekly installments, which may not begin until after a certain amount of time has passed.

Like other types of supplemental insurance, the hospital indemnity coverage helps you pay for services and things that aren’t covered by your standard health plan.

Fixed indemnity policies pay up to a certain sum for various outpatient and inpatient services and care.

Again, these plans are insufficient as stand-alone health insurance since they can leave you with unlimited out-of-pocket expenses if you develop a major medical condition.

See Also: Best Vision Insurance Companies in 2023

10 Best Supplemental Insurance Companies In 2023

1. Accendo Insurance Company

Accendo Insurance, formerly a CVS Caremark subsidiary, has joined Aetna, a Medicare supplement provider.

Established in Salt Lake City, Utah, it offers 14 percent household premium discounts on Medicare Supplement policies in 15 states.

These plans assist in paying for medical expenses that Original Medicare does not cover.

Depending on the supplement plan, these policies might cover coinsurance, copayments, deductibles, hospital bills, and hospice care.

With over 561,000 primary care doctors and specialists at over 5,300 hospitals, Accendo Insurance offers access to more than 1 million health care experts.

Although Accendo Insurance Company is available in a number of states, they do not provide coverage in all of them. 

AARP/United Healthcare Insurance Company

Medicare is a type of private health insurance that is available to U.S. citizens and other people depending on their age, disability, or a qualifying medical condition.

Medicare coverage comprises the federal government’s Medicare Part A and Part B (Original Medicare) and commercial insurance companies’ Medicare Advantage (Part C) and Part D prescription medication coverage.

Private insurance companies also provide Medicare supplement insurance (Medigap) policies, which help pay for some out-of-pocket expenses that Medicare Part A and Part B do not cover.

See Also: Aetna vs. United Healthcare Insurance Company: Which Should You choose?

Cigna Health & Life Insurance Company

Cigna is a global health services corporation that enhances people’s health, well-being, and peace of mind.

They leverage actionable insights that address whole-person health and promote improved health outcomes. They have over 180 million customer and patient contacts in more than 30 nations and jurisdictions.

Their global staff of over 70,000 workers helps achieve a goal and serves their customers and communities as champions.

This is known as the “Power of We.”

They offer individual solutions and enhance whole-person health by collaborating closely with all colleagues, customers, providers, clients, and communities.

Their goal is to provide the right services and solutions, in the right setting, at the right time, to address their customers’ and patients’ diverse health needs in a highly personalized way every day.

It is one of the supplemental insurance companies on this list.

Colonial Penn Life Insurance Company

Colonial Penn has provided low-cost life insurance to people for more than 60 years. We focus on providing life insurance protection for people like you and your loved ones through the mail, television, their contact center, and the internet. 

Colonial Penn was indeed a leader in introducing insurance policies to satisfy the demands of the mature market. And in 1968, it was one of the first insurers to provide a Guaranteed Acceptance Life Insurance plan specially designed for those over 50.

Colonial Penn now offers life insurance solutions to help people manage their finances during difficult times.

Our most popular plan is their Guaranteed Acceptance Whole Life Insurance. It is for people over the age of 50.

They also provide permanent, entire life insurance that is “simple to issue.”

Combined Insurance Company of America

Combined Insurance Subsidiary of America (Chicago, IL) is a Chubb company that offers supplemental accident, disability, health, and life insurance to individuals and groups.

They strive to make supplemental insurance simple to comprehend.

They have an A+ rating from the Better Business Bureau and are one of Ward’s Top 50® Performing Life-Health Insurance Companies, with a track record of accomplishment.

VIQTORY has named Combined Insurance the number one Military Friendly® Employer in the over $1B revenue category for 2020. This is the company’s eighth year in a row in the top ten, and it’s sixth in a row in the top five.

You can expect personalized service and products that offer protection for the unexpected whether you’re a family working with a local Combined Insurance agent; a business working with their Worksite Solutions account executives; or an independent agent or broker offering their products as part of your portfolio.

It is one of the supplemental insurance companies on this list.

Continental Life Insurance Company of Brentwood, Tennessee

Medical, pharmacy, dental, behavioral health, group life, and disability plans, as well as medical management capabilities. Medicaid health care management services, workers’ compensation administrative services, and health information technology products and services, are among Aetna’s traditional, voluntary, and consumer-directed health insurance products and services.

Employer groups, individuals, college students, part-time and hourly workers, health plans, health care providers, governmental units, government-sponsored plans, labor groups, and expatriates are some of Aetna’s clientele.

See Also: Universal Life Insurance vs Whole Life Insurance: Difference, Similarities, and Overview

First Health Life & Health Insurance Company

The First Health® Network, which is part of First Health Group Corp, is one of the largest nationwide PPO networks.

They also provide premier regional networks at an affordable price, such as Cofinity® and First Choice of the Midwest®. They work with a diverse group of clients, including:

  •  Administrators from a third party
  • Carriers
  • Employers
  • Taft-Hartley- a trust by the Taft-Hartley Act.
  • Governmental bodies
  • They offer more cost-cutting options when they work together, such as:
  • A countrywide network that connects cities, suburbs, and rural areas.
  • Strong regional networks
  • Out-of-network claims have a variety of answers.
  • A dental network that spans the country
  • Administration and implementation are simple. 

See Also: Best Health Insurance Companies In Arizona

Garden State Life Insurance Company

Based in League City, Texas, Garden State Life Insurance Firm is a small direct life insurance company.

It is a wholly-owned American National Insurance Company subsidiary, situated in Galveston, Texas.

It is one of the supplemental insurance companies on this list.

Globe Life and Accident Insurance Company

Everything they do at Globe Life is focused on making tomorrow a better place. They help their customers Make Tomorrow Better by providing products that help them safeguard their financial future and provide protection in the event of a disaster.

They provide sales representatives with the potential to Make Tomorrow Better by saving more lives and leaving a legacy.

By giving back, supporting projects with a service-first approach, and promoting from within, they allow their workers to Make Tomorrow Better.

Globe Life is dedicated to providing secure life and supplemental health insurance protection to its policyholders today and in the future. It has over $92.5 billion in policies in place.

You can count on Globe Life to be there for you when you need us most.

It is one of the supplemental insurance companies on this list.

Health Net Life Insurance Company

They believe that almost everyone deserves a health safety net regardless of age, income, employment status, or present health status.

So, if you and your family seek a high-quality, low-cost health plan, you’ve come to the perfect place.

Individuals, families, people with Medi-Cal, Medicare, and businesses competent in serving both Medi-Cal and Medicare members will find Health Net Life Insurance Company among the most affordable.

They aim to better inform, educate, and support members to provide better healthcare.

In 2019, millions of dollars in grants were awarded to local California towns.

It is one of the supplemental insurance companies on this list.

See Also: Best Vision Insurance Companies in 2023

FAQ

What are some examples of supplemental health insurance?

Examples of supplemental health insurance include dental, critical illness, and hospital indemnity plans. Whether a supplemental health plan is right for you depends on your health, the costs of the plan, and the benefits of the policy you’re thinking about buying.

What does supplemental health insurance cover?

It can cover a lot more. Expense reimbursed supplemental insured plans cover everyday expenses like deductibles, co-pays, and prescriptions, and the more unexpected expenses like hospital stays and cancer treatments.
Supplemental health insurance can be an added layer of protection to cover what a traditional health insurance plan does not. It can also help pay for nonmedical expenses with illness or injury, such as lost income or childcare.

Conclusion

Driving a car without a spare tire is similar to having health insurance with no supplemental health insurance. 

I hope you now know you need to take up one of the plans offered by these amazing supplemental health insurance companies.

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