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October 19, 2023
314 Insurance Advisors

When Should I Get Supplemental Health Insurance?

Health insurance is like a safety net, providing financial protection in times of medical need. However, even the most comprehensive health insurance plans may not cover all expenses. This is where supplemental health insurance comes into play.

What Is Supplemental Health Insurance?

Supplemental health insurance, also known as “gap insurance” or “secondary insurance,” is a type of coverage that helps fill the gaps left by your primary health insurance plan. While your primary insurance may cover a significant portion of your medical expenses, it may not cover everything. Supplemental insurance policies are designed to cover costs not included in your primary plan, such as deductibles, copayments and other out-of-pocket expenses.

Various types of supplemental health insurance policies are available, each catering to specific needs. For example, critical illness insurance generally provides a lump sum payment if you’re diagnosed with a severe illness like cancer or heart disease. In contrast, hospital indemnity insurance typically covers hospitalization costs and related expenses. Other common forms of supplemental health insurance may include dental and vision coverage.

When Is Supplemental Health Insurance Needed?

The decision to obtain supplemental health insurance depends on your unique circumstances and needs. Supplemental coverage may be advisable in the following situations:

  • You have a high-deductible health plan (HDHP). If you have an HDHP, which typically has lower monthly premiums but higher out-of-pocket costs, supplemental insurance can help you manage those expenses.
  • You have regular and frequent medical expenses. Supplemental insurance can offset the ongoing costs if you require regular medical treatments, have a chronic condition, or need frequent dental or vision care.
  • You are at consistent risk for critical accidents or illnesses. Individuals with a family history of serious illnesses or jobs that expose them to higher accident risks may consider critical illness or accident insurance to provide financial security in case of unexpected health crises.
  • You have health insurance through Medicare. Medicare beneficiaries may find that certain services, such as dental, vision or long-term care, are not adequately covered. Supplemental insurance plans tailored for Medicare recipients can bridge these gaps.

How Much Does Supplemental Health Insurance Cost?

The cost of supplemental health insurance varies widely depending on factors such as your age, health status, the type of coverage you choose and your insurance provider. Generally, supplemental policy premiums are lower than primary health insurance premiums. When considering supplemental insurance, evaluating your budget, specific health care needs and existing coverage is essential to determine the best fit for you.

Get the Right Coverage

Supplemental health insurance can be a valuable addition to your financial safety net, providing peace of mind and helping you manage unexpected medical costs. To make an informed decision, assess your unique circumstances and explore the available options to find the supplemental coverage that best aligns with your needs and budget.

The dedicated professionals at 314 Insurance Advisors are well-equipped to help you understand supplemental health insurance and acquire appropriate coverage when necessary. Visit our website or call 502-265-0906 to learn more or receive a personalized quote.


This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.

Categories: Health Insurance