Standard Insurance

Tuesday, March 16, 2010

Differentiate Between Standard and Supplemental Health Insurance

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If a serious accident occurs and a person gets hospitalized due to the same, then it becomes extremely difficult for him to shell out all the expenses that are incurred due to deductibles and loss of pay. People with immaculate health insurance policies also find it hard to deal with emergency situations that are not expected beforehand. The role of supplemental insurance it to cover the gap of coverage that standard insurance is not liable to cover. It is natural for a person (who has met with an accident) to skip work for sometime, which results in loss of pay. This loss of pay can be received by the coverage amount mentioned in supplemental life insurance. In case of standard health insurance schemes, amount of coverage money is straight away given to the doctor or hospital where the client was admitted. The doctor receives the entire amount from your insurance provider as he has offered his services to you.

On the contrary supplemental health insurance provides the customer with a fixed amount of money for special circumstances while one is simultaneously under the care of the doctor or hospital. An example can be used to elucidate the process. If a person meets with an accident, the standard insurance will pay the fees for the doctor or hospital. One thing which will remain pending is the payment of deductibles. In case the fees for the doctor exceeds the money is covered by the insurance, then the additional amount of money has to be paid by the customer himself. But with supplemental insurance policy as a savior one can receive money for expenses which crosses the limit of coverage and the payment for deductibles can also be made. The benefit ratio on supplemental insurance policies depends on the scheme that one has chosen for himself.

Supplemental health insurance is a boon for those people who cannot comfortably fulfill the financial needs which arise due to medical fees (are not expected) and hence not covered in the standard health insurance. Self employed people or a person who cannot afford to lose their wages due to injury often opts for supplemental health insurance as they cannot pay such a large chunk of bill at a single stretch. For every person, different forms of supplemental health insurance will be viable. Therefore, one should carefully select this insurance so that all his needs are covered in the policy.

Standard and supplemental health insurance is explained more thoroughly at Wawanesa Insurance.

David Hunter is a dedicated writer. He tirelessly writes articles about insurance.

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Labels: standard and supplemental, standard health insurance, supplemental health insurance