Supplemental Insurance Plans

Besides the basic health insurance coverage, life insurance policy, auto and home owner's insurance options there are supplemental plans to cover families and individuals. These policies cover the gap left by the basic plans already in place.

These would be for cancer and serious illnesses and may include transportation costs, living expenses and child care needs. They also reimburse for second opinions, hospital confinement, lump sum payments upon diagnosis, loss of limbs, out-of-pocket hospital expenses, anesthesiologist services, diagnostic testing, cash benefits, radiation, chemotherapy, air ambulance, emergency room, xrays, preventative screenings, blood, plasma, prosthesis, private duty nursing services, inpatient drugs and hospice care.

The policies are known as cancer, critical illness benefit, accidental death & dismemberment (AD&D), long term disability (LTD) and Long term care (LTC), income protection plans and supplemental life policies.

AD&D plans cover on and off the job and could include disability as a result of an accident. These plans have several options/riders that usually can be upgraded as your family life increases or your needs down shift. These plans cover individuals and families for injuries, burns, dislocations and accidents to the insured and dependents.

These plans may also include coverage while driving, flying or on a train. If there is a death as a result of an accident there is a different payout to the designated beneficiary. Most plans are portable, meaning you can take the coverage with you when you change jobs. These plans are guaranteed renewable with payout directly to the insured.

Your financial institution offers supplemental insurance coverage. Sometimes these are at no cost for low end coverage. An example would be for two years now I have been part of a Group Accidental Death policy through Union Bank of California. For account holders there is a no cost plan for $1,000 of coverage with the option to purchase more coverage through your checking account on a monthly basis. I get these options often through my Union, Bank and Credit Card Company. You can even purchase supplemental life insurance through your Bank.

My Union utilizes Allstate at Work for the AD&D and Cancer Insurance policies. I recently received mine in the mail and have the payments deducted from my paycheck once a month. I have heard on the news that Walmart will be marketing insurance to their customers. Soon we will be buying insurance at the super market and swiping debit cards to pay our premiums.

At least twice a year families and individuals should go over their insurance policies and determine whether they need more or less coverage. This depends on their age and dependents age and needs. Children that are graduating high school need to learn and plan for their future by obtaining quotes and finding out the age they can stay under the parent's plan or obtaining affordable insurance as a college student through the College. Riders might be added on to the automobile and life insurance policies.

Cafeteria Plans are also known as 125 plans and are through employers where employees can pay for their health insurance and other benefits on a pre-tax basis.

Cafeteria Plan Third Party Administrators

Colonial Lilfe Accident Insurance

Disability Insurance Companies