Do you need Supplemental Medical Insurance? And if you do, how can you find the best rate?

What Is It?

Generally, supplemental insurance is thought of as only for senior citizens on Medicare. However, anyone can buy a supplemental policy.

These policies work with the insurance coverage you already have, acting as an "add-on" to give you extra coverage. With this type of insurance, you typically receive direct cash benefits regardless of what your other insurance pays.

There are three main types of supplemental policies:

* Disease Specific Insurance. This policy pays you cash benefits if you require treatment for a specific disease, such as cancer.

* Accident Health Insurance. This policy reimburses you for medical costs resulting from accidents. It can also pay cash benefits if the accident disables you or if you lose your vision or a limb, finger, or toe. If you die because of an accident, your beneficiaries receive the payments.

* Hospital Indemnity Insurance. This policy provides a daily, weekly, or monthly cash benefit if you're in the hospital for over a specific number of days.

Should You Get a Supplemental Policy?

Before you consider buying supplemental medical insurance, you must have a good basic insurance policy. Then, you might consider a supplemental policy if you can afford it and you're at high risk for serious illness, accidents, or hospitalization - for example, if your family has a history of cancer or another serious health problem.

Finding a Cheap Rate

Supplemental health insurance policies cost less than regular health insurance because they offer less coverage and have lower maximum caps.

To find the best rate, do some comparison shopping on an insurance comparison website so you can compare quotes from several companies (see link below).

You can also save money on your policy by choosing one with higher co-payments and higher deductibles.

Visit http://www.LowerRateQuotes.com/health-insurance.html or click on the following link to get supplemental medical insurance quotes from top-rated companies and see how much you can save. You can get more tips and advice in their Articles section, and get answers to your questions from an insurance expert by using their online chat service.

The authors, Brian Stevens and Stacey Schifferdecker, have spent 30 years in the insurance and finance industries, and have written numerous articles on supplemental medical insurance.