The word ‘supplemental’ may carry a misleading connotation—not as far-reaching, only covering a niche field, or something additional that is unnecessary.
But in today’s landscape, supplemental coverage is a powerful solution that is in demand.
The simple answer is that supplemental coverage can offer addition, cuztomized coverage on top of the primary medical plan. But in healthcare, it’s never really that simple. Let’s go a little deeper.
Prior to ACA, supplemental plans were an afterthought because there were more plan options that could offer the necessary coverage. But the rising premium costs that resulted from ACA ripple effects have led to the generalization of plans and created a one-size-fits-all mentality in the insurance market.
Employees end up receiving coverage with gaps or having to cover a great portion of the cost themselves. This has not made anyone very satisfied with their benefits.
To get back to the levels of coverage we all used to enjoy, customization is necessary. This is where the power of supplemental plans has grown. Certain supplemental plans give you the option to customize the coverage you offer at your company.
Power of Supplemental
Supplemental coverage is now thought of as a way to expand value!
Firstly, supplemental plans help you fill the gaps that the shrinking coverage has created. These plans have the flexibility to be carved out by class so that each employee class gets what they need.
Think of those niche products, such as cancer or critical assist, which may have previously been overlooked and deemed unnecessary. These products can now be the filler that you need to bridge gaps and provide sufficient coverage.
Secondly, some supplemental plans follow guidelines similar to flex plans [213(d)]. This allows for coverage of brand name prescriptions, LASIK, in vitro fertilization, and other healthcare expenses that primary plans wouldn’t deem medically necessary.
So throw out any old preconceived ideas that you have about supplemental plans. Layering with supplemental coverage is the way to customize your insurance in a market clouded by a one-size-fits-all mentality. You can no longer afford to treat supplemental plans as an afterthought. Open your mind, ignore connotations, and leverage supplemental plans as the new tool to reach 100% coverage.
Learn more about our supplemental healthcare reimbursement plan, Ultimate Health.