June 26, 2024 — The PEF Membership Benefits Program now offers Supplemental Health Plans, made available through Sun Life, that you can purchase in addition to your regular health insurance. Three types of supplemental health plans are available: Accident Insurance, Hospital Indemnity Insurance, and Specified Disease Insurance.
“Given rising health care costs, changes in health care benefits, as well as deductible plans, PEF MBP and its trustees felt that supplemental health insurance plans would afford PEF members a way to help protect their finances that could be impacted by unexpected costs associated with injuries from accidents, expensive hospital stays, and treatment for critical illnesses,” said Buffy Horan, Insurance Executive for PEF MBP.
Supplemental health policies are different from traditional health plans because they can help cover costs that your health plan may not include. These plans cover gaps and complement regular health insurance plans. The cash benefit you receive from supplemental health plans can mitigate, and in some cases eliminate, costs associated with co-pays, deductibles, and other expenses depending on how you choose to use the cash benefit you receive.
What are the benefits of buying supplemental insurance?
For many, supplemental health coverage can be a cost-effective way to help with out-of-pocket costs. Some advantages to supplemental health insurance plans include:
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- They typically come with affordable monthly premiums because they provide supplemental coverage, not comprehensive coverage.
- They can offer financial support when you experience unexpected medical situations.
- You receive a cash benefit that is paid directly to you that can be used in any way you like (i.e. pay medical costs, household expenses, or travel to and from treatment, childcare, and more).
- You can purchase these insurance policies any time of year. There’s no need to wait for open enrollment like you would for a traditional health plan.
- You can buy any one or more of the coverages depending on your needs.
- In an era of rising health care costs, declining health care benefits, and the growing prevalence of high deductible plans, supplemental insurance has become more important.
- Plans can also cover entire families and can more than pay for themselves if you suffer from a serious illness or condition.
Here is a bit more information about each of the three Supplemental Health Plans now available via PEF Membership Benefits.
Accident
Accident insurance coverage could pay you a cash benefit if you are hurt or injured in an accident requiring medical attention. It typically covers emergency-room care, hospital stays, medical exams, and other costs associated with accidents that are not covered by your major health coverage. Injuries such as broken and sprained limbs, burns, lacerations, and paralysis, among other accidental injuries, are also usually covered. Accident insurance is a good investment for adults and children who play sports and engage in high-risk activities that could lead to injuries. Coverage is also a good investment for firefighters, police officers, and others employed in high-risk professions.
Hospital Indemnity
Being in the hospital for any length of time due to a sickness or injury can be costly and could lead to additional costs you have to pay, such as follow-up care, physical therapy, loss of wages, rent or mortgage, utilities, and more. Hospital insurance could pay you a cash benefit to help cover household and/or medical expenses not covered by your health plan. This type of insurance is good for people with family histories of cancer, heart disease, or other serious ailments.
Specified Disease
Specified Disease insurance can offer a cash benefit for a range of critical illnesses such as cancer, major organ failure, end-stage kidney disease, stroke, and coronary artery disease. Your cash benefit can help cover medical and/or household expenses, childcare, lodging for treatment, etc., should you need it.
Is it worth it to get supplemental insurance?
To understand whether it’s worth it to you to get supplemental health insurance, you must assess your health and lifestyle needs. Ask yourself these questions:
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- Do I have a chronic illness that could put me in the hospital?
- Am I at risk for accidents and injury? (Consider your lifestyle and leisure activities.)
- Do I have a history of family illness, like cancer or stroke? (If so, what would happen if you were to be diagnosed with a critical illness? Would having the peace of mind of a critical illness policy be helpful?)
- If I died, would my loved ones be left having to deal with my finances? (If so, should you consider purchasing Group Term Life insurance?)
As always, you should evaluate your health history and your family’s needs before purchasing insurance. In addition, read all plan and policy details to ensure you are getting the financial protection you may need.
You can purchase any one or all three supplemental insurance plans at any time. To learn more, visit www.pefmbp.com or call (518)- 85-1900, ext. 243, opt. 2, or 800-767-1940.
To enroll today, visit the links below for the insurance(s) you are interested in: