Are You Covered? Specialty Insurance 101

You’re probably familiar with the most common types of insurance, such as medical, dental and vision, but have you heard of specialty insurance? This kind of insurance doesn’t stand on its own—it’s a collection of add-ons to your coverage—and it makes your traditional insurance plan more robust and comprehensive.

Who is a good fit for specialty insurance? The reality is, everyone can benefit from it—especially since life can be unpredictable and unfortunate circumstances happen everyday.

Specialty insurance (sometimes called supplemental or ancillary insurance) can be useful in a variety of situations, such as providing money for coinsurance (which is when you pay a share of the payment made against a claim), covering lost wages after an accident, providing transportation for health-related appointments and even paying for food, medication and other necessities. Specific plans through Blue Cross Blue Shield of Michigan include:

  • Accident and hospital recovery coverage: If you have a hospital stay, your medical insurance helps cover those costs. But after you’re sent home, you might encounter additional, unplanned expenses from your recovery. Hospital insurance from LifeSecure can help cover some of these costs.
  • Critical illness coverage: This plan pays you a lump sum after the first confirmed diagnosis of a covered illness or medical procedure. It also allows you to expand your protection with more policy options for an additional cost.
  • Long-term care insurance: Blue Cross medical plans help cover costs associated with doctor visits and prescription drugs. But if you’re facing a chronic illness or disability, you may need help with everyday activities like eating, bathing or dressing. This type of assistance can be covered by long-term care.
  • Long- and short-term disability coverage: When you can’t work because of a medical issue, you risk losing your income. A disability plan is like paycheck protection, since it replaces some of your lost income to help with living expenses while you recover.

To decide if specialty insurance is right for you, talk to your Blue Cross agent. For more information on specialty plans and how you can enroll, take a look here.

For more information on picking supplemental insurance, check out these other blog posts:

 

Photo credit: Kat Grigg

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