When it comes to healthcare, having insurance is crucial. While basic health insurance coverage can protect you from unexpected expenses, there are still out-of-pocket costs that can add up quickly. This is where supplemental insurance comes in. One of the most popular providers of supplemental insurance is Colonial Supplemental Insurance. In this guide, we will take a closer look at what Colonial Supplemental Insurance is, what it covers, and how it can benefit you.
What is Colonial Supplemental Insurance?
Colonial Supplemental Insurance is a type of insurance that provides additional coverage to your existing health insurance plan. This type of insurance can help cover costs that may not be covered by your primary health insurance plan, such as deductibles, copayments, and other out-of-pocket expenses. Colonial Supplemental Insurance is offered by Colonial Life & Accident Insurance Company, which was founded in 1939 and has since become a leading provider of supplemental insurance products.
History of Colonial Life & Accident Insurance Company
Colonial Life & Accident Insurance Company was founded in 1939 by Edwin F. Averyt and J. Clifton Judy. The company was initially known as Mutual Accident Company and provided accident insurance coverage to South Carolina residents. In 1955, the company changed its name to Colonial Life & Accident Insurance Company and began offering a wider range of supplemental insurance products, including disability insurance, life insurance, and cancer insurance.
Today, Colonial Life & Accident Insurance Company is a subsidiary of Unum Group, a Fortune 500 company that provides financial protection benefits to more than 33 million customers worldwide.
What Does Colonial Supplemental Insurance Cover?
Colonial Supplemental Insurance offers a range of supplemental insurance products that can help cover costs not covered by your primary health insurance plan. The following are some of the most popular products offered by Colonial Supplemental Insurance:
Hospital Confinement Indemnity Insurance
Hospital Confinement Indemnity Insurance provides coverage for hospital stays due to illness or injury. This insurance pays out a set amount per day of hospitalization, which can help cover the cost of deductibles, copayments, and other out-of-pocket expenses. This insurance is especially useful for those who have a high deductible and want to avoid high out-of-pocket costs in case of hospitalization.
Cancer Insurance
Cancer Insurance provides coverage for the costs associated with cancer treatment, such as chemotherapy, radiation therapy, and surgery. This insurance pays out a lump sum benefit upon diagnosis of cancer, which can help cover the cost of deductibles, copayments, and other out-of-pocket expenses. This insurance is especially useful for those who may be at high risk of developing cancer or have a family history of cancer.
Accident Insurance
Accident Insurance provides coverage for injuries that result from accidents, such as broken bones, burns, or concussions. This insurance pays out a lump sum benefit upon injury, which can help cover the cost of deductibles, copayments, and other out-of-pocket expenses. This insurance is especially useful for those who may be at high risk of experiencing accidents or engaging in high-risk activities.
Disability Insurance
Disability Insurance provides coverage for lost income due to a disability that prevents you from working. This insurance pays out a set amount per week or month, which can help cover the cost of living expenses while you are unable to work. This insurance is especially useful for those who have a high risk of experiencing a disability due to their occupation or lifestyle.
What Are the Benefits of Colonial Supplemental Insurance?
There are several benefits to having Colonial Supplemental Insurance:
Additional Coverage
Colonial Supplemental Insurance provides additional coverage to your existing health insurance plan, which can help cover costs that may not be covered by your primary health insurance plan. This can help you avoid high out-of-pocket costs in case of unexpected illness or injury.
Flexibility
Colonial Supplemental Insurance offers a range of supplemental insurance products that can be tailored to your specific needs. This allows you to choose the coverage that best suits your lifestyle and budget.
Portability
Colonial Supplemental Insurance is portable, which means that you can take it with you if you change jobs or move to another state. This can provide peace of mind knowing that you have additional coverage in case of unexpected illness or injury.
No Deductibles or Copayments
Most Colonial Supplemental Insurance products do not require a deductible or copayment, which means that you can receive benefits immediately upon diagnosis or injury. This can help you avoid high upfront costs and focus on recovery.
FAQs About Colonial Supplemental Insurance
What is the difference between primary health insurance and supplemental insurance?
Primary health insurance is the insurance that you are required to have under the Affordable Care Act (ACA). This insurance covers basic healthcare services, such as doctor visits, hospital stays, and prescription drugs, and is often provided by your employer or purchased through a government program (such as Medicare or Medicaid).
Supplemental insurance provides additional coverage to your existing health insurance plan, and can help cover costs that may not be covered by your primary health insurance plan (such as deductibles, copayments, and other out-of-pocket expenses). Supplemental insurance is optional and can be purchased from private insurance companies, such as Colonial Supplemental Insurance.
Is Colonial Supplemental Insurance affordable?
Colonial Supplemental Insurance offers a range of supplemental insurance products that can be tailored to your budget. The cost of your insurance will depend on the type and amount of coverage you choose, as well as your age and health status. However, Colonial Supplemental Insurance is generally considered to be affordable and can provide peace of mind knowing that you have additional coverage in case of unexpected illness or injury.
How do I enroll in Colonial Supplemental Insurance?
You can enroll in Colonial Supplemental Insurance through your employer (if they offer it as a voluntary benefit) or by contacting a licensed insurance agent. You will need to provide basic information about yourself and your healthcare needs, and choose the type and amount of coverage that best suits your lifestyle and budget.
Does Colonial Supplemental Insurance cover pre-existing conditions?
Colonial Supplemental Insurance may cover pre-existing conditions, depending on the type of insurance product you choose. However, pre-existing conditions may be subject to a waiting period (typically 12 months), during which time you will not be eligible for benefits related to that condition.
What happens if I need to file a claim with Colonial Supplemental Insurance?
If you need to file a claim with Colonial Supplemental Insurance, you will need to provide basic information about your healthcare provider and the services you received. You may also be required to provide documentation, such as medical bills or receipts. Once your claim is approved, you will receive a benefit payment, which can help cover the cost of deductibles, copayments, and other out-of-pocket expenses.
The Bottom Line
Colonial Supplemental Insurance can provide additional coverage to your existing health insurance plan, and can help cover costs that may not be covered by your primary health insurance plan. This type of insurance is affordable, flexible, portable, and can provide peace of mind knowing that you have additional coverage in case of unexpected illness or injury. If you are considering purchasing supplemental insurance, Colonial Supplemental Insurance is a great option to consider.