Secondary medical insurance is coverage that is available in addition to a primary health insurance plan. You can use secondary health insurance to complement an existing policy. Secondary health insurance plans are meant to complement, not replace primary medical benefits.
Customers commonly purchase a supplemental vision or dental insurance plan that primary insurance does not normally cover.
An example of having a secondary insurance plan would be if you are covered by your employer and you are also covered under your parents plan.
So let’s say you go to a doctor and it is not in network under your employer’s insurance plan. You can then use your parent’s plan that is in network to cover the doctor’s visit.
Another great example by the budgeting.thenest.org is,” If you’re covered by two health policies, one will act as your primary insurer and the other works as a secondary policy. For example, if you and your spouse’s employers both provide you with health benefits, you may opt to use your spouse’s plan to cover your trip to the hospital, then turn to your employer’s plan to cover your copay. Other times, government programs such as Medicaid may act as secondary insurers to help absorb costs of your child’s health care. Some insurers provide secondary, wrap-around policies to supplement existing coverage.”
Professionals often recommend purchasing a secondary insurance plan, especially if someone in your family is critically sick.
Cosmo Insurance can help you decide if secondary insurance is a good option for you and your family.
In today’s heavily regulated market, tax benefits and investment dividends achieved through retirement plans can be significant. Many plans offer immediate dollar-for-dollar tax savings. But the rules are diverse and complex.
Cosmo Financial’s expert consultants can help you achieve your financial objectives through a host of wealth building investment strategies and a full range of variable products to help complement your current financial position. Call for an appointment at your convenience.
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