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It’s rare to find a major healthcare policy that covers 100% of medical costs. Aflac offers supplemental products that help relieve the leftover strain through lump-sum payments deposited directly into your account. And, if you want a full-on traditional life or employer disability policy, Aflac covers that too.
If the voice in your mind sounds like a duck when you think Aflac, you’re not alone. The company’s quack-quack mascot is well-recognized, but Aflac’s actual services may be less understood.
Most Aflac policies act as a sidekick to your regular insurance policy. These supplemental policies are meant to provide a safety net to fill in the gaps of your health insurance or other insurance, so that when the unexpected happens, it’ll be less of a jolt to your financial situation.
Since these policies aren’t comprehensive, any policy you consider from Aflac should be gravy on top of your meat-and-potatoes health coverage. Aflac doesn’t deal directly with medical providers, favoring a direct payment to your bank account instead.
Supplemental insurance operates around the theory that major medical coverage doesn’t usually cover the full cost of treatment. Deductibles, copayments and coinsurance, medication costs and other out-of-pocket costs (think child care, lost wages, and transportation) are often left up to you. Supplemental coverage swoops in with a lump sum paid directly to you to help foot the outstanding bill. Lump-sums payment amounts are typically specified using a pre-determined fee-schedule laid out in your policy.
Aflac offers two types of policies that can act as a stand-alone insurance policy.
Once you file a claim and are approved, you’ll receive the payout associated with your policy. How you receive your payout will depend on which type of insurance you have through Aflac.
Once you file a claim, you’ll receive cash benefits that are paid directly to you. Your cash benefit will be based on a fee schedule determined in your policy. A fee schedule specifies how much Aflac is willing to pay per situation, and per occurrence.
For example, your accident policy lists a lump sum payment of $200 for a major diagnostic exam. After a bad fall, your doctor orders you to have a CT scan to confirm if you’ve broken your foot. Regardless of what your health insurance covers, you’re eligible to receive a lump-sum payment of $200.
Aflac’s comprehensive policies each work a little differently when it comes to receiving your benefit.
If the company you work for offers Aflac coverage, you can add it through your workplace. But if you want to buy it independently — or you own a business and want to offer it to employees — you’ll need to start by requesting a quote:
An agent will be in touch to discuss your options for supplemental insurance.
With Aflac’s supplemental coverage, you’re paying for peace of mind in the event of an unexpected illness or medical need. It also offers insurance to help with loss of wages or end-of-life costs, including guaranteed-issue options.
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