Social Insurance Supplement
Definition - What does Social Insurance Supplement mean?
Social insurance supplement refers to a policy provided by a private company that complements the insurance provided by the government. Policyholders avail of these because it has benefits not provided by government insurance.
It can also pay for the bills in excess of the social insurance coverage.
Insuranceopedia explains Social Insurance Supplement
While social insurance has helped many people, it has certain limitations. There are social insurance policyholders who think they need more coverage.
They keep the original government insurance, but they buy another policy from a private company just so their health needs are going to be met.
Dental and vision coverage are just two of the benefits that may be overlooked by social insurance. Dental treatment (like orthodontics) and vision care can be very expensive. People might just have to look for private insurance to take care of these needs.
Social insurance also has a financial limit for coverage. When one exceeds the limit for expenses, a supplement can pay for the excess.