Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. AFLAC Supplemental Insurance - Is it worth it? My question is am I spending money that would be better put in a 401k or just a simple savings account? But I know more who have failed within a few months. $30/h is double what most 1st year aflac agents make if they figured it out into hourly pay. Aflac! Total: 216 (members: 20, guests: 179, robots: 17), Discussions: 94,284 | I felt skeptical. Allstate sells accident and disability, critical illness, and long-term care supplemental insurance, while State Farm offers supplemental medical insurance that covers the added cost of hospital stays. I paid something like $500 to get $1000. Bread winner, worth the risk. I learned that I don't qualify for the cancer coverage (you have to be 5 years cancer free, which I am only 2). You might have travel costs from plane tickets or hotel lodging if you have to travel far to be seen by a specialist or to undergo surgery in a hospital known for its specialization in your condition. Press J to jump to the feed. A critical-illness policy, for example, may only cover one or two specific illnesses. I work for a small company that offers few benefits, but had AFLAC come in for add'l benefits. And do you need it? Cigna offers supplemental insurance policies with a similar range as Aflac’s. My wife and I both have medical coverage and we both have life insurance. By using our Services or clicking I agree, you agree to our use of cookies. I have a desk job, and my hobbies outside of work aren't super dangerous.   My wife has these coverages. Without knowing your specifics it would be reckless to give you advice. I know this isn't life insurance or health insurance, but in your opinion when is there a point of having something like this. This was a very well worded and thoughtful response. If you're covering kids on the policy in addition to yourself, it's a best value if they're extremely young (I handled quite a few claims with toddlers splitting their heads open on table edges) or if they're very active (in sports, etc.). I would look into Combined Insurance and compare them to AFLAC. At the time I was in my mid to late twenties and relatively healthy (no cavities, health problems, etc). It isn't for everyone but it can be a lifesaver if you have risky things going on work, hobby, lifestyle related. This. If you're covered already and your deductible isn't sky high it may be less worth it (if the deductible is really high it'd be more attractive, of course, because you'd likely get a decent portion back). The premium is paid after tax, which means that should I need to collect, the benefits wouldn't be taxable income. When you make a claim against your typical insurance policy, benefits are paid out directly to the source that is owed - the hospital or doctor, for instance. Press J to jump to the feed. I have short-term disability insurance through my HMO, the short term disability insurance company is MetLife. While the bulk of the substantial medical bill may be paid by your insurance, you might still be left with deductibles, co-pays, and other expenses that supplemental insurance might cover. I probably would not pay for the coverage on my own, because these are risks which I can afford to self insure. Here’s what you need to know about this coverage, to help decide if it’s something you should consider. Good for us (or anyone planning to have kids, I suppose), but not a smart buy for most people. If you have habits or family history or hobbies that make cancer or accidents more likely than once every five years, or more likely to occur sooner than five years, it is probably a good idea. Supplemental Insurance is A Sidekick To Your Health Insurance. It runs me $20/mo for short term, $14/mo for long term. They also have an accident plan. I'm the primary source of income in our home, and sleep much easier at night knowing that there's a safety net in place. New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. If you get the hospital and sickness indemnity plans, it pays $5,500 total for a vaginal birth. I think it probably isn't worth it if you have a good emergency fund. Press J to jump to the feed. Join our community, read the PF Wiki, and get on top of your finances! Most aflac offices prospect by going door to door at businesses. Most aflac offices prospect by going door to door at businesses. I failed out from a couple of companies myself before finding my niche. Whether that means its a scam depends on your perspective. New comments cannot be posted and votes cannot be cast, Looks like you're using new Reddit on an old browser. Supplemental insurance is a great choice for you if you believe you’re at risk for needing it. As a rule, a more comprehensive medical plan, like Medigap or a Medicare Advantage plan, is a far better option than supplemental insurance for covering the gaps left behind by Medicare A (hospital coverage) and B (medical) plans. It's never worth it until you need it. I do have an emergency fund with 12+ months' expenses in it. There are also supplemental insurance products designed to cover more than a typical insurance policy. I discussed issues ranging from COVID-19 to global talent management with the CFO of the world's largest supplementary insurance provider. New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. Thank you, r/frugal! Otherwise, I haven't gotten injured at work or outside of work to use this insurance. Hi guys! As for the fine print, did the agent give you a copy of the product brochure? Agent guidance is critical for AFLAC claims - you should feel comfortable that your agent is going to walk you through the process and let you know if you're missing anything that might get your claim approved or get you additional benefits. What are your thoughts, r/frugal? You could pay 100s of thousands of dollars over the course of your life and never have more than some routine health costs and then get killed instantly in a car accident on your 80th birthday. Hi guys! (1) save money – could save on your overall … ... it's just shedding new light on what I've been wondering might be unfair business practices, so I was hoping for Reddit advice from more subject matter experts than myself.