Man and woman walking in the woods

Supplemental Insurance Can Prepare You for Accident or Illness

Aug 23, 20208/23/2020

Learning Center


Life's Challenges

We never expect a major accident or illness to change our lives, but the possibility is always there. The expenses that result can begin to pile up, including medical bills and unpaid expenses due to lost income. Supplemental insurance can help you financially prepare for these kinds of unexpected life changes.

Types of Supplemental Insurance

Some people have health insurance through work, but it may not cover enough or might cost too much. For others, like the self-employed, retirees, part-time workers, or small business employees, company-sponsored health insurance isn’t an option.

To help bridge the financial gap you may face in covering health care costs, you may want to consider these three types of supplemental insurance:

Long-Term Care Insurance

As life expectancy goes up, the likelihood of needing long-term care increases, too. Medicare doesn’t cover everything, and state-provided Medicaid is usually only for people near the poverty line. Long-term care insurance may help cover some costs not covered by Medicare, such as nursing home care. This type of supplemental insurance can be expensive, but in the long run, it might be worth it to retain your hard-earned assets.

Disability Income Insurance

These are policies purchased in case of extended injury or illness. A good way to figure out how much you need is to estimate how much you spend monthly and how long a short-term disability policy might cover your expenses. Even if you have group coverage, a certain amount of individual coverage may be needed to fill any gaps.

Health Savings Accounts

If you have an HSA, you’ve made a proactive step toward saving for healthcare expenses. These are tax-deductible accounts that let you make withdrawals for any “qualified medical expense,” such as doctor visits, prescriptions, dental and vision care, and even over-the-counter medicines. These accounts are sometimes provided by your employer and may have other advantages, like pretax deductions.

However, many people use these accounts only for current expenses. HSAs also can be used to save for future medical expenses and can be a valuable part of your retirement plan.

Plan Ahead Financially

It’s always a good idea to have three to six months’ worth of living expenses set aside in a bank savings account in case of emergencies. This could help you recover from a job loss, car repairs, hospital bills, or other expenses. Putting supplemental insurance in place also can help you be prepared for the unexpected.

There are many plans and types of supplemental insurance that can help you prepare and plan for a healthy financial future. Eligibility varies for each; a qualified insurance professional can help you decide which is best for you.


This information is provided for educational purposes only. Woodmen of the World Life Insurance Society does not offer or issue these products.


130 years strong shield with words 130 years strong with stars

We’ve been helping to protect the financial future of families like yours, making a difference in hometowns across America and honoring our country since 1890. As a not-for-profit life insurance company, we put money back into the community. We’re here when you need us most.

Learn More About WoodmenLife

Connect With WoodmenLife

Fill out the form below to have your local Representative contact you about our life insurance and retirement products, or about getting involved in our local community service efforts.

To protect your privacy, we do not provide quotes over email.

  • Required
  • Required
  • Required ###-###-####
  • Required #####
  • Optional

This is a solicitation of insurance and an agent may contact you. By submitting the above request, I consent to receive phone calls from a licensed insurance producer on behalf of Woodmen of the World Life Insurance Society (WoodmenLife) and its affiliates at the phone number(s) above regarding WoodmenLife products and services. I understand that I can contact a Sales Representative directly to make a purchase.

Customer Service: 1-800-225-3108
Monday – Thursday | 7:00 a.m. – 5:00 p.m.
Friday | 7:00 a.m. – 12:00 p.m. (Central Time)

© 2022 Woodmen of the World Life Insurance Society
Omaha, Nebraska

This is a solicitation of insurance and an agent may contact you.

Securities are offered through Woodmen Financial Services, Inc., 1700 Farnam Street, Omaha, NE 68102, member FINRA/SIPC, a wholly owned subsidiary of Woodmen of the World Life Insurance Society (collectively “WoodmenLife”). Securities other than the WoodmenLife Variable Annuity are issued by companies that are not affiliated with Woodmen of the World Life Insurance Society.

Benefits are available to members. An individual becomes a member by joining our shared commitment to family, community and country, and by purchasing a WoodmenLife product. These fraternal benefits are not contractual, are subject to change and have specific eligibility requirements.

Some fraternal benefits include additional membership requirements including length of membership, number of qualifying members in household and/or a qualifying event.

Check out the background of Woodmen Financial Services, Inc. on FINRA’s BrokerCheck.

Business Continuity Plan | Products are not available in New York and all products may not be available in all states. | Not all Representatives are licensed to sell all products.

Fraud, Ethics and EEO Reporting Hotline: 1-844-339-3053

A+ Financial Rating

This company was issued a A+ (Superior) rating by the A.M. Best Company, click for additional details. WoodmenLife has been awarded a rating of A+ (Superior), the second highest ranking out of 15, for its financial strength and operating performance in 2022 by A.M. Best, an independent rating company that is nationally recognized for its objective reporting and rating of insurers.

International Use

This Site is not intended for access outside of the United States, including those individuals who reside in the European Economic Area (“EEA”). WoodmenLife makes no representation that materials on the Site are appropriate or available for use in locations outside of the United States, and accessing them from territories where their contents are illegal is prohibited. Those who choose to access the Site from outside of the United States do so on their own initiative and are responsible for compliance with local laws.