Supplemental Health Insurance
What is supplemental health insurance and why should I get it?
Health insurance plans are your primary coverage, but it doesn’t cover everything. Additional health coverage that pays you when you when your health insurance doesn’t is in demand. Many times it could be non-medical bills or high deductibles or other out of pocket expenses or loss.
While there are many different types of supplemental policies, they typically fall into two categories:
- Medicare Supplemental type for over age 65
- Health Insurance Supplements under age of 65
Remember the word supplemental actually refers to secondary or additional to another. So if you already have health insurance you’ll likely need to have yourself one or more supplemental plans to offset the cost. Thankfully, these policies are low cost. Plans will range in price for as little as a few dollars a month to much more depending on the amount of coverage and how many people are getting covered such as individual, or a whole family.
In what instance would a person need this sort of coverage?
High deductible on your health insurance plan will cause a person to be more at risk or self-insured if something unforeseen was to happen is only one reason. Let’s meet Ellen a Florida native to walk us through many of the supplemental plans and reasons for coverage.
If Ellen has health care coverage for her family and a high $5000 deductible. Since everyone is healthy, she chose that amount in order to lower her monthly premiums. If her child has a fall, winds up with a broken arm and sent to the emergency room, she might be out of pocket for the full amount until she reaches her deductible for the year.
Not to worry, because Ellen thought ahead and added on a family accidental health insurance plan that covers her up to that amount for about $39 a month for the whole family.
If Ellen suddenly has a heart attack, that too was not expected, and while thankfully she has coverage, she too has a high deductible to satisfy. Luckily she had critical illness insurance plan, one of the most important plans that pays her within a couple of week’s cash for as much as $100,000 which was certainly worth it.
While Ellen’s major medical health plan doesn’t cover dental, she opted for a dental plan for a few dollars a month which also was worth getting since she has dental work that needed to be done and saved her nearly $2000 on her care.
Some people are responsible in protecting their savings, assets, income and such and insurance supplements like these pay the insured keeping them as whole as possible. Often times supplemental plans prevent foreclosures, medical bankruptcy and wasting life savings and retirement. If Ellen was unable to work due to her having an accident or illness she wouldn’t be able to go to work and a loss of income would hurt her substantially. Considering most people could not make it past a few months without income or severely putting a stressful strain on their bill paying capabilities she looked into getting income protection. If she couldn’t work and was disabled for a short or long period Ellen would feel secure in knowing a portion of her income will be coming in due to her disability insurance.
Vision care is nothing to overlook, so having coverage to save money on eye care and exams glasses and more saves her a bundle and can often get vision insurance at the same time as her dental so she might save even more.
If Ellen decides to go on vacation or even work in another country for a while she wants to know she can have access to great care and it be covered without having to worry also about how she will be transported back to the states and may get travel medical insurance since her Florida health insurance policy covers only in the U.S.
There are ancillary products for many of life’s unexpected events like an untimely demise by a primary that care leave Ellen’s family without protection. Should that take place, Ellen wants her kids to not have to sell of the house and wonder what to do with all the added expenses so she has an affordable Life insurance plan for the price of a couple of pizzas. Supplemental policies are not costly and the benefits are tremendous and outweigh the cost.
Whether it is hospital indemnity insurance to pay you back for being in the hospital or pet health insurance, yep there’s that too) you can shop a supplemental plan with confidence.
While your primary insurance is law to have, you may have not gotten the coverage as you should have during open enrollment, or perhaps you dropped off your parents plan or just needed coverage until your job provides you coverage in the next few months. Perhaps you need a health insurance option until open enrollment reopens again-enter short term medical coverage.
For whatever the leaks are that are not covered under your comprehensive major medical coverage, supplemental health plans will be there to plug the holes in many out of pocket expenses.