So, you just bought your new health insurance plan that covers your family. The cost of your premiums has gone up considerably over the years, but it isn’t optional. You now feel safe and think that in the event of a medical crisis your family and you are completely covered. Think again!
As the cost of healthcare increases each year it becomes more and more difficult for families to not only afford their plans, but with the higher deductibles it makes it difficult to even use the plans. This is where supplemental insurance comes into play. It is not to take the place of major medical, rather to enhance what you already have. It is extra insurance that you can use to pay for out of pocket medical expenses like deductibles, copays and coinsurance.
Studies show out of pocket expenses associated with illnesses or accidents are the leading cause of personal bankruptcy in the United States. One might think only those who are uninsured incur this debt, but over 72% of those personal bankruptcies are reported to have some type of health insurance. So, what happens if there is an illness in your family. Most Americans don’t have enough money in their savings to cover $1,000 of medical expenses.
A supplemental plan pays you cash in the event of an illness or an accident. There are many different plans to choose from such as Cancer, Accident, Hospital or Sickness supplemental health care plans. These plans add an additional coverage to your already existing plan to help with the high deductibles. For example, if you have an accident plan and your deductible is $3,500 and your admitted to the hospital, you may receive $2,000 just for being admitted. Additionally, each day you are there, you could be paid up to $200 a day. That $3,500 deductible just got a little more palatable. This is where supplemental insurance can make a big impact on your wallet and allow you to focus on the most important aspect of recovery, which is getting better.
There are several things to consider when buying a supplemental plan such as your health risk factors, your savings and how much insurance you can afford. Since we can’t predict our future health, your savings is one of the more important factors. If you were in the hospital for an extended period of time or homebound and unable to work for even a few weeks, would you have enough money to cover your expenses that your insurance does not like your mortgage. If your answer is no then you should strongly consider looking into a supplemental plan.
Georgia Insurance Brokers can help you decide which supplemental plans are best for your family and you. Our experienced team can review all of your health insurance needs, as well supplemental health care plans to cover sicknesses, hospitalization, accidents and cancer.