What Is Supplemental Insurance?
Most people hear the term “supplemental insurance” and think it’s redundant. Many think, “I already have good insurance coverage. Why would I need supplemental?”
It’s a fair question, but if you were out of work due to an injury, who would pay your mortgage or other bills? Your health insurance policy helps pay your medical bills, but supplemental insurance helps pay your expenses while you’re not able to work. One of the biggest differences between typical health insurance and supplemental insurance is that with supplemental insurance policies, you are the payee- not a healthcare provider.
Supplemental policies can provide a clear way to reduce expenses when you sick or injured. Some of the ways our customers have used the payments include:
* Coverage for copays or deductibles
* Mortgage or rent
* Travel & lodging expenses related to seeking treatment
* Other out of pocket expenses
Factors To Consider With Supplemental Insurance
It’s hard to think about all the expenses a person can incur while ill, but this is exactly where supplemental insurance policies can be helpful. Since these policies pay you directly, this money can help you avoid some of the serious financial consequences of medical bills.
Since more than 60% of all bankruptcies are declared due to medical expenses, it’s important to at least consider a supplemental insurance policy. Some of the factors to think about include:
* Your present age
* Your genetic predisposition to certain diseases
* Your current savings
* Your current insurance coverage
As you get older, it’s obvious that you’re more likely to have more healthcare-related expenses. Given the fact that many diseases run in families, it’s only smart to guard your family’s financial situation in the event of something as devastating as cancer or other diseases.
While most financial advisors suggest we maintain at least 6 months salary as a buffer against being out of work, most of us struggle to accomplish this. This is where supplemental insurance can help.
Clearly, your health insurance policy won’t cover all your expenses with an injury or illness. Even Medicare has what is referred to as the “Medigap” which refers to expenses that are not covered by Medicare such as home healthcare, preventative care, etc.
Call The Health Insurance Doctor to discuss whether or not supplemental insurance is right for you. We’re happy to help you make an informed decision.
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