Supplemental Insurance Covers What Your Health Plans Are Lacking

Supplemental health insurance helps to cover medical costs that your primary health insurance does not cover.  Much like most homeowners’ insurance policies don’t include flood insurance, some health insurance policies don’t cover medical treatments that you need or want.  “Do You Need Supplemental Health-Care Insurance,” by Fox Business’s Donna Fuscaldo, helps consumers determine if buying supplemental coverage is something they should consider.  With every type of insurance that we buy, we are trying to manage the risk in our lives.  Whether it be health insurance, car insurance, or life insurance, we are protecting ourselves in the case of an unforeseen circumstance.  So the first thing you need to consider is how much risk you are willing to take or better yet, take away from yourself.

You can get supplemental health insurance for just about anything.  Dental, vision, critical care, and accident insurance are the most popular.  Before looking to purchase any of those you should confirm the coverage that you already have through an existing health insurance plan.  You don’t want to pay for double coverage of anything.  Compare the cost for this additional insurance between multiple health insurance companies.  While the prices will vary, coverage like dental or vision is typically very affordable.  Dental coverage will include routine cleanings and other minor work.  Vision insurance allows for eye exams and a certain amount of glasses or contacts.  Critical illness coverage pays for your care in the event that you get a life-threatening disease like cancer, while accident insurance pays for injuries related to any type of accident.

A lot of people are trying to save money by using high-deductible health insurance plans for their main health care policy.  If you are one of them, supplemental health insurance may make sense so that you aren’t paying out a $5,000 deductible in the event of an injury or illness.  Most plans are only $150-$300 a year, depending on who is being covered.  Many health insurance plans offer supplemental insurance as a rider on your current plan or you can purchase them as a separate insurance coverage.  Start by adding up the cost you will pay out-of-pocket for your deductible and coinsurance in the event of a hospital stay.  Then you can compare those costs to your yearly expense for supplemental insurance and see what makes more sense.  Supplemental medical plans can also cover wages lost from missing work or mortgage payments that you are unable to make due to an illness or injury.  This additional health insurance coverage is worth a look if you think your main insurance plan is lacking.

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