Top Ways You Can Benefit from Supplemental Health Insurance

Supplemental health insurance is key to have in the time of emergencies. Find out why it’s so important to have and all the ways it’s beneficial here.

Roughly 38 million Americans have inadequate health insurance, and accidents happen every second.

Supplemental health insurance might be the answer. If you’re unsure if you can benefit from supplemental health insurance, keep reading.

We break down how you can benefit from supplemental health insurance.

 

What Is Supplemental Health Insurance?

Supplemental insurance is additional or extra insurance you can get to help you pay for any out of pocket expenses that your regular insurance won’t cover.

Some of these plans will pay for out-of-pocket medical expenses including copayments, deductibles, and coinsurance. 

Now, let’s jump into the benefits of supplemental health insurance. 

Your Deductible Is Greater Than Your Savings Account 

Just about every major medical plan has a high annual deductible that can be $1,000 or over $6,500 in out-of-pocket expense limitations. You will want to compare the deductible and the out-of-pocket maximum and see if your savings would cover what your out of pocket maximum is.  

If you are anything like most people, then your savings likely won’t cover that expense. A recent study showed that 63 percent of American do not have enough money in savings for an unexpected $1,000 medical emergency. 

Supplemental health insurance is sometimes called gap health insurance and it can really help you and your family.  

You Have Children

If you have children, they might need extra childcare expenses if you become injured or ill. A serious injury or illness can add a lot of financial strain to you more than medical expenses could, and som people forget about this when they are getting health insurance. 

If you have young children, you know how expensive childcare gets. According to Child Care Aware Of America, The average cost of a center for infant daycare is $5,045 to $17,082 a year or about $420 to $1,423 a month, depending on where you live. 

If you get ill or injured and have kids, you will need even more childcare services because you won’t be able to take care of your kids as you are recovering. This is where supplemental health insurance can help. 

You Don’t Have Savings

If your savings account won’t cover you if you have to take off work because of injury or illness, you will want to get supplemental health insurance.  It’s no surprise that most American live on the edge and spend most of what they make.

Most of us haven’t taken time do the financial planning to analyze how much we need to save. Most of American’s savings accounts are less than $1,000. This amount will not go far if you get an illness or injury that takes you out of work for a while. 

21 percent of Americans don’t even have a savings account. If you are one of these people, you will want to get supplemental health insurance.

Get Supplemental Health Insurance

If you can benefit from supplemental health insurance, then you should look into getting on a plan today. If you don’t have a savings account that can cover you if you get sick if you have kids, and or your deductible is greater than your savings account you will want to get this extra insurance sooner rather than later. 

For more health insurance resources, check out our blog.