When it comes to health insurance, it can be difficult to find something affordable that fits your needs, while also offering the most comprehensive coverage.
It can be tempting to go with the most inexpensive plan with the promise that it will save you money in the short term, but these plans do not help you in the long run. Instead, skimping on this important feature of your plan will cost you thousands of dollars in the long run.
Truly comprehensive plans
All good health insurance plans cover you in two ways. The first is day-to-day coverage. Examples include copays for doctor visits, prescriptions, and preventative care. Usually, if you are healthy, this is all you will use your coverage for throughout the year.
The second way your health insurance plan will cover you is for catastrophic coverage. This will cover you in the case of an accident, getting cancer, or landing in the ER, all of which can add up to large bills very quickly. In fact, the average trip to the ER in the United States is $1,171 and an overnight stay in the hospital is $10,700 per night.
With the cost of medical bills rising, having a comprehensive health insurance plan is more important than ever.
To ensure your plan is as comprehensive as possible, consider investing in catastrophic coverage provided through supplemental insurance.
What is supplemental insurance?
Supplemental insurance is voluntary insurance that you can purchase separately from your medical insurance. It is not meant to be a replacement for medical coverage and is not required to own medical insurance.
Having supplemental insurance helps to fill any gaps left in your main medical plan. These include out-of-network costs, expensive procedures, or experimental drugs. Many times, there are gaps on purpose because the insurance company considers these to be elective charges. As a result, this could lead to paying more out of pocket than you should.
How does it work?
When you become sick or injured, your insurance will be billed. However, any charges they do not cover will be subject to your deductible. In addition, bills such as rent, groceries, or utilities will still be due. Because of this, an unexpected medical expense could leave you in a bind and unable to come up with the money to maintain your lifestyle while you focus on recovery.
That is where supplemental insurance comes in.
Supplemental insurance gives you a cash benefit that you can use to cover any expenses that your insurance will not cover. However, since it is cash, you can also use it to cover any other expenses that may come up.
Myths and facts about supplemental coverage
One of the most common misconceptions about having catastrophic coverage is that it is unnecessary because a catastrophic event won’t happen so why even bother with the extra monthly premium cost?
However, what happens when you don’t have catastrophic coverage on your plan?
Although some plans may cover these events, they won’t be covered at 100%, leaving you with a large medical bill. With the stress of trying to focus on your health and recover, the last thing you need is to worry about are medical bills.
Additionally, you may think you have enough coverage and don’t need supplemental coverage. However, in a study conducted by Harvard University in June 2020, it was found that 18.2 million Americans were either uninsured or underinsured, putting them at a greater risk of falling into medical debt from an injury or illness.
Supplemental coverage will give you the peace of mind that you are covered in the case of a serious injury or illness.
Life is unpredictable, but having extra protection in the case of an injury or illness can make the difference between financial hardship or having the peace of mind your bills will be covered.
Contact us today for a free review of your coverage.