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How to Know if You Have Enough Health Insurance

How to Know if You Have Enough Health Insurance

Does your health insurance give you peace of mind? Or are you worried your employer-offered coverage just doesn’t do enough?

Supplemental health benefits fill in the gaps where health care coverage falls short.

So don’t worry about hospital bills, the after-effects of a car accident or getting proper medical care after a heart attack or stroke. With supplemental health insurance, you can get the coverage you need for true peace of mind.

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Follow these steps

The best way to go about buying supplemental health benefits involves several key steps. “First, get to know your existing coverage,” says Greg Feste, CEO of Rezilient Direct. “That way, you can identify where the gaps occur and know what kind of supplemental benefits you need. The right supplemental coverage will pay for costs that won’t be covered by your primary insurance. But it shouldn’t replace your primary coverage. It’s an additional policy.”

Supplemental health insurance also offers certain benefits that your primary coverage won’t. “Think of it as a customizable benefit,” Greg Feste advises. “Many of the policies offer advantages that primary insurances don’t, such as no deductible or waiting period. Often cash benefits will be paid out to you. In addition, the plans typically don’t have contingencies, so you’ll get the benefits regardless.”

The kinds of coverage available

Before you buy the coverage, talk to an expert about the types of benefits you can get with supplemental insurance, which can cover expenses such as:

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  • Medication.
  • Hospital stays.
  • Deductibles.
  • Copayments.
  • Coinsurance.
  • Transportation.
  • Food.
  • Childcare.
  • Income replacement.
  • Long-term care.
  • Other costs associated with a hospital stay, accident recovery or illness.

Some of the most popular types of supplemental health insurance includes dental and vision, accident, critical illness, cancer, hospitalization, heart and stroke, term life and short-term disability.

Making a wise investment

Contrary to what many people think, supplemental health insurance is a cost-effective and affordable solution. “It’s a wise financial investment for people who have plans with a high deductible,” reports Greg Feste. “To keep costs low, often people will choose a high-deductible employer-provided insurance plan to lower monthly premiums. However, the downside is higher costs out of pocket.”

With supplemental health benefits, you can get some relief from these costs. Just be sure to choose a plan that ensures coverage for deductibles and related out-of-pocket costs associated with care. Plans are very affordable, with “some plans costing as little as $12 to $15 a month for an individual, and for families, it’s just slightly higher, around $20 to $30 per month,” says Feste.

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Still not sure you need supplemental health coverage? Grab a calculator and run some numbers. Add up all of the health care costs you incurred last year, including out-of-pocket expenses and deductibles. Tack on at least a $10,000 bill for a major medical event and estimate how much of that bill you’d be responsible for (this is the average lowest cost for a major medical event – should one happen to you or a family member).

Then, calculate if these costs over the year add up to more money than you’d pay for supplemental insurance. If they do, consider purchasing supplemental health benefits to prevent a major health care event from creating a devastating and lasting impact on your financial health.

For most consumers, it pays to get a supplemental plan, especially one that would cover lost wages or a mortgage payment – should you have to stay in the hospital for a long time. The coverage provides true and lasting peace of mind, for just pennies on the dollar. So what are you waiting for? Go talk to your insurance professional to review your existing coverage and discuss options for purchasing supplemental benefits.

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Featured photo credit: Flickr via flickr.com

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Last Updated on December 9, 2019

5 Simple Ways to Relieve Stress Effectively

5 Simple Ways to Relieve Stress Effectively

Everyone experiences mental stress at one time or another. Maybe you’re starting a new career, job, or business, or you feel incredibly overwhelmed between work, parenting, and your love life (or a lack of it). It could even be that you simply feel that you have way too much to do and not enough time to do it,  plus, on top of everything, nothing seems to be going the way it should!

Yup, we all experience mental stress from time-to-time, and that’s okay as long as you have the tools, techniques and knowledge that allow you to fully relieve it once it comes.

Here are 5 tips for relieving mental stress when it comes so you can function at your best while feeling good (and doing well) in work, love, or life:

1. Get Rationally Optimistic

Mental stress starts with your perception of your experiences. For instance, most people get stressed out when they perceive their reality as “being wrong” in some way. Essentially, they have a set idea of how things “should be” at any given moment, and when reality ends up being different (not even necessarily bad), they get stressed.

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This process is simply a result of perception and can be easily “fixed” by recognizing that although life might not always be going as YOU think it should, it’s still going as it should—for your own benefit.

In fact, once you fully recognize that everything in your life ultimately happens for your own growth, progress, and development—so you can achieve your goals and dreams—your perception works in your favor. You soon process and respond to your experience of life differently, for your advantage. That’s the essence of becoming “rationally optimistic.”

The result: no more mental stress.

2. Unplug

Just like you might need to unplug your computer when it starts acting all crazy, you should also “unplug” your mind.

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How on earth do you unplug your mind? Simple: just meditate.

It isn’t nearly difficult or complicated as some people think, so, if you don’t already meditate, give it a try. Whether you meditate for 5 minutes, 30 minutes, or 2 hours, this is a surefire way to reduce mental stress.

Meditation has been scientifically proven to relax your body (resulting in less mental stress), while also reducing anxiety and high blood pressure.

3. Easy on the Caffeine

Yes, we know, we know—everyone loves a nice java buzz, and that’s okay, but there’s a fine line between a small caffeine pick-me-up and a racing heart and mind that throws you into a frenzy of mental stress.

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Try giving up caffeine for a while and see how you feel. And, if that’s completely out of the question for you, at least try to minimize it. You might find that lots of your mental stress mysteriously “disappears” as your caffeine intake goes down.

4. Attack Mental Stress Via the Back Door

That’s right: your body and mind are part of the whole being, and are constantly influencing and affecting each other. If you’re experiencing a lot of mental stress, try to reduce it by calming your body down—a calm body equals a calmer mind.

How do you calm your body down and reduce physical stress? A  great way to reduce physical stress (thereby reducing mental stress) is to take natural supplements that are proven to reduce stress and anxiety while lifting your mood. Three good ones to look into are kava-kava, St John’s wort, and rhodiola rosea:

  • Kava-kava is a natural plant known to have mild sedative properties, and you should be able to find it at your natural health food store or vitamin store. It’s available in capsules or liquid extract form.
  • St John’s wort is a natural flower used to treat depression. Again, it’s found at your local health store in capsules or liquid. Because it uplifts mood (enabling you to see the brighter side of all experiences) it helps relieve mental stress as well.
  • Rhodiola rosea is a natural plant shown to reduce stress and uplift mood, and Russian athletes have been using it forever. Like the other two supplements mentioned, rhodiola rosea can be found at your natural health store in capsule or liquid form.

While these supplements are all natural and can be very helpful for most people, always check with your health care provider first as they can cause side-effects depending on your current health situation etc.

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5. Good Old-Fashioned Exercise

This tip has been around forever because it works. Nothing relieves mental stress like running, kickboxing—you name it. Anything super-physical will wipe out most of your mental stresses once the exercise endorphins (happy chemicals) are released into your brain.

The result: mental stress will be gone!

So, if you’re feeling overwhelmed or just plain stressed, try using some of the above tips. You can even print this out or save it to refer to regularly.

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