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How to Know if You Have Enough Health Insurance

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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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