11/18/2019 The Importance of Supplemental Insurance for Offsetting Rising Costs

Allison Walsh

The Importance of Supplemental Insurance for Offsetting Rising Costs

Millions of Americans are carefully considering their comprehensive health insurance options as Open Enrollment is occurring around the country. Whether you are enrolling through your employer, or a state or federal Affordable Care Act marketplace, you will have the opportunity to choose options that are right for you and your family.

Rising healthcare costs

You’ve probably noticed that many comprehensive health insurance co-pays, deductibles, and co-insurance out-of-pocket expenses are rising. Insurance companies and employers are increasingly asking their policyholders to pay for more of their healthcare expenses, taking a bigger dent out of your budget. In 2020, employees are predicted to spend an average of $4500 on their healthcare expenses, including out of pocket expenses.1 In 2018, employees with a family of 4 spent an average of $15,159 on premiums alone.1

Supplemental insurance

As you take a look at your options, make sure to carefully consider how supplemental insurance fits into your insurance portfolio, and how it may help offset that dent in your budget.

Some types of supplemental insurance can work by complementing your major medical coverage. When an accident or illness happens, supplemental insurance may help cover uncovered or unreimbursed medical expenses including:

  • copays
  • travel expenses to see the doctor
  • childcare
  • pet care
  • home and lawn care
  • uncovered medical equipment

Common types of supplemental insurance are:

  • Accident Insurance
  • Accident and Sickness Insurance
  • Cancer Insurance
  • Critical Care Insurance

During this period of Open Enrollment, take the time to understand any changes you may have in co-pays, deductibles, coinsurance amounts, and out-of-pocket limits. With a clear understanding of your expected costs, you can determine whether or not supplemental insurance is right for you.

Find out more about Combined Insurances supplemental insurance products by visiting our products page on Youtube.


1-darla_mercado. (2019, September 26). Your health insurance costs are about to go up in 2020. Retrieved from https://www.cnbc.com/2019/09/26/your-health-insurance-costs-are-about-to-go-up-in-2020.html.

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