12/01/2015 How Supplemental Insurance Offsets Rising Cost
Alli Walsh, Social Media Strategist
How Supplemental Insurance Offsets Rising Cost
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.
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.
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 I just mentioned.
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.
Many people don’t know that many types of supplemental insurance provides cash that you may use any way you wish, including helping with expenses often associated with serious injury or illness such as replacing lost income, associated transportation costs, childcare, and necessary household help. The benefits are paid directly to you, so you can use them wherever you need them most.
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.
Do you think supplemental insurance is right for you? Chime in on your thoughts on our Facebook page here:
Do you own supplemental insurance? What types, and what made you decide to purchase a policy?
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