'Tis the Season to Supplement Your Health Coverage

The holidays are over, and open enrollment season is wrapping up. You’ve selected your major medical plan and 2020 is off to a great start. But don’t sit back and relax quite yet—because you’ve probably got some coverage gaps to fill.

Major medical plans don’t cover everything

Imagine this: you come down with a serious illness or an accident strikes. You receive medical care in the hospital and miss three weeks of work. You’re back on your feet with a treatment plan, and life moves along.

Yet medical bills start arriving in the mail—and your share of the healthcare costs are exorbitant. In addition to meeting your annual deductible for covered medical expenses, you’re on the hook for all of the non-medical expenses you incurred during the incident, like the extra childcare and stockpile of hospital parking fees.  What’s more, you lost income while away from the office.

On top of this, your rent or mortgage payment is due—along with the regular rotation of utility bills—and you still have to fill up the car and put food on the table. You just don’t have the cash on hand to cover everything. If only you had more money in savings…or, better yet, a supplemental insurance policy that delivers cash.

Now is the perfect time to plan ahead for what might happen in the year ahead and ensure your family’s lifestyle is maintained in the event of an injury or illness. 

Supplemental insurance: Protection for the unexpected

If the scenario above didn’t convince you, consider these statistics:

  • 24 percent of workers in the private industry, state and local government do not have access to paid sick leave1
  • The average hospital stay costs $2052 per day2
  • 38% of men and women are at risk of developing cancer in their lifetime3
  • One third of people diagnosed with cancer go into debt, and three percent filed for bankruptcy4

You simply don’t plan on getting sick, getting into an accident, or receiving a game-changing medical diagnosis. But a medical incident can leave you and your family strapped for cash and unable to meet your financial obligations. Your primary insurance is designed to pay only a portion of medical related costs, but what about the rest?

A supplemental insurance policy will help you avoid devastating your bank balance. There are a range of products available—from accident to specialty illness—that provide additional benefits for the costs associated with covered incidents, costs that your major medical insurance may or may not cover.

Find the right coverage you and your family

Because no two individuals or families are the same, and no two plans are the same, it’s important you take these steps to identify gaps in your existing coverage and assess your peace of mind in the case of the unexpected:

  1. Look closely at your major medical plan policy. What’s covered? What out-of-pocket expenses are you responsible for? Do you anticipate using any medical services your plan either doesn’t cover or limits?
  2. What are your needs? If you’re sick or hurt and can’t work will you be able to pay your usual expenses. Is your family budget prepared to handle unexpected out-of-pocket medical payments?
  3. Find reliable coverage from a stable insurance company. Once you’ve made the decision to protect your family’s health and budget from unexpected costs, it’s time to move ahead and apply for a plan you know you can depend on. That means quality coverage at a fair price, plus a hassle-free claims process.

If something happens and you or a family member is unable to work—and medical bills start piling up—the rest of your bills don’t go away. You need something in place to make sure you’re protected when you need it the most. And so you can finally sit back and relax.

Take a look at our line of supplemental insurance products today and to request an in-home visit from one of our agents visit us here.


 (2019, September 19). Retrieved from https://www.bls.gov/news.release/pdf/ebs2.pdfPDF file opens in a new window.
Ellison, A. (n.d.). Average hospital expenses per inpatient day across 50 states: Below are the adjusted expenses per inpatient day in 2016, organized by hospital ownership type, in all 50 states and the District of Columbia, according to the latest statistics from Kaiser State Health Facts. Retrieved from https://www.beckershospitalreview.com/finance/average-hospital-expenses-per-inpatient-day-across-50-states.html.link opens in a new window 3-Lifetime Risk of Developing or Dying From Cancer. (n.d.). Retrieved from cancer.org/cancer/cancer-basics/lifetime-probability-of-developing-or-dying-from-cancer.htmllink opens in a new window
Banegas MP, Guy GP, de Moor JS, et al. For Working-Age Cancer Survivors, Medical Debt And Bankruptcy Create Financial Hardships. Health Aff (Millwood). 2016;35(1):54-61.