What do you do when your insurance deductible is so high that it doesn’t even seem like you have insurance but that’s all you can afford? For some people who seldom seek medical treatments, this doesn’t really bother them. But for others whose only option is a plan with a high deductible, this can prove extremely frustrating and almost like the deck is stacked against them.
Despite the current political environment, the Affordable Care Act is still the law of the land and this means that all Americans must have health coverage or face a fine at tax time.
Enter Supplementary Insurance plans. Sometimes referred to as Gap Insurance, these plans are designed to help the insured pay for many additional costs that standard insurance may not cover by offering a cash payout. Most basic health insurance plans will cover up to a certain percent of your overall bill, supplementary insurance is there to help with the rest.
For example, say something happens and you find yourself in the emergency room. Your insurance company will pay their part and you are responsible for the rest. If you have Supplemental Insurance, you will then file a claim and once it is processed, you will be reimbursed up to a pre-determined amount.
According to HealthValues Editor Colleen McGuire “Supplemental health insurance helps families pay for high health care costs and other monthly bills that can be affected if a family member is unable to work due to an accident or illness. The insurance is strictly a cash benefit, which means individuals and families can use the money to pay medical bills or other lifestyle expenses, like the mortgage, car payment or even child care. And unlike some insurance policies, supplemental insurance is guaranteed issue with no medical questions.”
Is A Supplemental Health Plan In Your Future?
With recent industry analysis and the start of this year’s Open Enrollment period confirming the rising cost of health insurance premiums available on the Federal Exchange, many individuals are left paying more than they ever have for less coverage than in years passed. This is why some industry analysts believe the future for Supplemental Health Insurance Plans is bright. Supplemental Insurance plans allow the insured to pay less for the same quality of care on more inexpensive health insurance plans and ultimately save thousands of dollars a year depending on their level of needs.
Are you overwhelmed with the cost of health insurance this year? A Supplemental Insurance plan may be just what you need to put your mind at ease throughout the holiday season and 2018. To learn more and to view specific plans and pricing options, please visit your association page for full details.