Supplemental Coverage for 2020
New year, new you, new coverage! Open enrollment has come to a close, which means you likely just finished choosing your coverage for 2020. Before you head out to visit your doctor, take a minute to really understand your plan. What is your copay, monthly premium, deductible, max out of pocket expense? Are your current doctors, hospitals, pharmacies covered? A simple visit may cost more than you’re expecting. Or worse – what if you missed open enrollment all together and you have zero coverage for 2020?
There are many types of Supplemental Health Insurance Plans to help with the added expenses of keeping you and your family healthy and safe from catastrophic financial hardships. They can be as simple as Metal Gap Insurance, to help fill the gaps left by metal level health plans (Bronze, Silver, and Gold) and help cover deductibles, coinsurance, and copays. Dental, Vision, and Hearing coverage is not required by the Affordable Care Act, or ACA, and the monthly premium for such plans could greatly impact your budget – for the better – if you or a member of your family may need braces, prescription eyewear, laser eye surgery, hearing aids, etc., in the coming year.
Fixed Indemnity Insurance and Accidental Insurance can help cover out of pocket expenses that quickly get out of control after an accident or injury. This supplemental insurance pays a tax free lump sum directly to you in the event of an accident or injury; it can cover the deductible you likely have with your current health plan, PLUS pay your bills while you are in the hospital and off of work to recover. Traditional health insurance will cover your medical bills, but it will not cover a new wheelchair ramp or accessible bathroom remodel, if such a catastrophe were to occur. To give you an example (plans will vary depending on your circumstances): let’s say your yearly deductible is $8,000. You choose a plan for an added $25/month that will pay out a tax free lump sum of $50,000. You can pay off your medical bills and have a remaining $42,000 to pay monthly living expenses while recovering as well as any needed therapies to get you back to work, and any accessibility projects or aides that may be needed. Disability Insurance can help cover living expenses if you’re unable to return to work after an accident.
Short Term Health Insurance can be purchased any time of the year; so if open enrollment slipped by, you still have a chance for coverage! Coverage, however, is not guaranteed and may be denied due to preexisting conditions. These plans can last up to 12 months and are typically designed to cover emergency expenses and unanticipated medical claims. They work best for those who do not require consistent medical care.
Medigap and Medicare Advantage strategies are critical for those who have Medicare Insurance. These plans can help seniors save on the out of pocket costs such as copays and prescription drugs, which Medicare does not cover.
Get the most out of your health insurance plan by reviewing your policy now. Be confident in your health and wellness.