Even if you have health insurance, like Medicare, it can still come in handy to purchase supplemental health care. Harvard University conducted a study that noted excessive expenses threatened 62% of personal bankruptcy cases and 72% had medical coverage when they fell into financial crisis. Not having enough cash and coverage for high-volume medical care costs can be game changing. If you worry about this, supplemental insurance may just help you out.
What is Supplemental Health Care Insurance?
It is also Called Gap insurance. It can help you cover your bills if anything unexpected happens. If you have to pay a deductible, out-of-pocket expenses or underpayments for serious illness or injury this will take care of them all and keep you from financial trouble.
In real-world terms, supplemental insurance can mean the difference of owing thousands of dollars on medical care charges or not having to pay for them at all if you’ve plugged that coverage gap with an affordable monthly cost between $100 and $300 per month (which is akin to the average price range). If your auto accident incurred a total charge amounting to around 3k in medical treatment costs then supplemental health care would take over this bill leaving you cash-flush without any worries about accruing debt due from extensive bills.
When Should Supplemental Health Care Insurance Be Considered?
There are many reasons to have supplemental health insurance in addition to covering a large medical charge.
What Is the Amount of Your Deductible?
If your health insurance deductible is more than what you have in savings, supplemental health care coverage might be a good option for you. According to Bankrate’s data, only 40% of Americans are able to pay $1,000 out-of-pocket if they face an emergency expense. Supplemental healthcare can help Americans with low personal savings cover their high medical bills when faced with an emergency cost that exceeds the plan’s allowance or limit on spending.
You’ll Need the Money for Supplementary Costs.
For those that have children and are single, being sick can be a dangerous time period. Not only is your health at risk but the wellbeing of your family as well. With gap insurance for families, you will be able to receive up to $1,500 monthly towards child care or daycare expenses which could happen during this timeline if needed because you were laid low by illness according to industry data from Gap Insurance Helper!
If Your Company Does Not Provide Coverage for Unpaid Medical Leave
If you have a job and get injured, this insurance covers the costs of copayments or any exclusions from your health plan. It also comes with time to recuperate without financial difficulty until returning to work.
If You’re a Senior Who Can’t Afford to Cover All of Your Medicare Expenses
It’s no secret that Medicare doesn’t cover everything. A Medigap policy is a great way to close the coverage gap and save some money, at just $5/day!
Coinsurance, Deductibles, and Out-of-Pocket Expenses
Three critical health care insurance components – deductibles, coinsurance and out-of-pocket costs – also factor into the need to purchase supplemental health care insurance.
What Is the Cost of Supplemental Health Care Insurance?
Depending on your personal circumstances and the type of health insurance you already have, it may be difficult to determine if buying supplemental Medicare (Medigap) insurance is a good idea. Not all plans pay for exactly the same thing either; some Medigap policies cover deductibles, coinsurance costs or out-of-pocket expenses directly that other ones do not.
To cover missed wages, transportation to a health clinic, hospital, or physician’s office, and medications. Supplemental insurance costs do vary but appear manageable given the benefits such plans provide.