Why You Should Supplement Your Corporate Health Insurance
In the struggling economy of the last few years, health care has been a huge topic on the minds of most Americans. Even those who can find jobs have found their benefits packages cut, and find themselves unable to seek help for medical ailments when the need arises, because of the high costs of health care. While laws are currently being put into place to help the average American qualify for health care, many business owners are cutting back on hours in order to save costs and cut benefit expenses. Those who have health insurance through their employer may be lucky, but may still find that their medical expenses are higher than they can afford. If you are concerned that the health insurance you receive through your employer is not enough to keep you healthy and out of debt, you may choose to purchase a private health plan in order to supplement your corporate benefits.
What Is Supplemental Insurance?
Insurance that you buy in addition to the benefits you have through your employer is referred to as supplemental insurance. The name comes about because your private insurance is working to supplement, or cover, costs that are not included in your corporate health plan. Even in plans that cover eighty percent of healthcare costs, the twenty percent required of the patient can be overwhelming and financially debilitating. This reason alone makes a strong case for why consumers should purchase additional health care coverage.
What Does Supplemental Insurance Cover?
The main benefits of supplemental health insurance come in the treatments and charges that are covered by your private health plan. Some of them are listed below.
- Deductibles that must be met before your corporate plan kicks in
- Any expenses that are incurred from or related to a critical illness
- Additional medical expenses that your are unable to pay
Although a supplemental insurance plan may seem like an unnecessary cost each month, consumers who choose to purchase this insurance understand the benefit of having all medical bills covered, and having double coverage for health care.
Why Is Supplemental Insurance Necessary?
There may be exemptions within your corporate health insurance policy that you are unaware even exist. These factors will affect whether or not your insurance company is willing to pay your bills for medical treatments. If you have increased risk factors from lifestyle or previous illnesses, you may need a supplemental policy to ensure that you have coverage when an illness or injury happens.
You should also consider the health care of your spouse and your children when deciding if you should purchase supplemental insurance. If your spouse or any of your children have risk factors that preclude them from coverage under your work policy, it may be necessary for you to purchase additional coverage for them. Many times, consumers assume they are covered by an insurance plan, when the company has policies put into place to avoid insuring individuals who are high risk.
The best way to combat this problem is to place a call to your corporate insurance company and request any exemptions that may occur from risk factors or pre-existing conditions. If someone in your family is exempt from insurance because of these factors, it’s time to seek out a supplemental insurance plan to protect your family’s financial future.
The Benefits Of Doing The Research
Simply signing up for your employer’s health care coverage is not enough to protect your family and provide them with medical care and insurance coverage. Any individual who is covered by a corporate policy should take an active role in their insurance coverage, and be updated on any changes that are made. When you learn more about your insurance coverage offered to your by your employer, you ensure that your family is fully covered, and help to protect the financial future of your family.