Supplemental health insurance pays for expenses that your regular health insurance doesn't cover. You can use it to pay deductibles and copays, buy medicine and reimburse you for lost wages or transportation and food expenses you incur while suffering from an illness or injury. This type of coverage is optional, but consider seven top reasons for purchasing it.
- Your small or non-existent emergency fund will be wiped out quickly as you pay expenses related to your injury or illness. Avoid financial crisis like credit card debt or bankruptcy with supplemental coverage.
- The Medicare gap won't pay for skilled nursing care, hospitalization and a variety of other expenses. Your supplemental coverage will, though, which ensures you can receive the treatment you need.
- Some diseases can be genetic, and the treatments are usually pricey. If you're high risk for developing a disease, supplemental insurance pays for important tests, medicine and medical care you may otherwise be unable to afford.
- Your kids need care as you recover from an injury or illness. Use your supplemental insurance policy to pay for a babysitter or nanny.
- To pay for your mortgage, utilities or car payment while you're off work because of a health challenge, turn to supplemental insurance.
- If you need medical care while traveling away from home, you will want supplemental insurance. It pays for out-of-pocket expenses your regular health insurance policy does not cover, including out-of-network doctor visits and a hotel room for your spouse.
- All health insurance policies are not created equal. Supplemental coverage ensures you have all the financial coverage you need for any emergency, even if you don't have the best health insurance.
Because supplemental health insurance provides these top seven benefits, ask your employer if he or she offers this type of coverage. You can also purchase supplemental health insurance on your own so that you can get the financial peace of mind you need.