Why You Should Consider Supplemental Health Insurance? Insights from a Supplemental Insurance Agency in St. John, Indiana

Supplemental health insurance can help you with the small expenses that large medical plans don’t usually cover, such as copays, coinsurance, and deductibles. However, many individuals do not understand exactly what this type of insurance does, and why it’s important. To help you make an informed decision about your coverage, this supplemental insurance agency in St. John, Indiana is going to explain why supplemental health insurance is important to consider when managing your healthcare costs.

Peace of Mind

While Medicare will cover many things, it won’t pay for everything — and what it does cover may be more limited than the benefits offered by private insurers.

With a supplemental plan, you can lower your out-of-pocket costs and ensure that you have coverage for certain items such as dental care or orthodontics. These coverages could make a big difference in your day-to-day life. It does not take much of a change in your routine to experience an accident or unexpected illness — you will be safer knowing you have it, just in case.

Rising Healthcare Costs

With the cost of healthcare on the rise, it is easy to understand why many Americans find themselves struggling to pay their healthcare bills each month.

The average family premium for employer-sponsored health insurance reached $21,342 in 2020, an increase of almost 4% from the year before. As if that was not enough, the estimated average out-of-pocket health spending per person in 2020 was $1,172. Unfortunately, the premiums are only projected to rise faster than they have in previous years, while employers’ contributions will decline.

An increasing number of employers are switching from traditional, comprehensive health insurance plans to limited coverage plans with high deductibles to save money. This means that most employees will have to supplement their health insurance policies with additional insurance to ensure they get the coverage they need at a price they can afford. This is where a supplemental insurance agency in St. John, Indiana can help.

Increased Risk of a Critical Illness Diagnosis

As any supplemental insurance agency in St. John, Indiana will tell you, adding supplemental health insurance to your monthly budget is a smart way to help protect you and your family against the financial consequences of any critical illness diagnosis.

With high deductibles/coinsurance or limited coverage in a traditional healthcare plan, such as a Health Maintenance Organization (HMO), Preferred Provider Organization (PPO), or Exclusive Provider Organization (EPO), it can be easy to overlook all the out-of-pocket expenses associated with treatment. However, when getting covered for a critical illness diagnosis becomes important, supplemental insurance is there to protect you from bankruptcy.

You have a second option in supplemental health insurance. Some of these policies are underwritten by private insurance companies and work similarly to term life insurance, providing benefits only if you are diagnosed with a specified illness during or shortly after your policy’s effective date. Others are written on an expense reimbursement basis, also known as indemnity coverage. These policies reimburse you for covered medical expenses but do not cover any pre-existing conditions.

To choose a supplemental plan that meets your needs, you should weigh how much protection against financial hardship you want against how much money you can afford to put toward healthcare costs upfront each month in premiums and out-of-pocket expenses. If you need help determining the right option for your situation, you can always turn to your local supplemental insurance agency in St. John, Indiana for assistance.

Final Thoughts

Many people have some form of health insurance to help pay their medical bills, but many Americans are still uninsured or underinsured. As healthcare costs continue to rise, it is vital to consider adding supplemental health insurance to your primary plan.

Looking for a Supplemental Insurance Agency in St. John, Indiana?

Are you interested in meeting with a supplemental insurance agent in St. John, Indiana to discuss your coverage options? If so, the experts at Senior Care Insurance Services (SCIS) would be happy to meet with you. Our licensed and qualified insurance agents can help you decide which coverage options best meet your needs and financial situation. Contact us today to discuss your options.


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