In the current insurance climate, it is highly likely that your healthcare costs will be coming straight out of your pocket. According to the Healthpocket Analysis of the 2017 Affordable Care Act, both premiums and deductibles have skyrocketed.
Rated in a bronze through platinum tier system, the bronze plans, considered the affordable range, had deductibles that topped 6,000 for a single adult and over double that for a family. Even in the platinum tier, plans experienced a 74% increase. Now more than ever, the best defense against out of control healthcare costs is a supplemental insurance policy.
The second tier up from the bottom is the silver plans, which still have an incredibly high deductible at $3,572, and again over double that for a family. To get any relief from these numbers you need to get a gold plan that drops the deductibles by over 60%. Unfortunately, the cost is over one hundred dollars more per month for a single young adult. Now, both families and single adults are paying premiums that resemble a mini deductible once a month. This issue illustrates where a supplemental policy will help the most.
Compare the difference in cost between a single adult silver and a single adult gold against the monthly premium for a supplemental accident policy averaging $19 per month. It’s around one-fifth the cost. The difference is even more dramatic with family policies. With the chances of paying a significant deductible more certain, supplemental policies become a vital tool in staving off financial hardships from increased health care costs.
If you’re worried that you might have issues other than accidents, many plans can be sold as riders covering sickness, disability, cancer, life, and burial. These can be instrumental in addressing specialist treatments and services not covered by major medical. Uncovered services are known as the Medigap. Supplemental insurance is often called Medigap insurance.
The overriding common theme of all supplement policies is that they are low-cost and pay the insured directly. These plans have had little increase in the premiums over the years because of stiff competition.
You can certainly buy it online, but you can also purchase a group rate policy through your employer. This will offer some savings as well. Either way, an insurance specialist will have information specific to your state and situation. With that and a good understanding of your major medical plan, an agent will help you develop a plan for the gaps in your healthcare coverage.
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