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Supplemental Insurance, Is it a Good Idea?

By John T. Murray

Many employers these days are asking their employees to accept a higher deductible or HSA account health plan in order to be able to continue to offer it as a benefit. The down economy is forcing businesses to do this to save money, yet still offer some kind of a benefit to attract the best employees. It is either change the benefits or get rid of them altogether. This puts the employee at risk of not being able to pay the hospital bills, home expenses or even go bankrupt.

This is where supplemental insurance should be looked at. There are many companies that offer to cover this gap in the health plan. Most of these pay cash direct to you, regardless of what health insurance carrier you might have from work. These premiums are affordable to most employees and do help you bridge that gap should you get sick or hurt.

You should consider insuring yourself against accident or sickness or both. Younger folks might want to look at an accident supplement policy, due to the fact they engage in more activities than older folks and more likely to end up in a hospital than to be sick. Conversely, older folks should look at sickness plans due the fact that they are more likely to get sick than to have an accident. Again, both of these types are designed to help you bridge the gaps that higher deductible plans might surprise you with.

As far as benefits go, it is impossible to discuss all the varying companies plans, the important concept here is to get some kind of coverage to protect you and your family. Choose wisely and you may even end up with a better health plan than before!

It just makes sense in these times of increasing costs and lower benefits that supplemental insurance should be a benefit worth looking into at your place of work or even outside of work. Again, most supplemental insurance packages are designed to be affordable to everyone, while offering you protection against the dangers that lurk outside.


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