Filling In The Gaps In Your Health Insurance Coverage
With the steep increases in the cost of health insurance, many families have begun choosing high-deductible health insurance plans as a way lower their monthly expenses to make ends meet.
In exchange for paying lower monthly premiums, the plan requires that the clients pay for the first $1,000, $2,000, up to $10,000 of medical expense before the insurance steps in and begins providing coverage.
While lower monthly premiums are welcomed by all, there are some downsides.
First off all there is the risk that you would have to come up with thousands of dollars in the event of a serious illness or accident.
With the recession, homes that have negative equity, and high unemployment, most people do not have the cash on hand it would require to pay for the deductible.
Secondly, your health insurance policy cover may have hidden exclusions which can create gaps in coverage.
In an effort to reduce expenses, some health insurers have excluded certain conditions and circumstances.
Some of the areas that could be excluded are: Car accidents with uninsured drivers.
Sadly many people are injured every year due to auto accidents and it seems that the worst drivers almost always have no insurance.
Accidents that occur during school hours or on school or church related outings.
Mental Health.
This has long been an area that is underserved by health insurers, yet the number instances of being diagnosed with a mental condition are growing rapidly.
Death.
Health insurance policies rarely have any provision to pay out if an insured person dies.
This can strike home particularly hard if a child dies since most kids do not have insurance.
Conventional thinking is that only people with financial obligations need life insurance but if a child dies money might be needed for counseling for the other children and the parents, as well as to pay for funeral costs.
An increasing number of families are covering their high deductibles and these excluded risks by adding inexpensive supplemental insurance policies to cover accidents, illnesses, and small life insurance policies to cover final expenses.
There are many different types of policies available from many companies and you can easily go online and research your options with an independent online insurance agency.
The cost for this type of coverage is inexpensive because the risk of these events occurring is low.
Insuring against that low risk though, could make all the difference in the world to your family.
In exchange for paying lower monthly premiums, the plan requires that the clients pay for the first $1,000, $2,000, up to $10,000 of medical expense before the insurance steps in and begins providing coverage.
While lower monthly premiums are welcomed by all, there are some downsides.
First off all there is the risk that you would have to come up with thousands of dollars in the event of a serious illness or accident.
With the recession, homes that have negative equity, and high unemployment, most people do not have the cash on hand it would require to pay for the deductible.
Secondly, your health insurance policy cover may have hidden exclusions which can create gaps in coverage.
In an effort to reduce expenses, some health insurers have excluded certain conditions and circumstances.
Some of the areas that could be excluded are: Car accidents with uninsured drivers.
Sadly many people are injured every year due to auto accidents and it seems that the worst drivers almost always have no insurance.
Accidents that occur during school hours or on school or church related outings.
Mental Health.
This has long been an area that is underserved by health insurers, yet the number instances of being diagnosed with a mental condition are growing rapidly.
Death.
Health insurance policies rarely have any provision to pay out if an insured person dies.
This can strike home particularly hard if a child dies since most kids do not have insurance.
Conventional thinking is that only people with financial obligations need life insurance but if a child dies money might be needed for counseling for the other children and the parents, as well as to pay for funeral costs.
An increasing number of families are covering their high deductibles and these excluded risks by adding inexpensive supplemental insurance policies to cover accidents, illnesses, and small life insurance policies to cover final expenses.
There are many different types of policies available from many companies and you can easily go online and research your options with an independent online insurance agency.
The cost for this type of coverage is inexpensive because the risk of these events occurring is low.
Insuring against that low risk though, could make all the difference in the world to your family.