It’s easy to believe that the coverage you receive through the health insurance benefits from your employer means that you have all the protection you need in case of injury or illness. However, all too many people who feel this way find themselves caught in a financial catastrophe if that illness or injury does occur.
Before you start feeling too comfortable, it is recommended that you take a very good look at your policy and make sure that you fully understand what it covers. There are a number of reasons that you could find that supplemental health insurance will make all the difference between financial health and ruin should the worst happen. Consider the following circumstances that may lead you to find health insurance exceptionally useful.
• Self employment – if you do not have an employer-provided health plan, and you are responsible for paying for your coverage in its entirety, you might want to think about purchasing a catastrophic policy for your primary insurance so that you’re covered in the case of major medical events, even though you still pay for minor medical care, prescriptions, and visits to the doctor’s office. A supplemental policy could then help to pay for those out of pocket expenses, and could offer a cash benefit if illness or injury should stop you from being able to work.
• No savings – if you have limited or very limited savings, then time off work and deductibles, co-payments, and caps can lead to financial disaster. Cash payments at this time can be used to cover bills and pay for groceries until you can get back to work.
• Are you worried about the risk of cancer – cancer insurance policies can help to pay for the full cost of treating the condition, which is rarely the case with a standard health insurance policy.
