Do You Need Supplemental Health Insurance?

Do You Need Supplemental Health Insurance?

If you already pay for health insurance, the last thing on your mind is that you need supplemental health insurance. However, if you dig through what a traditional plan has to offer, you’ll find that there are a lot of exclusions and gaps in plans, which can lead to high liabilities.

Do You Need Supplemental Health Insurance?

What is Supplemental Health Insurance?

A supplemental policy works alongside your traditional policy to offer enhanced coverage options. For example, your normal policy may have very limited, or no, dental coverage offered.

In this case, you can find a supplemental plan to cover these additional costs.

However, these plans can protect against financial burdens that many health insurance plans put on policyholders, including:

  • Deductibles for hospital care
  • Dental coverage
  • Eye coverage

You’ll also find some of these plans are for specific conditions and diseases, such as cancer screenings. There are also options for things, such as pregnancy, so the plan would cover things, such as the birth of the baby and prenatal care.

Supplemental Insurance Cost Basics

Supplemental health insurance is an additional insurance, on top of your standard coverage, and it’s 100% separate. You can add or remove the plan at any time, and this means that it will come at an additional cost to you.

The plan’s price can be drastically different.

You might find a plan to cover eye care that is $10 and one for cancer that is $500. Age is also a major factor in calculating a plan’s premiums. The older you are, the higher the cost will be for your premiums.

These plans have monthly premiums, but they also have standard costs, which may include:

  • Copay
  • Deductible
  • Coinsurance

It’s crucial for you to analyze each plan to best understand the costs involved and what your true, monetary obligations are under the plan.

Types of Insurance Plans Available

Supplemental plans vary drastically, but you’ll find plans for numerous, specific circumstances. A few of the most common types of plans and when they’re ideal, include:

  • Hospital insurance, which is designed to cover the costs for people with ongoing medical issues that need to go to the hospital often
  • Critical illness insurance, which is designed for anyone with a specific, high-risk illness
  • Long-term care, ideal for anyone that is aging and fearful that they will need long-term care
  • Accident insurance, a type of plan that is designed for athletes or entertainers in the event that they have an injury

You can also find vision, dental and orthodontic plans, often sold as add-ons to your policy, and these plans may be combined or separate. Since everyone is different and has their own set of medical concerns and/or risks for certain conditions, it’s crucial to sit down with a professional to ensure that you have supplemental plans that offer you maximum coverage.

Supplemental health insurance plans offer you peace of mind that if you need to go to the hospital or have a critical illness, your medical bills will be covered. If you feel that your regular policy doesn’t provide adequate coverage, consider one of these plans.


Choosing Insurance: 5 Key Factors In Deciding On Health, Dental, & Vision

Choosing health, dental and vision insurance is not a decision to take lightly. Your coverage will have a direct impact on your ability to obtain the healthcare services that you need. There are several factors to consider when choosing insurance. We’re going to cover five of the most important ones.

5 Factors in Choosing Health, Dental & Vision Insurance

1. Premiums

When choosing health, dental & vision insurance, the cost will be one of the first things that you consider. Your premium is the amount you pay for your insurance policy. Premiums are paid monthly, and if you fail to pay them on time, you risk losing your coverage.

It’s crucial to weigh the cost of the premiums carefully. Are they within your budget? If not, then consider another plan.

2. Out-of-Pocket Costs

Premiums are just one piece of the puzzle when it comes to health insurance costs. You will also be responsible for out-of-pocket costs, which can include:

  • Deductibles: The amount you pay for covered healthcare services before your insurance coverage kicks in. Once deductibles are paid, coinsurance and copayments may still be required, but the insurance company will cover the rest.
  • Co-payments: The fixed amount you will have to pay for a covered healthcare service after your deductible is met.
  • Co-insurance: The percentage of costs you will have to pay for a healthcare service after the deductible has been paid.

Out-of-pocket costs will vary from one plan to another. Generally, the lower the out-of-pocket costs, the higher the premiums and vice versa. Make sure that you are comfortable covering these costs.

3. Network

In most cases, health insurance plans have provider networks. These providers accept your insurance coverage, and you cannot go outside of the network if you want insurance to cover the cost of care.

Medicine, services and providers that are outside of that network may require additional payment or may not be covered at all.

When comparing policies, consider whether your preferred healthcare providers are in the network and accept your insurance.

4. Coverage Limits

Check the policy’s coverage limits, especially for dental insurance. Dental insurance policies may not cover all of the procedures you need or may limit how much they will cover. For example, dental plans often have coverage limits of $1,000-$1,500.

For all policies you are considering, make sure that you keep the coverage limits in mind. These limits will affect your ability to get the care and services you need.

5. Prescription Drug Coverage

Does the plan offer prescription drug coverage, and if so, how much? Most plans will offer some level of coverage for prescriptions, but if someone on your plan requires ongoing medications, you may need a plan that offers more coverage.

Final Thoughts

Take your time when choosing health, dental & vision insurance. Find a plan that fits in your budget but also provides the coverage that you need. Dental and vision plans often have limits that must be taken into consideration, especially if you or a covered family member has ongoing issues with their dental or vision health.



Finding The Right Health Insurance Coverage for Small Businesses

Shopping for small business health insurance doesn’t need to be a hassle. With the proper guidance, you can find the health insurance coverage that fits into your employees’ budgets and makes you an attractive employer for top-tier talent.

The Benefits of Offering the Best Small Business Health Insurance

Employee benefits are one of the main deciding factors when applying for an open position at a company. If you offer health insurance, you’ll benefit from:

  • Attracting new talent to your workforce
  • Retaining talent and reducing employee turnover
  • Improving employee satisfaction
  • Boosting your business’s image

Finding the right health insurance coverage options requires you to do a few things:

Finding the Right Small Business Health Insurance

Compare Quotes from Multiple Insurers

Insurers are competing for your business, and every insurer has its own perks and benefits. For example, some will offer you better costs while pushing the cost to your employees. Other insurers may offer wellness options or better network availability.

Comparing quotes and options from insurers will help you:

  • Gauge the average cost for insurance in your industry and area
  • Consider all available coverage options
  • Much more

You can also work with a health insurance agent. An agent will help narrow down your options, work to find the best insurance for the value and explain how the entire process works. If you choose to work with an agent, you’ll often maximize the benefits available to your workforce.

Review All of the Basics

Insurance goes beyond price. As an employer, you should also consider the network coverage in your area. If there’s a lack of options in your area, this can lead to employees not being able use the full coverage.

You also want to consider:

  • The extent of the provider network and any plans for expansion
  • The ability for employees to compare plans
  • Deductible and out-of-pocket expenses
  • Mental health coverage options
  • Customer service options
  • State availability

If your office is on state borders, it’s crucial to ensure that there is coverage in both states. A few other things to consider are whether customer service is responsive and willing to help employees through any issues they may have. Spending accounts are becoming popular, and they may be something to consider, too.

And, of course, discuss plan options for small businesses. You may find canopy options work best, or you may need an HDHP option for your workforce.

Consider Supplement Plan Options

Health insurance doesn’t cover all health-related issues. For example, if a person has an infected tooth, it’s not covered under a typical plan. Supplement plans can fill in gaps in health insurance to maximize the benefits that your workforce receives.

A few supplemental plans to consider are:

Employees may need dental and vision care, and these supplemental plans will help them receive the care they need at a price they can afford.

Health insurance is one of the most basic, valuable benefits that you can offer to your workforce. If you follow the guidelines above, you’ll have a much easier time finding plans that work well for your employees and business.


The Benefits Of Hiring A Health Insurance Agent

Health insurance agents help people, just like you, navigate complex insurance options. Paperwork, exclusions, and inclusions make understanding what’s included in your insurance frustrating and confusing.

A health insurance agent helps make all of these complications trivial.

In fact, you’ll benefit from hiring an agent in many ways, including but not limited to the following:

5 Benefits of Hiring a Health Insurance Agent

1. Coverage for Price Considerations

Insurance companies make coverage options complex and difficult to understand. You might sign up for a more expensive plan while receiving fewer benefits than with a cheaper plan.

When you work with an agent, they’ll ensure that you maximize your coverage.

For example, if you can only pay $100 a month for insurance, the agent will work to find the absolute best plan in this price range so that your money goes as far as possible. Your agent will also have a better understanding of your healthcare needs and will find a plan that includes the coverage you need.

2. Local Insurance Knowledge

If you’re a business owner looking for insurance options for your small business, an agent is an invaluable asset to have by your side. Local agents:

  • Understand your business and its unique needs
  • Work with insurers that know your business and offer custom insurance options

Local insurance knowledge is ideal for business owners because the agent already has connections in the industry that can help.

3. Clear Options Presented to You

Insurance agents know that insurance is very complicated. When you work with an agent, they’ll spend the time to make coverage as transparent as possible. The agent will provide you with:

  • Multiple insurance options that fit into your budget
  • Transparent costs and coverage options

With so many insurance options available, agents make getting health insurance as simple as possible. Of course, you’ll still have many choices to make, but when they’re all presented to you clearly, it’s easier to find a perfect plan.

4. Personalized Service

Your agent provides personalized service that includes asking questions and getting answers from insurance companies. Since these professionals already have contacts at many insurance companies, they’ll rapidly narrow down your insurance options while offering a personalized service that can save you time and money.

5. Save Yourself Time

Finally, you’ll save yourself a lot of time when working with an agent. You won’t have to scour through dozens of plans, ask questions to insurers or do anything else. Instead, you only need to work with a single agent that handles all of these nuances for you.

Your agent is your point of contact, and since you hire them to find a plan for you, all you need to do is sit and wait for them to get back to you with plan options that you make prefer.

If you need health insurance and want to maximize your coverage while also paying the best price, hire a health insurance agent. These professionals know how to navigate complex insurance plans and make them simple to understand.

HMO vs PPO vs HSA: What Do They Mean?

Health insurance terminology can confuse first-time policyholders and people changing their insurance coverage. A few of the more confusing acronyms are HMO, PPO and HSA. What do they mean, and how do they affect your care options?

What is an HMO?

HMO stands for “Health Maintenance Organization.” With an HMO, you have access to a network of hospitals, doctors and other healthcare facilities.

HMOs are set up to keep costs in check for policyholders. However, while HMOs have lower costs, your options are more limited.

Here are some important things to know about HMOs:

• Healthcare providers in the HMO’s network have agreed to accept payment at a specific level for the services they provide. This agreement keeps premiums, coinsurance and copays lower than other types of insurance.

• Although payments are lower, out-of-network care is not covered by an HMO except for in cases of true emergencies.

• Provider options are more limited than other insurance options because the provider must be within the HMO’s network.

• With an HMO, you must choose a primary care physician from their network, and this doctor will be the person you see whenever you require medical care. If you need to see a specialist, you will first need to see your primary care physician to get a referral.

With HMOs, your options are limited. However, the out-of-pocket cost of care is generally lower. In addition, many HMOs have more than adequate options for physicians and specialists. For those only requiring basic medical care, a yearly checkup and immunizations, an HMO may be a good option.

What is a PPO?

PPO stands for “Preferred Provider Organization.” A PPO also has a network of healthcare providers who agree to provide policyholders with care. While PPOs have a network, you aren’t necessarily obligated to use it.

Here are some important things to know about PPOs:

• With a PPO, you can receive care from any provider, whether they are in your network or not. Having this flexibility means that you can receive care at any hospital, doctor’s office or specialist.

• PPOs do not require you to choose a primary care provider, and you do not need a referral to see a specialist.

• Greater flexibility comes at a higher cost. PPOs generally cost more than HMOs and other types of health insurance. Premiums are typically higher as well as copays. Additionally, an annual deductible must be met.

• Using providers within the PPO network can help save on costs.

If you want more control over your choice of providers or travel often, a PPO may be a good fit.

What is an HSA?

HSA stands for “Health Savings Account.” HSAs are different from HMOs and PPOs because they aren’t really a type of health insurance. Rather, they are a special type of savings account that allows you to save and pay for the cost of healthcare in the future using pre-tax income.

HSAs can be used to cover qualified medical expenses, but there are some stipulations:

• You can only contribute to your account if you have a High Deductible Health Plan, or HDHP. These plans generally only cover preventative services before a deductible.

• If you have a qualifying plan in 2022, you can contribute up to $3,650 for a single individual or $7,300 for a family.

• Funds in your HSA roll over to the next year if they aren’t used.

• HSAs can also earn interest and other earnings that are not taxable.

Now that you have a better understanding of the difference between an HMO, PPO and HSA, you can determine which type of coverage is best for your needs and budget.