When Health Insurance Isn’t Enough

When health insurance isn’t enough

Take a moment and think about your current health insurance plan. (You have one, right?) How much does it cost? What does it cover? More importantly, what doesn’t it cover?

A United Healthcare Consumer Sentiment Survey showed that only 9% of Americans surveyed “showed an understanding” of four basic health insurance terms — health plan premium, health plan deductible, out-of-pocket maximum and co-insurance. While that’s two percentage points better than a year ago, 9% is still an alarming number. All of these terms represent numbers- important numbers that tell you how vulnerable you are financially should you have a medical emergency. Here are the definitions in case you need them.

These terms represent gaps in coverage, and almost all health insurance plans have them. In 2016, the average family deductible was $7,983. That’s $7,983 that has to come out of your pocket before insurance helps. Now, for some people that is not a struggle, but for most Americans that is a crippling amount.

The good news is there are tools that can help with this, and if you’ve found a skilled insurance agent, they should be able to build a plan for you that includes major medical coverage  complemented by other tools to make sure there are no financial gaps. When all the right pieces fall together you can feel confident that you’re financially prepared for any medical emergency. Below are a few examples of these tools and how they work:

Accident coverage: These plans are usually designed to pay lump sum amounts in the event of an accident. For example, if you were to skip a step on the stairs and break your ankle, these plans would pay a lump sum amount to offset your out of pocket costs.

Critical Illness/Term Life Coverage: These plans have a double benefit. They are a life insurance policy, meaning it will pay out in the event of death. These policies are a bit different than traditional life insurance, because they also have living benefits- in the event of a critical illness.

They can range from $25,000 to $100,000 and can be used to cover the gaps in your coverage or to help supplement your income should you need to be off work. Examples of a critical illness include: cancer, heart attack, stroke, etc.

The Triomed: This plan includes both accident and critical illness protection in one step. It is designed to pay your out of pocket expenses for accidents and pays lump sum amounts if there is a critical illness diagnosis. It can range in value from $2,500 to $30,000 and can be personally designed to fit the specific gaps in major medical coverage.

While these are just a few examples of a wide variety of options available, a qualified health insurance agent can help you build coverage that will leave you confident you are protected in the event of a medical emergency. No one should have to be distracted by the cost of care when healing is the most important priority.

At Crosspointe Insurance Advisors it’s our mission to make health insurance simple and clear. We are happy to sit and discuss all of these options to make sure you not only have the most cost effective and thorough coverage available, but that you understand it. Peace of mind can be invaluable. Contacting us is easy.  Simply call us at 812-401-7556 or visit www.crossepointeinsurance.com