How to Assess Your Need for Supplemental Health Insurance

Navigating the complexities of health insurance can be daunting, especially when considering whether to add supplemental coverage. Supplemental health insurance can fill the gaps left by your primary insurance, offering additional financial protection and peace of mind.

Should I Get Supplemental Health Insurance?

Supplemental health insurance can be a valuable addition to your primary health coverage, but determining whether you need it requires careful consideration of several factors, such as the following:

• Review your current coverage. Start by reviewing your existing health insurance plan. Identify any gaps in coverage, such as high deductibles, copayments or services not included (e.g., dental, vision or long-term care). Supplemental insurance might be beneficial if your plan leaves you with significant out-of-pocket expenses.

• Consider your health risks. Assess your personal and family health history. Supplemental insurance can offer additional financial protection if you have a higher risk of specific illnesses or injuries. For example, critical illness insurance offers a lump sum payment if you’re diagnosed with certain conditions like cancer or heart disease.

• Evaluate your financial situation. Can you afford unexpected medical expenses without straining your budget? Supplemental insurance can help cover costs that your primary insurance doesn’t, such as lost wages, transportation and childcare during recovery. If these potential expenses would be a burden, supplemental coverage might be a wise investment.

• Understand the impacts of your lifestyle and occupation. Your lifestyle and job can also influence your need for supplemental insurance. High-risk occupations or active lifestyles increase the likelihood of accidents and injuries. In such cases, accident insurance can be beneficial.

• Weigh the cost of supplemental insurance against the potential benefits. Calculate how much you would pay in premiums over time and compare it to the coverage provided. Ensure the policy aligns with your specific needs and offers value for money.

Learn More

Contact United Benefits Solutions today to discuss your health insurance options.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.