Supplemental Insurance
Unfortunately, 43% of people who have marketplace plans find out they cannot afford the insurance due to the high deductible and out-of-pocket cost. Supplemental plans can be used to fill in the gaps created by the marketplace plans. These plans pay cashback to the policy owner to help cover deductibles, copays, and out-of-pocket expenses. They come in several types and can be used to build a lower-cost health package. Plans cover Disability, Accident, Cancer, Critical Illness, and Hospital.
Disability: This is the single most important plan you can have outside of the job. This is your paycheck when you can’t get a check from your employer due to off-the-job injury or illness. You can get back up to 70% of your income. Social security is an option for some, but not everyone qualifies and it can take up to 6 months to get on.
Accident: These plans come in several different styles but will pay in the event of an accident.
Cancer: This plan will pay cash if there is a diagnosis of cancer.
Critical Illness: This plan will pay if there is a critical illness such as a heart attack, stroke, or kidney failure.
Hospitalization: This is a blanket coverage that will pay if there is hospitalization for an illness or injury which can be used to offset a high deductible health plan.