Are You Getting Cash Back?
For many people, insurance premiums alone can be a major expense on the family budget. When you add in the actual costs paid for healthcare services, the expenses can soon turn into a burden. Each year the maximum out of pocket limits are raised. For 2021, the individual max is $8,550 while a family max is $17,100. For those on a Medicare Advantage plan the 2021 maximum in network is $6,700 with out of network expenses capped at $10,000.
I think there is such a thing as “too much” insurance BUT for some people adding a supplemental policy may actually help relieve some of the financial burden as well as provide peace of mind. I’m talking about supplemental policies such as accident, critical illness, and hospital indemnity plans. These policies work with your medical insurance and pay for specific items and at certain times. You know that duck on TV? That’s not the only company that offers this type of coverage.
For those individuals that only doctor annually for wellness check ups and in case of an accident, like a fall that results in a broken bone, many accident policies include payouts for those annual visits. You file a claim, receive a check, and use the money to pay for your medical expense or replace income from time lost at work.
What about that family history of critical illnesses, heart attacks, and strokes? There are supplemental policies that can help provide peace of mind by paying a lump-sum benefit at the first diagnosis. Some Hospital Indemnity plans even allow you to choose a daily benefit upon admission into a hospital. Does your plan have a copay days 1-7 of $290? No problem, the Hospital Indemnity plan has you covered.
The point is this: you have options and while accident, critical illness, and hospital indemnity plans aren’t for everyone, you never know unless you check it out. I know I love getting paid cash back to doctor!