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When You Regret Buying That High Deductible Plan

Financial freedom to many means being able to afford a mortgage, a car payment, daycare, groceries, and health insurance for the family. But it doesn’t always include being able to afford healthcare or paying medical bills.

When you have a high deductible, the first several thousand dollars is your responsibility before your health insurance plan will begin paying any of your medical claims. While you might be able to pay your budgeted bills, unexpected debt, like seeing a specialist or visiting the emergency room can cause financial concern. In an Aflac WorkForces Report, 49% of employees of middle to large sized companies have $1,000 in savings to pay out-of-pocket medical expenses, and 27% have less than $500 available. If 76% of American workers get a bill for over $1,000 and have a high deductible plan, they won’t be able to pay their debt.  

If you have a high deductible health insurance plan, there are financial protections in the marketplace that allow you to keep your affordable health plan, while helping to provide providing assurance should an unexpected accident or critical illness strike. For example, a young family with two school-aged children are all healthy, so they settle on a health insurance plan with a $10,000 deductible. But the kids play sports. One Saturday, little Charlie breaks his ankle in a hockey tournament. After a trip to the emergency room that includes an X-ray and doctor services, this young family is looking at thousands of dollars in medical bills that their $10,000 family health insurance deductible won’t cover.

If the family had a supplemental health insurance plan, the hockey accident would be a qualifying expense and depending on the amount of coverage they had, it would pay for many of the incurred medical bills for the broken ankle. Supplemental health insurance helps bridge the gap in coverage, from the first medical bill until a high deductible is reached. Perfect for individuals and families, supplemental insurance is “insurance for your insurance.”

Supplemental health insurance is a guaranteed acceptance plan. There are no medical questions asked. If you do have a critical illness diagnosis when you buy a supplemental gap plan, the policy will not pay for any additional treatment of the illness. If a new critical illness is diagnosed that is unrelated to the original, the supplemental insurance policy will pay a lump sum benefit for the new diagnosis.

Best yet? Supplemental gap plans are for anyone. Insurance policies can be purchased by individuals who buy their own insurance or individuals who receive health insurance benefits from their employer. It’s completely portable between jobs, a move to another state and family changes. Supplemental insurance lasts as long as you pay the monthly premium, and can pivot with you and your family’s unique circumstances.