Insurance, as a whole, is important. A person needs to be covered in every way possible just in case something were to happen. What many people fail to realize is that health insurance does not cover all of the medical treatments that may occur. There are a lot of out of pocket expenses that can occur with an unexpected accident or sickness. Let's take a look at a few reasons why supplemental insurance is important.
1.) Most insurance policies cover only a portion of the bill. So if you have a deductible that has not been satisfied for the year that has to come out of your own pocket. If there is a co-payment, you have to pay a percentage of the bill out of your own pocket. Take for example if you have 80/20 coverage, 80% of the bill your health insurance and 20% has to come out of your own pocket. If the bill is large, you have to pay 20% of the large bill out of your own pocket.
2.) If you are married or have children that you have to take care of and your spouse or child gets sick or becomes injured then chances are there is lost income. If your child gets sick, you may have to take off work in order to take the child to and from the hospital. There are also gas expenses that can go along with that. If your spouse is laid up in the hospital, you may have to take of work to care for him/her and remember, your spouse isn't working either. Two incomes are being adversely affected. If the spouse is hurt on the job, workman's compensation may cover some of the income if you make under a certain amount, but it still doesn't make up for the spouse's lost income and the hospital bills that still have to be paid.
Supplemental insurance is relatively inexpensive and for the cost of the premium, it's definitely worth the piece of mind to protect you and your family. It's not meant to replace health insurance or cover all of the costs but it definitely can help pay bills and give your family money when in need.
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