Home Finance How Supplemental Health Insurance Can Help you During this Pandemic?

How Supplemental Health Insurance Can Help you During this Pandemic?

by Donny Stock

Supplemental health insurance may be a viable choice in situations where you’re running short on cash and are faced with increasing healthcare bills. You may find yourself in such a situation even when you have already bought health insurance, such as Medicare. According to a Harvard study, excessive healthcare expenses were responsible for 62 percent of all the personal bankruptcies in the US. Even worse, around 72% of Americans declaring bankruptcy due to unbearable healthcare costs already had health insurance when their financial decline started.

So, if you believe you do not have enough coverage and cash to cover those high-volume medical care expenses, it is always a good idea to invest in supplemental health insurance in addition to the health care coverage you may already have.

What Is Supplemental Health Insurance?

Supplemental insurance, often known as “gap insurance,” is a way to plug any kind of financial holes that may exist in the health insurance cover you have. It will allow you to be able to pay all your expenses easily whenever you need high-cost medical care.

Gap insurance, essentially, fills all the financial gaps that may exist – for instance, you can consider health insurance deductibles, underpayments on a major injury or illness, and any out-of-pocket medical expenses. It helps you in easily managing all your healthcare expenses keeping all the financial perils at bay.  

Supplemental Health Insurance Is Helpful During The Pandemic

With COVID-19 spreading havoc all over the world, we’re forced to think of everything in a particular context. So, the question is if supplemental insurance can be beneficial in these tough times? Fortunately, there are a few expenses that can be covered under your gap insurance even during this pandemic situation. Let’s have a look.

1. Coverage For Your Ancillary Expenses

If you are a single mother, for example, and have three children that you are raising, your supplemental insurance can be a savior if you are laid low due to a virus-inflicted illness for a couple of months. Supplemental health insurance would be a great help in such a situation as it will cover all your daycare or child care expenses. As per the industry data, child care expenses can be as high as $1500 a month.

2. If Out-Of-Work Medical Leave Is Not Covered By Your Employer

Once the pandemic started, many companies started downsizing all over the world. If you are fortunate that your employer didn’t cut you loose, you might still be working in a situation where the out-of-work medical leaves aren’t covered by the employer. So, if you fall ill due to the virus, and cannot return to work for some time, your gap insurance will ensure that you do not have to rely on your bank savings or credit cards for handling your expensive healthcare costs. This will buy you ample time to recover from your medical condition and get back to work without suffering a severe financial hit for your household expenses.  

3. If you are a senior and cannot handle your entire Medicare costs

If you’re already participating in a Medicare plan, you’d be aware that your government health insurance won’t cover everything. And, as a senior, you’re more likely to suffer from the virus too. So, with Medigap insurance policy, you can still be able to cover most of your healthcare costs.

Now, if you are planning to buy supplemental insurance and are already in search of the best supplemental health insurance, you might want to consider the plans from Vivna Insurance.

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