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Top Supplemental Insurance Options for Those Without Employer Benefits

Top Supplemental Insurance Options for Those Without Employer Benefits

Posted Mar 17, 2014 by Author

More than 19 million people purchase their own health insurance through the individual insurance market.1 Some of them are self-employed or own small businesses; others may work part-time. Whatever the reason, these individuals all lack access to a comprehensive, employer-based benefits package that extends beyond major medical insurance.
 
In addition to health insurance and benefits such as a 401k and tuition reimbursement, employer compensation packages commonly include the following:

  • Vision and dental insurance
  • Paid time off
  • Short- and long-term disability coverage
  • Accidental death and dismemberment
  • Life insurance

If you do not have access to an employer-based benefits package, you may not receive paid time off or have additional benefits for unexpected accidents and illnesses, disability and/or death. This can put you in a vulnerable financial situation. Keeping this in mind, when you create your own benefits package, you might consider an Obamacare qualified health plan purchased on or away from your state’s health insurance exchange as your starting point.
 
It can be wise to think beyond major medical insurance and consider adding supplemental insurance products to your personal benefits plan. Such policies can help out in ways major medical insurance cannot, for instance, by assisting with routine bills and care not covered by your major medical insurance plan. This article touches on some common supplemental insurance products and what they offer consumers.

Critical illness insurance

Falling seriously ill often means lost wages and expenses beyond the scope of what health insurance plans cover. Critical illness insurance policies can help alleviate financial strain by providing a lump-sum cash benefit upon diagnosis of certain critical illnesses such as heart attack, stroke, cancer, major organ failure, coma, and severe burn. Many plans offer a multiple payment benefit that allows insured individuals to receive benefits in more than one critical illness category.
 
This cash benefit can be applied to your health insurance deductible; medical expenses your health insurance does not cover, including experimental treatment and prescriptions; and even bills considered non-medical, including childcare, travel to and from medical appointments and household expenses.
 
Plan options available through healthedeals.com range from $20,000 to $50,000. Rates vary based on the coverage an applicant selects and his or her age, as well as tobacco use. As with life insurance policies, it is important to consider a critical illness policy early on.

Bundled gap plans

If you are not required by law to have a workers’ compensation policy, you may be missing one of the most important benefits offered through a larger employer: disability insurance. This provides some financial protection should you become injured and cannot work.
 
Combination products such as CA Premier, available through healthedeals.com, offer an accidental death and dismemberment benefit, and accident disability income insurance, in addition to critical illness benefits and a small term life insurance benefit.
 
These benefits include lump-sum cash payments that can provide extra financial relief for those who do not have access to paid disability leave and other employer benefits. For example, should you find yourself hospitalized due to an unexpected accident, you may find major medical insurance helps pay your hospital bill, but what do you do about the deductible and monthly expenses that accrue while you are missing work? A bundled product with accident medical expense insurance and accident disability income insurance could be of assistance.

Life and disability income insurance

These policies pay benefits upon your death or disability. You might consult your insurance agent or financial advisor to find the right life and/or disability income insurance product for your needs and budget.
 
Whether you already have a life insurance policy or are looking to enroll in one, you might also consider a combination product that includes a disability income insurance rider. Furthermore, you might consider adding a long-term care insurance policy rider to your life insurance policy.

Dental and vision insurance

Most major medical insurance plans do not provide benefits for dental and vision services that are not medically related. Dental insurance provides benefits for preventive care such as professional cleanings and exams, basic services such as fillings and root canals, and major services such as bridges. Because dental insurance is prevention-focused, it often covers preventive care at a higher reimbursement level. Vision insurance plans often provide fixed-dollar benefits for eye exams and corrective lenses and frames.

Pet insurance

This supplemental product may be of interest to many individuals and families, even those who do have access to employer-sponsored benefits. When the family pet has a medical emergency, it can be  stressful and heartbreaking. Care decisions can be difficult when faced with unexpected veterinary bills that may surpass what you can comfortably afford.
 
Pet insurance is designed to help pay for your four-legged companion’s medical care. After you meet the selected deductible, pet insurance reimburses you for a percentage of veterinary bills related to your pet’s emergency visits, surgery, prescription medication, cancer treatments, lab tests, X-rays, MRIs and more.
 
Financial security is a concern for most everyone. Creating your own comprehensive benefits package can help offer financial protection should you encounter an illness or injury that keeps you away from work and potentially means accruing high medical bills. The additional benefits supplemental insurance products cover a range of conditions and situations. They may help you avoid dipping into your retirement funds or falling short when unexpected medical bills arise, but it is important to remember that they are not a substitute for major medical insurance.
 
For more information on supplemental insurance options available through healthedeals.com, call 888-839-7679 to speak with a certified health insurance advisor.


1 America’s Health Insurance Plans. (n.d.). Individual Market Health Insurance. Retrieved from http://www.ahip.org/Issues/Individual-Market-Health-Insurance.aspx.