“I have a high deductible health plan at work. Are there any plans that cover all or some of that deductible?”
This is an increasingly common question today, as more and more employer-sponsored group health insurance plans (especially with small businesses) switch to higher deductible health insurance plans due to rising premium costs. Another way we might phrase the question: How can I supplement my high deductible health insurance plan?
The good news is that there are a few options you can consider if you’re concerned about having to meet a $5 or $10k deductible (or whatever):
* You could opt to enroll in a “limited benefit” insurance plan that pays a fixed benefit amount for certain claims. For example, it might pay $250 per day for a hospital confinement, $50 for a doctor visit, that sort of thing. There is typically a surgical schedule that would help with the cost of surgical procedures, etc. This would be the most comprehensive option for you, but the most expensive one as well – the cost here would vary by age, but could be anywhere from $75 – $200/month depending on certain variables. Here’s a link to learn more and/or get a quote.
Or you could supplement the group plan with a one or more of these less comprehensive benefits:
* An accident plan. For $35/month you could have family coverage that would give you a $2500 cash benefit if someone was hurt as the result of some kind of accident (falling off a ladder, whatever). Or you could choose a $5000 benefit for $45/month.
Here’s a link to learn more, get a quote, and enroll.
* A cancer or critical illness plan that would pay a lump sum benefit (typically $10k or higher) if you were diagnosed with cancer, had a heart attack, or some other calamitous health event.
* A “hospital cash” plan that pays a fixed amount if you’re admitted to a hospital.
The last two options are available here. (Click on the “financial protection plans” link to the far right).
As always, feel free to contact us if you have questions or want more information.
