Don't Financially Bleed Out.

Don't Financially Bleed Out.

The amazing facts that go along with health insurance now days are staggering. Even with no cost for preventative visits, co pays and for many the low cost for health insurance, there is still a big out of pocket expense.

The Affordable Care Act has taken the cost of health insurance and tripled it. Now, I am a big proponent of the Affordable Care Act. I feel it is way better than the older plans with underwriting. Guaranteed coverage is what was needed in the market. But it also brought up other issues, cost being the biggest part   If you are not eligible for a "tax credit" and you have to pay full price for your plan, it can be very costly.  even with a substantial tax credit the cost can be huge if a major sickness or injury occurs. Out Of Pocket expense is also another part of cost the needs to be factored in.  With deductibles reaching as high  6850.00 for a single person and 13700.00 for a family. It is scary to think what would happen if a catastrophic emergency came up.  Even a broken arm could be a huge burden financially.

Cheap health insurance is not always better.  Sure, you want to avoid the tax penalty. But, being under insured is now a bigger problem in today's market than not being insured at all. Picking the least expensive plan will almost always put you financially at risk. 62% of all bankruptcies are due to medical bills.  Out of the 62% of people, 71% HAD health insurance. They were under insured.

A study presented at the 2014 Palliative Care in Oncology Symposium found 27 percent of cancer survivors reported suffering a financial problem like debt or bankruptcy. Another 37 percent reported modifying work plans or delaying retirement.
Experts say one of the biggest financial mistakes patients make is letting bills pile up. It’s easy to do when faced with such a tragic diagnosis, but it often leads to even more problems in the future.
Individuals and families feel the financial burdens of cancer on personal levels, but it affects everyone on a larger scale.


So what is the solution, or maybe not the cure all solution, but a good option to greatly reduce out of pocket expenses? It is the same type of solution that Medicare has, and that is chose a comprehensive supplemental insurance plans. 


The solution of insurance supplements have been around for decades. The reason why it has not gone mainstream is large in part of lower deductibles that were available in 2000-2012.  Considering that a high deductible a few years ago was 2000.00 and now it is 6850.00.  The cost of plans were a lot cheaper as well (minus the services that were not covered, of course). The need for a supplemental plan is now more important than ever to keep yourself financially solvent.

Supplemental Insurance Example

Plans very company to company and it is important to to talk to an agent to see to cost difference and the payouts that supplemental plans cover.  The biggest difference between medicare supplements and under 65yr supplements is the under 65yr plans will almost always pay YOU a lump sum or monthly sum.  It is then up to you to pay you bills, premiums, etc..


-WI Insurance Guy


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