Need Extra Health Insurance
Your other option is to purchase a high-deductible individual health plan that will act as your secondary policy in the event of a major illness or injury. Your group health plan will remain your primary insurer, but the individual plan can provide coverage for claims that are not covered under your group plan, or exceed that plans maximum benefits. Not all insurance companies that sell individual health insurance will accept your application if you are currently insured under a group plan because they do not want to deal with claims issues in conjunction with another insurance company. However, others may understand that the risk of insuring you is less than insuring others because you have other insurance that will cover the first $100,000 in claims. The best thing to do is contact a health insurance broker in your state that represents multiple insurance companies and can help you look at all of your options. We are a consumer directory, so we do not sell insurance through our agency. We just give you some advice and hopefully point you in the right direction. 2 CommentsLeave a comment |
|
My employer offers a maximum of $100,000 coverage on my medical insurance per year. I would like to know what options I have for additional, affordable coverage in case of a catastrophic illness and where I may find more information.
You have a couple of possible options available to you, depending on the state in which you reside and the insurance companies offering products in that state. There are companies that sell what are called supplemental, or accident, policies that can help cover what your group health plan does not. The most commonly known provider of this type of plan is Aflac. Their plans provide you with a direct cash payment in the event of prolonged hospital stays, and this cash payement can be used to offset your hospital expenses.
I am paying for diabetes medications. I have Medicare plus Humana Gold and still fell into the “doughnut hole” by the end of March. The rest of the year I had to pay for all medications. Is there an insurance policy that helps pay for diabetes medications?
Comment by Bobby — December 29, 2008 @ 2:21 pm
I have purchased supplemental health insurance with Conseco. They cover things like cancer, heart and stroke protection and accidents in their health policies. How is the money paid directly to me treated? Are they regarded as income and must therefore be taxed? My total costs to medical expenses this year is much higher than 7.5% of my gross income after paid benefits from Blue Shield (My primary insurance). I have heard that supplemental health policies are not treated as taxable income, just like with Life Insurance payments. Of course, I can probably not get tax deduction from it either? Please help me out here, I do not want to get hit with a bill from the IRS if I can avoid it!
Comment by Brad — June 29, 2009 @ 3:13 am