A Few Words About How Supplemental Insurance Benefits Can Save You Money
Rodney Culp, CEO of Empower Brokerage, has been helping people save money on their health insurance for over 32 years. Recently, Culp’s mission for Empower focuses on helping people choose a good ACA plan. More specifically, a plan that benefits their family by providing the best, available coverage with an affordable premium. This has become more of a challenge with premiums going up for ACA plans this past year. In Texas, for example, the premiums for the largest market share company, Blue Cross and Blue Shield, have gone up over 50% on average since last year. Within a single year, consumers’ rates increased significantly.
Additionally, many have lost their health plan because carriers have decided to exit the marketplace. In other words, carriers have decided not to offer ACA or Obamacare plans for 2017. For instance, big companies like United Healthcare, Aetna, and even Humana have left the market. Consequently, people are getting notices of non-renewal. Though there are fewer options, we, at Empower, are helping consumers find the best plan at an affordable price.
Combating High Premiums with Supplemental Insurance Coverage
One option for consumers is buying a bronze plan, instead of a silver plan. A bronze plan typically has lower premiums and higher out-of-pocket exposure. With a bronze plan, consumers can add additional coverage, a gap plan or supplemental insurance benefits. For instance, we have a program through National General that’s called “the plan enhancer”, which will add additional benefits to help cover the gap. As a result, they can have a cheaper ACA plan and put the difference in price towards the plan enhancer,
Products like the plan enhancer cover medical concerns like critical illness. If you’re diagnosed with cancer or a heart condition, for example, then the plan enhancer would provide supplemental insurance coverage for those medical needs. It also pays a certain amount of benefits for co-pays. Furthermore, your supplemental benefits may include hospitalization. Lastly, the plan enhancer includes an accident benefit. If you’re injured in an accident, it will pay up to the maximum amount for that accident.
Ultimately, if somebody chooses a health plan with a higher deductible or higher co-pay, the supplemental insurance coverage minimizes the price gap. So in the event someone is diagnosed with a major illness, accident, or hospitalization, supplement insurance helps cover those costs. This is a smart way to buy your health insurance because you can end up with better coverage at a lower price, which is really what people want in today’s market.