Supplementary Insurance Fills New Gaps!

With the full implementation of the Affordable Care Act looming on the horizon, the United States is heading toward a social style system of health care. We are already seeing insurance rates on the rise. Social media is aflame people asking questions and wanting answers. They want to know what they can do to offset the increases in premiums they have or will experience in the coming months and years.

One of the common complaints I hear from people is that their employers have moved to high deductible plans with deductibles ranging anywhere from $2,500 to $10,000. Many of these companies are wise enough to offer their employees access to a flexible spending account (FSA) or a health savings account (HSA).Though these types of plans can provide an excellent cost savings, the insured employee and their families are left vulnerable if they don't have the funds in their accounts to fill that deductible should something serious happen.

One person noted that she has a $10,000 deductible plan through her employer, but the employer only offers an FSA which caps out at $2,500 a year and the employees are expected to fund those accounts entirely with their own money. If she uses her insurance and needs the money to pay for care, it is nice to have the $2,500. But that still leaves her three fourths of the way from meeting her deductible. If she doesn't need the $2,500 in her FSA, it is absorbed back into the coffers of the company at the end of the year and she looses money she worked so hard to make. It isn't her employer's fault. The government set the guidelines for the use of FSAs.

One of the solutions to this looming problem has been around for years. Up to this point, supplemental insurance has been a voluntary product business owners have offered to their employees. Enrollment in supplemental insurance plans has gone up dramatically over the last few years. Smart people are learning how to keep their medical insurance costs low and make up the differences in coverage with supplemental insurance products. The money supplemental insurance providers pay to their policyholders can be used in any way they need it' for either doctor's bills or home necessity expenses. If they need it to cover their overlarge deductibles, they have the option. Supplemental insurance plans give people options. Reuters recently published an article about why these plans are becoming so popular.

Supplementary Insurance Fills New Gaps - http://reut.rs/QxNx4I

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