Whether you’re looking into options for employee-sponsored coverage, individual or family plans, or other types of coverage, picking the right plan can be confusing. Let’s look at some insurance basics to help your health insurance journey.
What is Health Insurance?
Before we dive into more about plans, payment, etc., let’s cover exactly what health insurance is. As the name suggests, health insurance is a type of insurance that protects you and your family from the costs of medical services. You begin by choosing a plan at a specified rate, or premium, each month. And, the insurer you chose agrees to pay a portion of your covered healthcare costs.
Do I Need Health Insurance?
The short answer is YES. For everybody, health insurance is essential. Without it, you may have to pay the full cost of any medical care you receive. This not only includes emergency care but typical primary care or specialist appointments as well. Without health insurance, you could be paying hundreds for an in-person appointment.
How Best to Decide What Plan is Right for You
An important thing to consider when choosing a health insurance plan is the costs. There are many out-of-pocket expenses that come with health insurance. Not only is there the premium to consider, but the deductible and co-pays as well. So, take into consideration what a good monthly payment would be based on your salary and budget. Download our infographic for a look at the different types of expenses.
What is Supplemental Insurance?
All of these out-of-pocket expenses can really add up. That’s exactly why many people get supplemental health insurance. Supplemental health insurance is an additional plan that helps pay for costs that are not covered in their primary health insurance. It’s a cost-effective way to pay for co-pays, deductibles, etc.
The Benefits of a Supplemental Plan
One of the biggest benefits of a supplemental health insurance plan is that it covers costs that you’re otherwise responsible for with a traditional plan. While supplemental plans typically won’t cover surgeries or medications, they help with other monthly expenses.
A supplemental plan isn’t meant to replace a primary plan but instead acts as secondary health insurance. You will be provided additional funds for out-of-pocket expenses so you don’t have to worry about costs.
GEA members can add a TRICARE or CHAMPVA Supplement Insurance Plan through SelmanCo which can help military families cover costs not covered by your primary health insurance plan.
Our TRICARE plan helps reduce or eliminate costs for ER visits, doctor visits, prescriptions, and more. Visit our TRICARE Supplement Insurance Plan page and use our calculator to help you choose which plan is the right fit! Learn more about our insurance benefits on our website.
