Insurance is a great tool for being prepared for the most unexpected life circumstances. However, many find themselves without coverage because it can be costly for the premium. Further complicating insurance and the cost of it is the gaps in coverage that leave you vulnerable to exorbitant costs not covered by your regular health insurance policy.
Rather than being slapped with extra costs in case of emergency, you might opt for a supplementary insurance policy that can help cover those gaps. The following insurance options can be worth the cost, especially with their low monthly premiums, in order to protect against some of the heftiest costs.
Dental Insurance
Having dental insurance is crucial for preventative care as it usually covers, or partially covers, the cost of x-rays, cleanings, and general check-ups. However, some employers don’t provide the benefit, and that means you will need to bear the cost, which leaves many asking the question, do I need it? The short answer is yes.
If not for the yearly maintenance, which is not much less than a year’s worth of dental insurance, then having insurance for emergencies makes the policy worthwhile. Similar to general health insurance, dental costs in case of emergencies can get into the thousands. If there is one supplemental option you can afford in addition to health insurance, dental may be the best choice.
Vision Insurance
Vision insurance is used for everything to do with eye health, including exams and corrective measures like glasses or contacts. While a vision plan may not cover the entire cost of your services, it can significantly reduce the cost. But, if you’ve never had problems with your vision and vision problems do not run in your family, a vision plan may not be necessary and can be avoided.
The great thing about this elective insurance option is that you can pick up, get rid of, increase, or reduce coverage as your needs change.
Term Life Insurance
Many people don’t think to buy a life insurance policy beyond their employer’s as they assume that the policies are highly expensive. However, a robust term life insurance policy can be remarkably affordable while offering important coverage and peace of mind if anyone depends on your income.
Term life insurance policies last for a set period of time, usually 10-30 years, which is designed to cover many of life’s milestones: it can outlast a mortgage, cover you until a child reaches the age of majority, or until a spouse reaches retirement age.
Critical Illness Insurance
Some companies offer an insurance policy for critical or catastrophic illnesses. These policies will cover a set of specific ailments and can work in conjunction with your primary health policy to cover costs for treatment. Depending on the company, the critical illnesses covered may include cancer, strokes, heart attacks, coronary bypasses, or organ transplants.
These life-threatening health emergencies can far outweigh general coverage by healthcare companies and leave you reeling in your time of need. For young, healthy people, this is an investment for the most risk-averse — although you may never tap it, the cost is also likely to be below.
Bonus: Rx Discount Cards
Not necessarily a supplementary insurance plan, and usually not one you will need to pay for, but grabbing a discount Rx card can help you save on your monthly prescription costs.
Even if your health provider reduces your prescription costs, they may not cover all medication completely or at all. Opting for a third-party Rx discount card may provide even more of a discount which can make living expenses more manageable, especially in the case of chronic illness treatment.