Healthcare costs are often too great to be managed by regular insurance policies. They cover a wide range of things, but they aren’t all-inclusive and some costs are still left to the individual. Finding ways to cover these other costs can relieve any financial burdens you are facing.
Get Supplemental Insurance
If you already have an insurance plan, then you should look into getting supplemental insurance. Supplemental insurance is meant to cover anything that your current health plan doesn’t already cover. For example, not all insurance plans will cover the cost of dental work being done. Your supplemental insurance can cover this cost instead. Supplemental insurance can also be purchased for specific conditions or diseases. Having this type of insurance can help you cover any healthcare costs related to your condition. Many people use supplemental insurance to cover cancer-related costs.
Use an HSA
A Health Savings Account, HSA, is another option to consider to help you cover additional healthcare costs you have. With an HSA, you set aside money (before taxes) to be placed in your account. This money can only be used for medical costs. It’s tax-free to set aside money in your HSA, grow/invest the money in your account, and withdraw it. Many employers will also offer to contribute to your HSA. Having an HSA can assist you when paying your medical bills. An HSA can cover whatever costs your insurance doesn’t. This can provide you with additional financial support and you are in complete control of the money and where it goes (as long as it is medically related).
Create an Emergency Fund
While there are many programs available to help you with paying your medical expenses, you should also create a backup plan for yourself. Having an emergency fund can help you be prepared for any unexpected expenses including medical costs. Start adding to your emergency fund now and aim to have enough to cover 3-6 months’ worth of living expenses. You can add more to this depending on your anticipated needs. If your insurance doesn’t cover everything, then you can dip into your emergency fund to cover the gaps.
It can be frustrating when the insurance you pay for doesn’t cover everything you need. Fortunately, there are lots of ways you can fill in the gaps without being overwhelmed financially. Explore your options and make a plan for how to cover your medical costs.
Check out this article on why even single people with no kids should have life insurance!