Get the Most From Your ACA Coverage During Open Enrollment

As we approach the upcoming Open Enrollment Period, Nov. 1-Jan. 15, it’s important to remember that ACA Insurance Marketplace plans are only required to cover the 10 essential benefits. While these plans provide comprehensive coverage, they often come with high deductibles and may not include supplemental coverage. Supplemental coverage, such as accident insurance, critical illness insurance, and dental or vision plans, helps cover costs that standard health insurance may not, providing additional financial protection for out-of-pocket expenses like copays, deductibles, and other uncovered services.

Supplemental insurance can be a valuable addition to these plans by providing extra coverage and financial protection that complement standard health insurance policies. Here are some ways supplemental insurance can enhance the benefits of ACA plans:

Filling Coverage Gaps

• ACA plans cover essential health benefits but may have out-of-pocket costs like copayments, deductibles, and coinsurance.
• Supplemental insurance can cover these expenses by reducing the financial burden of a serious medical event.

Offsetting High Deductibles

• Many ACA plans, especially high-deductible health plans, require out-of-pocket spending before insurance coverage kicks in.
• Consider adding a supplemental plan to provide cash payment for covered incidents (i.e. hospitalization, accidents) which can be used to help meet the deductible for other medical expenses.

Providing Additional Coverage for Specific Needs

• Some supplemental plans offer coverage for services that standard ACA plans may not fully cover, such as dental, vision, and hearing.
• These specialized plans can help reduce the cost of routine exams, corrective lenses, dental treatments, and hearing aids.

Income Protection & Affordability

• Supplemental coverage such as Disability Insurance can provide income protection if an illness or injury prevents you from working.
•  This benefit helps maintain financial stability during long periods of disability that standard health insurance doesn’t usually cover.
• These policies are often affordable compared to full health insurance.
• Individuals can obtain significant financial protection for specific health events for a small additional premium, potentially saving money in the long run.

Reducing Financial Stress During Medical Events

• Supplemental plans like Critical Illness Insurance can offer substantial benefits upon diagnosis of covered conditions.
• This financial support can alleviate the stress of managing out-of-pocket costs and help pay for treatments that may not be fully covered by the ACA plan.

Increasing Access to a Broader Range of Care

• Some supplemental policies may cover alternative treatment options that may not be covered by ACA plans.
• This provides more options to help manage health conditions and maintain overall wellness.

Peace of Mind

• You can be stress-free knowing that you have coverage for unexpected medical costs beyond the ACA plans offer.
• Reduce the risk of large medical bills which can lead to debt or financial difficulties.

Protect yourself from unexpected costs with the right supplemental coverage. Pairing a supplemental plan with your ACA insurance can safeguard you from high out-of-pocket expenses and provide tailored coverage for your unique health needs. At Champion Benefit Advisors, we’re committed to helping you find the best solution to save you money during Open Enrollment.

Don’t wait—get personalized guidance today by filling out a quick quote form or speaking directly with one of our expert agents. Let us help you make the right choice for your financial security and peace of mind.