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Unless you are offered a very extensive employee benefits package at work, odds are you need additional coverage on your own. And even then, there are probably gaps.
Here's a quick rundown of what you need to know.
1) ACA Health Insurance Coverage with no annual or lifetime limits, wellness visits covered at 100%, and all the MEC (minimal Essential Coverage) guidelines is the only coverage that does not approve or rate based on height, weight and health.
2) Short Term health Insurance or a medical cost-sharing plan can cost drastically less than an ACA plan. New short term health options have greatly increased coverage options and benefits without dramatically increasing premiums. These may have gaps which is why it is often a good idea to pair them with a limited med plan if needed.
3) Even if you have Life Insurance through your employer, you may need more. Find out if your Life Insurance through your employer is portable (can you take it with you?). Most aren't or they are portable but the rate goes up. Make sure you have Life Insurance that YOU own.
4) Whole and Universal Life Insurance are for final expenses and investment purposes. Term Life Insurance is for insuring temporary situations like raising kids or buying a new home. If you have 3 kids under 5, you should probably get a fairly substantial 20 year term plan to help your spouse raise your children should something unexpected happen to you. If you just signed a 30 year mortgage, you may want a 20-30 year term plan to help your spouse keep the house should something unexpected happen to you.
5) Dental Insurance has waiting periods. Don't wait until you need it to get it. There is only one plan that we sell without waiting periods but the coverage is limited on major services for the first year. Dental plans also have annual maximums and varying co-insurance.
6) Disability Insurance is hard to get outside of employment. Ask your employer to start offering voluntary disability coverage. If not, there are a few options available to you unless you are a Medi-share participant and can participate in Manna.
Insurance regulations and programs vary from state to state and carrier to carrier. Sign up for our newsletter, follow us on social media, or check out our blog to stay up to date.
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