How Much Should You Be Spending on Ancillary Insurance?

Ancillary Insurance Costs

How much should you be spending on ancillary insurance policies? The short answer is, it depends. It depends on a lot of factors.

Everything from your weight to your gender matters when determining your health insurance costs, and ancillary products like vision coverage and life insurance vary drastically.

Dental, Vision, and Hearing

If you have Medicaid or a Medicare Advantage plan, you may already have dental, vision, and/or hearing included in your coverage. If not, you may want a separate plan. Keep in mind that these plans are commonly bundled, so you may not need to pay three premiums.

Dental coverage costs will average at about $350 per year or $30 per month. That may seem like a high cost for one type of service, but consider that one crown can cost about $1,000, and a dental plan will cover anywhere from 80-100% of that. It’s worth the cost.

Without insurance, a vision appointment will cost an average of $200, and glasses and contacts can cost over $300 per year depending on prescription strength and brand. Monthly costs average at about $30 per month. Hearing coverage falls into the same range.

More on dental, vision, and hearing policies.

Cancer, Heart Attack, and Stroke

Cancer plans can start as low as $15/month, but can reach up to $40 or $50/month.  Heart attack and stroke coverage are usually bundled together for about $20/month. These three types of plans are among the most wallet-saving as care costs for these conditions can total in the upper thousands.

More on cancer, heart attack, and stroke policies. 

Short-Term Care and Hospital Indemnity 

Monthly premiums for short-term care policies generally fall in the $30-$40 range for basic coverage and can be over $100 to include homecare and other services. Since these policies are only active for a year or less, total costs may be smaller than those for a long-term policy.

Hospital Indemnity plan premiums vary based on how much coverage you need. They can be as little as $12 per month or as much as $300 per month.

More on short-term care and hospital indemnity. 

Life & Final Expense

Life insurance costs vary more drastically than any other form of coverage because consumers have so many options. You can request $500,000 worth of coverage or $1,000,000’s worth.

One of the first questions a carrier will ask is whether or not you are a smoker. Insurance rates for smokers are much more expensive than for nonsmokers because a smoker has much higher health risks. A 35-year old non-smoker may pay about $735 per month for a lot of coverage or closer to $200 per month for less coverage.

Final expense policies are based on personal choice. Funerals can cost upwards of $10,000, so you’ll end up paying anywhere from $10 per month to $20 per month depending on how much coverage you want for your final expenses.

More on life insurance and final expense insurance. 

How much are you spending on ancillary insurance? Visit our post about getting ancillary coverage for FAQ’s and information about what you may need. If you need more questions answered, set up an appointment to speak with one of our agents by calling 1-844-431-1832.

Make The Most Of Your Medicare

Take Advantage Of Your Medicare

Do you know how to make the most of your Medicare plan? Do you know all of your benefits? Millions of people who enroll in Medicare pay their monthly premiums but don’t take advantage of their available services.

When you have a Medicare plan, you should use doctors in your network and prescription drugs on your formulary to save as much money as possible. You should visit your doctor even when you feel completely healthy or have minor concerns. Get your vaccinations, get tested for diseases that your family has a history of, and take advantage of other benefits like gym memberships.

Read on to discover what coverage you’re missing out on:

Find Doctors In Your Plan Network

Some carriers have doctor and hospital search engines so you can see which doctors are covered under your plan. ZocDoc is a great non-affiliated doctor search website as well. If you continue to use a doctor that is outside of your plan, you’re wasting potential savings that you’ll receive if you visit a doctor who is within your plan’s network.

Prescription Drug Coverage

The same goes for pharmacies and drugs. Your coverage is likely much higher for generic brand prescription drugs, so ask your doctor for a generic version when he gives you a prescription. Your coverage includes mail-order prescriptions as well. Mail-order is often cheaper because there are less labor costs! Plus, you can buy bigger supplies.

Take Advantage of Preventative Benefits

Medicare coverage isn’t just for help in the event of illness or injury – It’s also great for prevention. That means you have coverage for well-visits with your doctor, vaccinations (like flu shots), screenings and tests, and prescription supplements. Why not take advantage of those benefits and get ahead of potential illnesses? As a bonus incentive, staying healthy can keep your life insurance rates low.

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Know Your Additional Benefits

Some Medicare plans include discounts and freebies like gym memberships, massages, nutrition classes, support groups, and even LASIK surgery. Some even provide “rewards” in the form of discounts if you stay healthy.

Understand Your Coverage

If you have questions about your Medicare coverage, don’t be afraid to contact your carrier or agent. If you are enrolling for the first time or hoping to change your plan, set up an appointment with one of our experienced agents by calling 1-844-431-1832.