Do you need major medical insurance if have employer supplied insurance?
It depends on the coverage provided by your employer's insurance and your individual needs and circumstances. Here are a few factors to consider when deciding if you need major medical insurance:
1. Coverage: Review your employer-sponsored insurance plan carefully to understand the coverage limits, copayments, deductibles, and coinsurance. If the plan has high deductibles or limited coverage, you may want to consider purchasing a major medical insurance policy to supplement your employer-provided insurance.
2. Employer's Contribution: Check if your employer contributes a significant portion of the premium for your employer-sponsored insurance. If your employer's contribution is high, it may be more cost-effective to rely on the employer-provided insurance and use any extra money to cover other healthcare costs.
3. Preexisting Conditions: If you have any preexisting medical conditions, assess whether your employer's insurance covers them adequately. Some employer-sponsored insurance plans may exclude or limit coverage for preexisting conditions. If your preexisting conditions are not adequately covered, you may want to purchase a major medical insurance policy to ensure you have comprehensive coverage.
4. Family Size: Consider the number of dependents covered under your employer's insurance plan. If you have a large family, the coverage limits may be insufficient, especially if you anticipate high healthcare expenses. Purchasing a major medical insurance policy can provide additional coverage for your family members.
5. Financial Situation: Evaluate your overall financial situation and risk tolerance. If you have sufficient savings and are comfortable with the potential financial burden of healthcare costs, you may choose to rely solely on your employer's insurance. However, if you have limited savings or want peace of mind, purchasing major medical insurance can help protect you from unexpected medical expenses.
6. Portability: Keep in mind that employer-sponsored insurance is tied to your employment. If you leave your job, you may lose coverage. Major medical insurance policies are portable, meaning they are not tied to your employment and will continue to provide coverage even if you change jobs.
7. Long-Term Plans: Consider your long-term healthcare needs and plans. If you anticipate needing extensive healthcare services in the future, such as hospitalization or major medical procedures, purchasing a major medical insurance policy may provide you with more comprehensive and reliable coverage.
It's advisable to consult with an insurance professional or financial advisor to assess your individual situation and determine if you need major medical insurance in addition to your employer-supplied insurance. They can help you evaluate the specifics of your employer's insurance coverage, your healthcare needs, and financial goals, and recommend the most suitable insurance options for you and your family.