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4 Reasons a WAHM Would Need Supplemental Medical Insurance


Supplemental medical insurance provides some work-at-home moms the extra coverage they want, that is not provided by a regular insurance health plan. If you don't have a cash reserve built up to pay for medical, lost wages and other out-of-pocket expenses, you can pay monthly premiums for supplemental medical insurance instead. Even if you do have a cash reserve, you may want to hold on that money for other emergencies. Here are 4 major reasons why you may need it:

1. Pre-Existing Conditions

A major reason why you would need supplemental medical insurance is if you can't get the coverage you need due to a pre-existing medical condition. Many insurance plans will either deny you insurance, or charge high premiums if you have a pre-existing condition, which includes pregnancy. That's not the case with supplemental medical insurance. The only drawback is that the insurance company can require a waiting period, as much as one year. Ask the insurance agent about the length of the waiting period, so that you can compare insurance options carefully.

2. Lost Income

It's hard to imagine a scenario when you're working from home, where you can get injured "on the job," and lose income as a result. That happens more than you might think. There are so many ways you can get hurt at home, like tripping down the steps as you rush to squeeze in a load of laundry, in between client calls. When you're working outside your home at a place of business and you get injured, there's workmen's compensation and perhaps disability insurance included in a employee benefits package, to pay your wages during recovery. You don't get those benefits when you're working home, unless you buy a product like supplemental medical insurance.

3. Cash Benefit Despite Payments by Other Policies

If you were to get injured, and other insurance benefits covered your medical payments, you could still receive a cash benefit from your supplement medical insurance policy. For example, if you slipped and fell on a friend's driveway while visiting their home, and their homeowner's insurance paid your medical costs, you could still receive cash from your supplemental medical insurance. You can use your cash benefit to pay for deductibles if you decide to use your own health insurance, or to pay for  pain and suffering. In other words, there's no penalty for combining your supplemental medical insurance policy with other policies that pay money for your medical and other bills.  

4. Specific Treatments

A standard health care policy may not be sufficient to meet you needs, if you're battling a certain medical condition that requires prolonged and specific treatments. For example, if you have diabetes, you may want to get the best benefits possible for diabetic treatments, which may not be offered by standard insurance policies. It may be offered by supplemental medical insurance, which will pay for the treatments not covered by your regular insurance policy.

Weigh all your options carefully before buying supplemental medical insurance, and take into account what you're able to save each month for medical expenses.

Daphne Mallory, Esq. is the co-owner of Mallory Writing Services and has written more than 100 articles helping home based business owners and entrepreneurs start and market their business. You can learn more about her here.

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