Is Your Insurance Coverage What You Think It Is? A Personal Wake-Up Call
Life has a way of reminding us what really matters—and sometimes it does so in the most difficult ways.
Recently my family faced a battle we never saw coming. My 9-year-old daughter, Natalie, was diagnosed with severe aplastic anemia, a rare and life-threatening condition. Her journey included emergency room visits, hospitalizations, countless procedures, immunosuppressive therapy, and ultimately, a bone marrow transplant.
We’re incredibly grateful to say she’s now recovering at home—but the medical bills? They added up to several million dollars.
Yes, millions.
Thanks to good insurance coverage we were able to navigate the financial side of this crisis. But it was a harsh and emotional reminder: your insurance is only helpful if it’s the right kind and the right amount—before you need it.
1. Review Your Health Insurance Annually
Do you know your deductible? Your out-of-pocket maximum? The difference between the two? What your plan does or doesn’t cover in a life-threatening emergency?
Many people choose insurance based on premiums—but in a crisis, the difference between a $3,000 and $10,000 out-of-pocket max can feel monumental. Look beyond cost, understand your coverage, and consider these amounts when calculating your emergency fund.
2. Understand What’s Covered Under “In-Network”
When you're in the ER or being rushed into surgery, you're not stopping to check provider directories. But your insurance plan might not cover every doctor, specialist, or treatment center equally. Know your network and how your plan handles out-of-network emergencies.
3. Don’t Skip Disability or Life Insurance
We were focused on Natalie’s health, but what if I hadn’t been able to return to work for much longer? What if things had turned out differently?
If someone in your family got seriously sick—or if you did—could your income and assets weather the storm? Short-term disability, long-term disability, and life insurance are not luxuries. They’re essential pieces of a financial safety net.
4. Supplemental Insurance Can Fill Gaps
Hospital indemnity, critical illness, or accident insurance may seem unnecessary—until you’re dealing with massive non-medical expenses, like extended hotel stays near a hospital, unpaid time off work, childcare for siblings, or even medical travel. These policies can be affordable and worth considering.
5. Revisit Your Coverage After Major Life Changes
Getting married, having kids, changing jobs, or buying a home are all reasons to reevaluate your insurance. And so is a health event like ours. Coverage needs evolve, and staying proactive is the best way to protect what matters most.
6. Don’t Overlook Travel Health Insurance
Whether you're traveling out of state or out of the country, your existing health insurance may not provide the coverage you expect. Many domestic policies offer limited or no benefits abroad, and even within the U.S., care outside your network could come with steep out-of-pocket costs. If you're planning a trip—especially internationally—consider a short-term travel health insurance policy. It's a small cost for peace of mind.
Final Thoughts
We never expected to be the family in the pediatric oncology unit. No one does. But it happened—and we’re still here, stronger, and more grateful than ever.
This experience made me a better planner, a better advisor, and a more informed advocate for my clients. If you’re not sure whether your insurance is enough, let’s have that conversation. It’s not about fear—it’s about being ready.
From our family to yours: plan ahead, ask questions, and make sure your safety net is really there when you need it.
The information given herein is taken from sources that IFP Advisors, LLC, dba Independent Financial Partners (IFP), IFP Securities LLC, dba Independent Financial Partners (IFP), and its advisors believe to be reliable, but it is not guaranteed by us as to accuracy or completeness. This is for informational purposes only and in no event should be construed as an offer to sell or solicitation of an offer to buy any securities or products. Please consult your tax and/or legal advisor before implementing any tax and/or legal related strategies mentioned in this publication as IFP does not provide tax and/or legal advice. Opinions expressed are subject to change without notice and do not take into account the particular investment objectives, financial situation, or needs of individual investors. This report may not be reproduced, distributed, or published by any person for any purpose without IFP’s express prior written consent.
Securities offered through IFP Securities, LLC, dba Independent Financial Partners (IFP), member FINRA/SIPC. Investment advice offered through IFP Advisors, LLC, dba Independent Financial Partners (IFP), a Registered Investment Advisor. IFP and Callesen Wealth Management are not affiliated.