I hope all is going well in your world. I wanted to go over a policy that may be beneficial to people of all ages. This is a Critical Illness policy, which is also known as a Cancer, Heart, & Stroke policy. For sake of brevity, we will call it CI going forward.
Most people I talk to about these plans feel they do not need a CI because they have insurance or Medicare and it will cover the ailment. Let’s take a look at how you would benefit from a CI plan.
Depending on your coverage, your traditional Health Insurance will cover any CI related illnesses after your deductible has been met and your maximum out of pocket has been met. Let’s say you have a $2000.00 deductible and your maximum out of pocket is $5000.00. You will have to pay the first $2000.00 of coverage. After you hit your deductible you will owe $5000.00 of the next $25000.00. You will owe $7000.00 of the first $25000.00 in costs. Do you have $7000.00 to spend right now? A CI plan will provide a lump sum of money paid directly to you.
I am not trying to scare anyone with this next part, I am merely telling you my story. I had a minor Heart “issue” back in June of 2016. After many years of not caring about my health and living like a slob, it finally caught up with me. I went into the emergency room thinking it was no big deal, but deep down inside I was scared. I had the symptoms for a week and had great insurance. I put it off for a week because of work, and I worried about the costs. Well, I finally realized it was not getting any better so I drug myself into the emergency room. Here is the bad part aside from the “issue”- the doctor told me I was having a Heart Attack and I was going to be there for a couple of days. When he left the room and I sat there, of the first ten things that went through my mind 7 of them were how much this was going to cost me.
Ask yourself, if you were in that situation where the following would the following questions fall in your top ten list?
Am I going to be ok?
If something happens to me how will my family get by?
Will they be ok?
The sad thing is because of my situation those three questions were not even in my top five. How is that even possible? It was sad.
Here is my top ten this. These are the thoughts verbatim and in order:
1. How long am I going to be out of work?
2. How much is this going to cost?
3. How are the bills going to be paid?
4. How much is this going to cost?
5. How am I going to pay for all of this?
6. If I do not make it what will happen to my family?
7. What is the bill going to be?
8. Who is going to look after my sons if I pass?
9. What about the bills?
10. Am I going to be ok?
Enough about me. Let’s say you have insurance that will pay for your care 100%. Why would you need CI? What about travel and room and board to and from the hospital for you or your spouse? Food for them? What if you choose to get a second opinion from a clinic in another state? You will have costs that insurance or Medicare will not cover. It is very important that you have all your bases covered in the event something should happen. If you get sick, you should have one job, get better. That is it, get better!
If you have a Medicare Advantage plan, then you most definitely need one of these policies. You will have daily copays for the first few days of hospitalization and you will owe 20% of the cost of any chemotherapy. Your maximum out of pocket could be as high as $6700.00. A CI plan would come in handy.
If you have a CI policy the check is issued directly to you. You can use it for any reason. Pay bills; travel to and from the hospital, whatever you need to use it for. You owe it to yourself to see if one of these plans would be right for you.
If you have any questions or want to talk about your options with a Critical Illness or Medicare I am here to help. I will be more than happy to go over prices and such. Please give me a call or shoot me an email. I will be glad to have a conversation about your options and make sure all of your questions are answered. No pressure/No obligation conversations.
As always do something nice for someone today, just because.
All the best,
Randall J. Lawson
The HgO Group
National Producer Number #9276045
Don't forget to ask me about our Long Term Care, Cancer, Heart, Stroke, and Final Expense Policies.