Almost every day, I talk to people who are worried about the health care system in this country…not necessarily the doctors, nurses and hospitals, but the insurance part of the health care system. Business owners (and their employees) are on edge either because they got a 25%+ increase on their health insurance premiums, or they have had to raise their deductibles to uncomfortable levels to keep their insurance costs low.
I know there are a lot of different things that have affected their need to change their insurance coverage, but there is hope. I am not saying that there is hope in the direction the current administration is driving this health care coverage vehicle, nor in the change they promised. What I am saying is that there is an opportunity for stability in the health insurance lives of the millions of Americans affected by this change. Every day people are turning to Supplemental Insurance. They are finding that SI is a good way to help them bridge the gap between their health insurance coverage and their own out-of-pocket responsibilities.
Supplemental Insurance does not pay the doctor, hospital, technician, facility or therapist (if you are in a health care profession and I missed you, I apologize). It puts tax free (usually) money into your pocket and leaves to your discretion how you spend the money. If you need it for doctor’s bills, fine. If you missed work because of an illness or injury and need to use it to pay that illusive utility bill, fine. If you want to put it in your “fun money slush fund,” it does not matter.
The bottom line is that with Supplemental Insurance (like AFLAC) you have the ability to meet your financial obligations, even in the face of serious medical events.
Showing posts with label Supplemental. Show all posts
Showing posts with label Supplemental. Show all posts
Friday, January 28, 2011
Monday, August 2, 2010
Do I Need Cancer Insurance?
Anyone Can Be Diagnosed With Cancer
Cancer is a scary word. Despite the best efforts of doctors and researchers, cancer remains a concern for many individuals and families. People from all walks of life are at risk, regardless of age, gender or ethnic background. In the US, men have less than a one-in-two risk of developing cancer during their lifetime; for women, the risk is slightly higher than one-in-three.(i) Advances in pharmaceuticals, surgical procedures, and alternative treatments have improved the chances of treatment and survival, and people living with cancer have a much longer life expectancy. But with improved treatments and increasing survival rates comes increased costs.
The Financial Impact of a Cancer Diagnosis Can Be Overwhelming
A strong major medical plan is your first defense against medical expenses when facing a cancer diagnosis, but with rising deductibles, people are increasingly facing a substantial increase in their out-of-pocket expenses before their major medical plan kicks in. According to The American Journal of Medicine, more than 62% of bankruptcies in 2007 were related to medical causes.(ii)
If you are diagnosed with cancer, you should spend your time focusing on getting better, not worrying about your finances. Some expenses are not going to be covered by major medical insurance – including travel, food, lodging, child care and household help. Keep in mind that life at home doesn’t stop either. Car payments, the mortgage, and utilities will continue to come due, whether you can work or not.
Fortunately There Is Cancer Insurance
Cancer insurance can help ease the financial worries that come with a cancer diagnosis. It will help fill in the gaps left by the major medical insurance. There are several cancer insurance options available to people, and trying to figure out which one works best for you and your family can be very confusing. It makes sense to have the tools to find the right insurance plan and the right insurance carrier.
When considering which insurance company to go with, make sure you ask the right questions! Consider the following factors:
1-The Insurance Carrier
There are many different insurance providers, so it is important to consider the company standing behind the product. What do you know about them? How long have they been around? What about their financial stability?
2-Policy Benefits, Limitations and the Definition of Cancer
Make sure the policy you’re considering covers the cost of treating recurrences or another form of cancer. And look for how the policy defines cancer. Most people are not familiar with the key benefits of a cancer policy or how plans are structured. Look for:
- A benefit for the internal diagnosis of cancer
- Strong benefits for radiation and chemotherapy
- Generous Hospitalization Benefits
- Comprehensive Benefits for Surgery
- Benefits for transportation and lodging in case travel is required.
- End-of-Life Care Benefits if the cancer becomes terminal.
3-Rate Stability
Annual rate increases are often considered the norm, but it is possible to find a provider that does not regularly raise premiums. Ask your insurance representative whether the company you’re considering has a history of rate stability.
4-Claims
You’ll find out just how reliable your insurer is when you file a claim. Before you buy, research how quickly they process claims. Do the benefits require coordination with other coverage before the benefits are issued?
5-Spouse & Dependents
Not all policies offer benefits or the same level of benefits to spouses and children. If you are the primary insured, make sure your policy offers coverage for the rest of your family equal to yours.
6-Early Detection & Cancer Prevention
Many of today’s tests and scans identify cancer at its earliest. Some cancer policies offer when you take advantage of those tests, including annual mammogram or prostate screening tests.
7-Control
Is the policy guaranteed renewable or can your employer or insurance company terminate it at any time? Will your plan be canceled if the employer changes plans? Is the policy portable – Can you take it with you if you leave your job?
8-Underwriting
Insurance companies’ underwriting questions vary, but one commonly asked question is, “How long have you been cancer-free?” Some companies will not cover you unless you have been cancer-free for at least 10 years. Look for a company that is less strict in its underwriting requirements, and that will cover you if your cancer recurs.
i - Cancer Facts and Figures 2009, American Cancer Society
ii - Medical Bankruptcy in the United States, 2007: Results of a National Study, (Published in 2009), The American Journal of Medicine.
Cancer is a scary word. Despite the best efforts of doctors and researchers, cancer remains a concern for many individuals and families. People from all walks of life are at risk, regardless of age, gender or ethnic background. In the US, men have less than a one-in-two risk of developing cancer during their lifetime; for women, the risk is slightly higher than one-in-three.(i) Advances in pharmaceuticals, surgical procedures, and alternative treatments have improved the chances of treatment and survival, and people living with cancer have a much longer life expectancy. But with improved treatments and increasing survival rates comes increased costs.
The Financial Impact of a Cancer Diagnosis Can Be Overwhelming
A strong major medical plan is your first defense against medical expenses when facing a cancer diagnosis, but with rising deductibles, people are increasingly facing a substantial increase in their out-of-pocket expenses before their major medical plan kicks in. According to The American Journal of Medicine, more than 62% of bankruptcies in 2007 were related to medical causes.(ii)
If you are diagnosed with cancer, you should spend your time focusing on getting better, not worrying about your finances. Some expenses are not going to be covered by major medical insurance – including travel, food, lodging, child care and household help. Keep in mind that life at home doesn’t stop either. Car payments, the mortgage, and utilities will continue to come due, whether you can work or not.
Fortunately There Is Cancer Insurance
Cancer insurance can help ease the financial worries that come with a cancer diagnosis. It will help fill in the gaps left by the major medical insurance. There are several cancer insurance options available to people, and trying to figure out which one works best for you and your family can be very confusing. It makes sense to have the tools to find the right insurance plan and the right insurance carrier.
When considering which insurance company to go with, make sure you ask the right questions! Consider the following factors:
1-The Insurance Carrier
There are many different insurance providers, so it is important to consider the company standing behind the product. What do you know about them? How long have they been around? What about their financial stability?
2-Policy Benefits, Limitations and the Definition of Cancer
Make sure the policy you’re considering covers the cost of treating recurrences or another form of cancer. And look for how the policy defines cancer. Most people are not familiar with the key benefits of a cancer policy or how plans are structured. Look for:
- A benefit for the internal diagnosis of cancer
- Strong benefits for radiation and chemotherapy
- Generous Hospitalization Benefits
- Comprehensive Benefits for Surgery
- Benefits for transportation and lodging in case travel is required.
- End-of-Life Care Benefits if the cancer becomes terminal.
3-Rate Stability
Annual rate increases are often considered the norm, but it is possible to find a provider that does not regularly raise premiums. Ask your insurance representative whether the company you’re considering has a history of rate stability.
4-Claims
You’ll find out just how reliable your insurer is when you file a claim. Before you buy, research how quickly they process claims. Do the benefits require coordination with other coverage before the benefits are issued?
5-Spouse & Dependents
Not all policies offer benefits or the same level of benefits to spouses and children. If you are the primary insured, make sure your policy offers coverage for the rest of your family equal to yours.
6-Early Detection & Cancer Prevention
Many of today’s tests and scans identify cancer at its earliest. Some cancer policies offer when you take advantage of those tests, including annual mammogram or prostate screening tests.
7-Control
Is the policy guaranteed renewable or can your employer or insurance company terminate it at any time? Will your plan be canceled if the employer changes plans? Is the policy portable – Can you take it with you if you leave your job?
8-Underwriting
Insurance companies’ underwriting questions vary, but one commonly asked question is, “How long have you been cancer-free?” Some companies will not cover you unless you have been cancer-free for at least 10 years. Look for a company that is less strict in its underwriting requirements, and that will cover you if your cancer recurs.
i - Cancer Facts and Figures 2009, American Cancer Society
ii - Medical Bankruptcy in the United States, 2007: Results of a National Study, (Published in 2009), The American Journal of Medicine.
Monday, July 26, 2010
Are You Prepared For An Accident?
Have You Considered A Supplemental Accident Insurance Plan?
There have been numerous studies conducted throughout the years that have continually lead to the same conclusion…The younger you are, the more likely you are to die as the result of an accident over any other cause of death. Accidents are the leading cause of death through the age of 44. In 2007 there were over 123,000 accidental injury deaths in the United States alone!
But what about accidents that do not result in death? Again, from statistics taken from a CDC report in 2007… There were over 34 million injuries attended to in emergency rooms across the country, the majority of them not happening on the job.
Accidents don’t just happen when you are driving your car, or away on vacation. An accident can happen anywhere at anytime to anyone. But while we are on the subject of automobile accidents, lets consider this…
Every car driven in the United States is required to be covered by an auto insurance policy. These are designed to help cover the costs to repair damages to the body of the vehicle and some medical coverage for injuries sustained by those involved. If ever you need to use your auto insurance, that alone might not be enough to protect yourself. Most plans have a low limit of liability for medical treatments associated with a car accident.
A supplemental personal protection plan that covers accidents specifically is an excellent way to hedge you against a large monetary setback when an accident occurs. These types of plans will typically provide cash to the policyholder they can use however they desire. If they need it for their deductible or copayments to the hospital/doctor/chiropractor they can use the money there. If they need it for travel, gas, lodging, food or to keep the lights on and water running at home, they can use it there. Accident indemnity plans are designed so the policyholder can use the cash benefit where they see fit.
Accident Insurance is not just something you should think about for yourself, either. If you have a spouse or children, you should consider looking into plans that will cover them as well. It is something that many people do not like to think about, but purchasing additional protection over your regular health and life insurance plans can be an affordable and effective way to close the coverage gap and give you and your family considerable peace of mind.
We call an accident an accident for a reason; we don’t plan for them. We don’t anticipate them. Accidents happen when we least expect them. But, they do happen. Without them life would be boring. The risks we take make life worth it. Wouldn’t it be great to be better prepared knowing that eventually you may have to deal with the consequences of taking a chance? Don’t get caught off guard and saddle your loved ones with debt and trouble as a result of your accidental injury (or death). Get the proper protection of accident insurance today. Ask Affleck About Aflac!
There have been numerous studies conducted throughout the years that have continually lead to the same conclusion…The younger you are, the more likely you are to die as the result of an accident over any other cause of death. Accidents are the leading cause of death through the age of 44. In 2007 there were over 123,000 accidental injury deaths in the United States alone!
But what about accidents that do not result in death? Again, from statistics taken from a CDC report in 2007… There were over 34 million injuries attended to in emergency rooms across the country, the majority of them not happening on the job.
Accidents don’t just happen when you are driving your car, or away on vacation. An accident can happen anywhere at anytime to anyone. But while we are on the subject of automobile accidents, lets consider this…
Every car driven in the United States is required to be covered by an auto insurance policy. These are designed to help cover the costs to repair damages to the body of the vehicle and some medical coverage for injuries sustained by those involved. If ever you need to use your auto insurance, that alone might not be enough to protect yourself. Most plans have a low limit of liability for medical treatments associated with a car accident.
A supplemental personal protection plan that covers accidents specifically is an excellent way to hedge you against a large monetary setback when an accident occurs. These types of plans will typically provide cash to the policyholder they can use however they desire. If they need it for their deductible or copayments to the hospital/doctor/chiropractor they can use the money there. If they need it for travel, gas, lodging, food or to keep the lights on and water running at home, they can use it there. Accident indemnity plans are designed so the policyholder can use the cash benefit where they see fit.
Accident Insurance is not just something you should think about for yourself, either. If you have a spouse or children, you should consider looking into plans that will cover them as well. It is something that many people do not like to think about, but purchasing additional protection over your regular health and life insurance plans can be an affordable and effective way to close the coverage gap and give you and your family considerable peace of mind.
We call an accident an accident for a reason; we don’t plan for them. We don’t anticipate them. Accidents happen when we least expect them. But, they do happen. Without them life would be boring. The risks we take make life worth it. Wouldn’t it be great to be better prepared knowing that eventually you may have to deal with the consequences of taking a chance? Don’t get caught off guard and saddle your loved ones with debt and trouble as a result of your accidental injury (or death). Get the proper protection of accident insurance today. Ask Affleck About Aflac!
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