Cancer, Heart Attack & Stroke Insurance (also commonly known as Critical Illness Insurance) provides a lump-sum, tax-free payment in the event of a major medical event. This coverage is intended to be supplemental insurance that works in addition to your current health or Medicare insurance to help alleviate the high costs of major illness expenses that Medicare does not cover. Most companies offer 3 standalone policy options: Cancer insurance, heart attack & stroke insurance, or both combined as a bundled product. While it may be difficult to be emotionally prepared for such a life-changing diagnosis, being financially prepared could bring you and your family peace of mind for any unexpected future illnesses.
No one ever plans for a critical illness diagnosis. However, being financially prepared during a major medical event can bring peace of mind and financial support when you need it the most. While the thought of going through such a major medical event can be emotionally difficult, our health can be unpredictable. This insurance can alleviate any financial burden and protect you and your family.
Cancer, heart attack, and stroke insurance provide you with financial protection in the event of any major future illness diagnosis. This includes both medical (total of all health care expenditures) and nonmedical expenses (such as lost earnings due to missed work from illness or premature death). That occurs during your journey to recovery.
Additionally, unlike Medicare that only pays for doctors, hospitals, and medical procedures treated in the hospital. Critical Illness benefits can be used for any expenses that accumulate during your diagnosis and while you are undergoing treatment. These cash benefits are paid directly to you to be used for cost-of-living expenses during recovery, travel expenses, in-home care, etc. This type of plan supplements existing health insurance coverage with extra funds that meet the demands that come with critical illness health emergencies. You may receive a lump sum to cover these added expenses or monthly payments, depending on the plan.
While Medicare covers many medical treatments such as doctor visits, inpatient hospital care, surgeries, chemotherapy, radiation, and some prescription drugs, Medicare only covers the expenses you accumulate while you are in the hospital, not outside the hospital.
The key benefit of cancer, heart attack, and stroke insurance is that it pays a lump sum directly to you. Meaning, these are cash benefits to use as you wish while undergoing treatment, in and out of the hospital. These days, many patients with these unexpected illnesses prefer to be at home with their loved ones after undergoing necessary treatment at the hospital. Additionally, oral cancer medications alone can cost upward of $15k–$19k alone. Which Medicare only covers a small portion of. Basically, any expenses accrued outside of the hospital would not be covered under Medicare and would need supplemental insurance to help with costs.
Every situation is different and personal to you. Deciding whether or not this coverage is a good life & financial decision will vary for every person. The next few sections will cover questions to ask yourself and some quick tips to help you decide. Cancer, heart attack, and stroke insurance are becoming more popular because Medicare coverage does not cover all the costs of these critical illnesses. Although it might be frightening to think about going through this situation, our health can be unpredictable, which is why this coverage is something to consider – to protect you and your family.
The answers to the questions above will depend on your personal situation. Factors like your finances, health, family history will also impact whether or not this type of insurance is right for you. To help solidify your decision, if this insurance would be right for you, the following information is 10 tips that might help you decide if this insurance is a good fit for you and your family.
The point of cancer insurance is to reduce the price of cancer treatments Medicare doesn’t cover, not replace your Medicare coverage.
Cancer insurance can indirectly cover a significant amount of your cost of living expenses that you might not be thinking about until they happen.
Cancer treatments are rapidly undergoing a shift from traditional intra-venous treatment (which is covered by Medicare) to at-home oral treatments (which is not covered by Medicare).
The American Cancer Society estimates that cancer-related direct medical costs in the US were $183 billion in 2015 and are projected to increase to $246 billion by 2030, a 34% increase based only on population growth and aging.
Pay close attention if you have a family history of cancer, heart attack or stroke; as this might influence your decision.
If you’ve already been diagnosed with cancer, you are not eligible for this coverage. Insurance companies do verify your medical records are correct when answering the screening questions, so as always, honesty is the best policy.
The earlier you enroll, the better rates you will get. The older you are, the higher the rates, due to the increasing risks as we age.
Monthly premiums do not fluctuate from year-to-year. As long as you pay your monthly premiums, you are locked in at the rate you sign up with.
It can be a costly waste to assume that duplicate coverage will provide you with double the health benefits. Instead, carefully discuss the benefits you’re looking for with your agent to find a policy that fills in the gaps left open by your Medicare plan and doesn’t offer similar (if not exact) coverage as your Medicare plan.
The application & enrollment process is simple. All it takes is a 10-minute phone call with one of our agents, and you are set. Better yet, if you’re already a current client, we already have most of the information we need to complete the enrollment process.
Many cancer, heart attack & stroke policies can cost anywhere between $10 to $60 per month but vary by company and other factors. For example, on average, our clients pay $12 for a $5,000 benefit. However, there are more inclusive policies that have a much higher payout. The main takeaway – the higher the monthly premiums, the higher the payout.
There are several factors when it comes to the payout amount you will receive. It depends on the company, the plan, age, the benefit amount, and other variables. Depending on your personal situation and what coverage you’re looking for, the lump-sum benefit amount can range anywhere from $5,000 – $100,000 in payout benefits.
Rates, plans, and benefits can vary drastically from company to company. That’s why going through an independent insurance agency like Medicare Hero is highly recommended. Why? Well, similar to your Medicare coverage, comparing plans and different companies is always a smart decision to save you money. In addition, insurance companies have their own policy types, benefits, and pricing metrics so that insurance premiums can vary greatly.
Additionally, many people don’t read the small print regarding their insurance policies, so an insurance broker with vast knowledge about the various plans and is appointed with more than just one insurance company is always recommended. Basically, someone can help you sift through the confusing insurance jargon and cut to the chase to get you the best plan at the best rate for your personal situation.
Fortunately, there are no strict qualifications to be approved for this coverage. If you don’t have any current major illnesses, you should be in good shape to be approved. Unlike applying for Medicare, there are no hard deadlines to sign-up for this plan regarding your age. On the other hand, no minimum age stipulations prevent you from signing up early for this insurance. For instance, this plan might be beneficial not only for you but your 45-year-old daughter if breast cancer runs diagnosed at a young age runs in the family for generations. Adversely, the maximum age to enroll is 75 years of age. However, as mentioned previously, the older you get, the higher the rates will be, so keep that in mind. The sooner, the better!
It’s no surprise the risks of getting cancer or having a heart attack or stroke go up as we age. Thus, it would only make sense the older you are, the higher the rates. Why? Cancer rates rise quickly as you age. According to the American Cancer Society, “80% of all cancers in the United States are diagnosed in people 55 years of age or older.” (American Cancer Society, Cancer Facts & Figures, 2021).
Despite no age limitations like Medicare, insurance companies will ask you a few qualifying health screening questions before being accepted. Below are the types of questions insurance companies will ask.
(Please Note: Questions vary per insurance carrier and may include timeframe requirements).
The application & enrollment process is simple and easy. All it takes is a 10-minute phone call with one of our agents, and you are all set. One of our friendly, professional insurance agents will ask you a couple of questions to get some insight into what your goals are with this additional coverage. Then, based on the information you provided, they’ll suggest the plan(s) that would be a good likely fit. Lastly, they’ll provide you with a free-rate comparison from the top insurance companies and explain your plan options to see if any of the plans would be a good fit.
If you’re turning 65 soon and your Open Enrollment Period for Medicare is approaching, this is a great time to knock everything out at once regarding your health coverage. Our agents would be happy to discuss any ancillary insurance products such as a dental, vision, and hearing insurance plan or cancer insurance, in addition to your Medicare coverage. Again, no sales push, just all your questions answered. We understand it’s a lot to take in when entering the world of Medicare. So we’re happy to assist in any way we can!
If you’re a current client and have already enrolled in a Medicare policy with us, good news for you… We already have most of the information we need to complete the enrollment process for this coverage, so the application process is quicker and easier.
Want to learn more about cancer, heart attack, and stroke insurance? Or just simply have a question how it works in conjunction with your Medicare coverage?
We’d be happy to help!
Simply fill out the contact form to the right and one of our friendly agents will contact you soon! Or you can always give us a call at 1-(888)-321-6361 or email us at email@example.com and we’ll be in touch shortly.