Health Products

Cancer Insurance Plans are supplemental insurance policies that help you pay for costs not covered by your health insurance when you are diagnosed with cancer. They provide a lump sum amount that can be used for cancer treatment. They are designed to help you manage the risks and expenses of cancer disease. Your health insurance must provide coverage for cancer treatment, but it may not cover every cost .

Cancer insurance was not designed to replace a traditional health insurance plan, but to compliment it by paying for treatment-related expenses not covered by your policy. With most plans, if you've been diagnosed with cancer, you will receive a lump sum you can use for both medical costs and normal living expenses. You essentially use the money any way you choose to make up for lost wages, deductibles, and co-pays.

A Critical Illness Plan is a type of supplemental insurance plan that pays the insured a lump sum amount after the diagnosis of an illness covered under the plan. The list of covered illnesses varies from one plan to another and may include diseases like cancer, organ transplant, heart attack, stroke, renal failure, and paralysis, among others. The lump sum amount can be used to meet the cost of treatment and other expenses. There is no coverage if the disease is not on the specific list for the plan. Critical illness plans are sometimes called dread disease plans 1

Because these illnesses require extensive medical care and treatment, their costs can outstrip a family’s medical insurance policy quickly. If you don’t have an emergency fund or health savings account (HSA), you’ll have an even harder time paying those bills out of pocket.

A big draw of critical illness insurance is that the money can be spent on a variety of things, such as:

• To pay for critical medical services that might otherwise be unavailable.
• To pay for treatments not covered by a traditional policy.
• To pay for daily living expenses, enabling the critically ill to focus their time and energy on getting well instead of working to pay their bills.
• Transportation expenses, such as getting to and from treatment centers, retrofitting vehicles to carry scooters or wheelchairs, and installing lifts in homes for critically ill patients who can no longer navigate staircases.
• Terminally ill patients, or those simply in need of a restful place to recuperate, can use the funds to take a vacation with friends or family.

Hospital Expense Insurance is insurance coverage that protects policyholders against losses associated with being treated in a hospital for a medical issue. Medical expense insurance is commonly purchased to supplement a regular health insurance policy. Extended medical stays can be extremely expensive. Some people buy this type of insurance rather than rely solely on their health insurance policy to cover every cost.

Accident Expense Insurance Plan is a type of supplemental policy that pays out a lump sum cash benefit if you are injured due to a covered accident.

1. It is considered supplemental insurance and is most helpful when it is used in combination with a major medical plan. Your accident coverage will take care of expenses not covered by your medical plan, such as copayments and your deductible. 

2. Accident insurance is also called accident expense or accidental death insurance. It gives you cash if you get injured or die from an accident covered by your policy. It pays a benefit directly to you (or your beneficiaries in case of death) for injuries resulting from a covered accident. 

3. Payments can be used for other expenses too — groceries, rent, bills…you name it.

Group Insurance Health Plans provide coverage to a group of members, usually comprised of company employees or members of an organization. Group health members usually receive insurance at a reduced cost because the insurer’s risk is spread across a group of policyholders.

The cost of group health insurance is usually much lower than individual plans because the risk is spread across a higher number of people. Simply put, this type of insurance is cheaper and more affordable than individual plans available on the market because more people buy into the plan.

An individual health insurance plan is a plan that you purchase on your own, not through an employer or a government program. It can cover just you or you and your family. You can buy an individual plan from a major insurance carrier or from the ACA marketplace, which offers subsidies based on your income. An individual plan provides comprehensive coverage for various health expenses, such as hospitalization, doctor visits, prescription drugs, and mental health care. You can choose an individual plan that suits your health needs and financial situations.

Medicare Supplement Insurance is sold by private insurance companies and pays medical costs not covered by Medicare. Better known as Medigap, this insurance covers out-of-pocket costs like copays, coinsurance, and deductibles.

KEY TAKEAWAYS

• Medicare Supplement Insurance, or Medigap, is a type of health insurance policy sold by private insurance companies to complement Medicare policies.1
• It covers common gaps in Medicare’s standard insurance plans.
• Insured individuals pay monthly premiums for Medigap policies directly to the insurance provider. 
• Medigap coverage is different from Medicare Part C, which is also known as Medicare Advantage.
• Medicare Supplement Insurance covers the common gaps in Medicare’s standard coverage. People who apply for Medigap coverage must be enrolled in Medicare parts A and B. Medigap plans supplement, but do not replace, primary Medicare coverage.

The Medigap open enrollment period is six months from the first month of coverage under Medicare Part B, for those 65 and older.

Disability insurance helps protects the policyholder’s earnings if they cannot work because of a disability. No matter your income level, your greatest asset is the ability to earn a living.

The disabilities the insurance can cover depend on the specific policy. It is also called disability income insurance or DI. The funds help people protect their living expenses, such as their mortgage, food, utility bills, and childcare. In addition, there are two types: short-term and long-term. Short-term typically covers a period of 3 – 6 months, while Long-term covers anything longer than that; sometimes until retirement.

Advantages of Disability Insurance

• Disability insurance allows you to focus on recovery.

• Financial protection can cover living expenses and help the disabled’s family in case of need.

• The compensation from these policies is mainly tax-free.

• Disability insurance helps you avoid debt, bankruptcy, and other financial emergencies.

• Disability insurance provides greater peace of mind.

• Various policies can suit both high-income earners and someone living paycheck to paycheck.

Disability can happen to anyone and anywhere. Disability insurance can help everyone support their family and themselves in case of a sudden disability. It can help you get by until you can return to your previous lifestyle. With no insurance, you may have fewer options and a difficult recovery. In conclusion, it is an essential type of coverage everyone should have.