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High Health Insurance Deductible?

You're Not Alone

Many people elect a high-deductible health insurance plan to keep their premiums affordable. But when faced with a Major Illness (Critical Illness, Cancer, Heart Attack and Stroke), these people may not have easy access to the funds they need. A Major Illness policy can help by providing cash when you need it most - upon diagnosis. Get Your Quote

60% of Expenses Not Related

According to the American Cancer Society, 60 percent of cancer related expenses are not health care related expenses. This illustrates just how valuable a Cancer policy can be.

Policy Advantages:

  • The insured receives the policy benefit upon diagnosis.
  • The policy benefit can be used immediately (no elimination period).
  • Policy benefits are tax free and can be used for anything the insured chooses.

Example Cancer Policy Scenario

Let’s assume Karen receives a cancer diagnosis and is unable to work while receiving treatment.

Her health insurance policy has a $2,500 deductible, which means that’s the amount she must pay out of pocket.

In addition, with no money coming in, she still has ongoing expenses (mortgage, utilities, groceries, etc.) She also needs to pay for travel expenses so her daughter can make an extended visit to be with her during treatment.

Fortunately, Karen has a Cancer policy that pays a $20,000 benefit. That means she receives $20,000 upon the diagnosisof cancer, giving her the funds she needs to pay health insurance deductibles plus money that can be used to help cover other expenses

735,000 Every Year

Every year about 735,000 Americans have a heart attack. Of these, 525,000 are a first heart attack and 210,000 happen in people who have already had a heart attack.

Policy Advantages:

  • The insured receives the policy benefit upon diagnosis.
  • The policy benefit can be used immediately (no elimination period).
  • Policy benefits are tax free and can be used for anything the insured chooses.

Example Heart Attack Policy Scenario

Let’s assume Tom has a heart attack and is unable to work while receiving treatment.

His health insurance policy has a $2,000 deductible, which means that’s the amount he must pay out of pocket.

In addition, with no money coming in, he still has ongoing expenses (mortgage, utilities, groceries, etc.). He also needs to pay for travel expenses so his daughter can make an extended visit to be with him during treatment.

Fortunately, Tom has a Heart Attack and Stoke policy that pays a $20,000 benefit. That means he receives a $20,000 policy benefit, giving him the funds he needs to pay health insurance deductibles plus money that can be used to help cover other expenses

24% Chance

25 year old male non-smoker has a 24% chance of having a critical illness prior to turning age 65.

Policy Advantages:

  • The insured receives the policy benefit upon diagnosis.
  • The policy benefit can be used immediately (no elimination period).
  • Policy benefits are tax free and can be used for anything the insured chooses.

Example Major Illness Scenario

Let’s assume Mark needs a kidney transplant and is unable to work while receiving treatment.

His health insurance policy has a $1,500 deductible, which means that’s the amount he must pay out of pocket.

In addition, with no money coming in, he still has ongoing expenses (mortgage, utilities, groceries, etc.). He also needs to pay for travel expenses so his son can make an extended visit to be with him during treatment.

Fortunately, Mark has a Major Illness policy that pays a $20,000 benefit. That means he receives $20,000 upon the diagnosis, giving him the funds he needs to pay health insurance deductibles plus money that can be used to help cover other expenses

How it Works

Heart Attack & Stroke policies are designed to pay a lump-sum benefit upon diagnosis. This money can be used to help pay:

  • Health insurance deductibles, coinsurance and copayments
  • Services or treatments not covered by health insurance
  • Expenses for travel to receive treatment
  • Travel expenses for a family member coming to help
  • Child-care expenses while a parent recuperates
  • Ongoing expenses, like mortgage, utilities and home maintenance

Advantages

With a Major Illness policy, the insured receives the policy benefit upon diagnosis.

  • There’s no elimination period, so the policy benefit can be used immediately
  • Policy benefits can be used for anything the insured chooses
  • Major Illness policies are a good way to ensure extra funds are available when the money is most needed
  • Coverage options:
    • Individual
    • spouse
    • family members
    • Other Riders available as well
  • You own the policy and control the benefits
  • Premiums can’t not change as long as you own the policy
 

Sample Contract