It's a new year and that means many people have selected a new health insurance plan that started on January 1st. Whether you have group insurance through your employer, a Marketplace plan, or a Medicare Health Plan, you may be concerned about how to pay for your co-insurance and co-payments. While small co-payments for things like doctor's visits don't usually cause financial hardships, hospitals stays and serious illnesses can really put a dent in your savings.
I offer plans that can address just those concerns in a very affordable way. Hospital Indemnity and Critical Illness plans can fill the gaps left in your coverage by paying you a cash benefit for a hospital stay or a qualified diagnosis. With out-of-pocket limits reaching several thousands of dollars for many plans, it's worth examining how you would pay for unexpected medical bills should you get seriously ill or have an accident.
For example, I have a client who went into the hospital last year for 29 days. Her plan had a daily hospital co-pay of $250 per day for days 1-7. Her stay in the hospital came with a bill totaling $1,750. She had purchased a hospital indemnity plan that covered $250 per day for days 1-10, so her plan paid out $2,500. When the bill arrived, she had more than enough money to cover the cost.
Critical Illness plans work a bit differently. When diagnosed with a qualified illness such as cancer, heart attack, or stroke, the plan pays you a lump sum benefit to help cover your medical bills or any other expenses you may have. These plans can also be purchased with a recurrence rider attached that allows you receive an additional payment for a future diagnosis.
As an example, many health insurance plans have a high deductible or a co-insurance amount that you pay for cancer treatments. With a cancer policy in place, you could receive a lump sum cash benefit to help cover those costs and make sure that your focus is on getting the right treatment rather than how you will pay for it.
If you're concerned about how you would pay for medical bills left by your insurance, give me call at 309-696-7933 or send me an email at firstname.lastname@example.org and I'll be happy to answer your questions about how to protect yourself and provide you some peace of mind.