April 26, 2017

Why would I need Supplemental Insurance?

Doesn’t my health insurance cover me?

While our products cover any medical issue, let’s just take cancer as an example:

The overall yearly cost for cancer in the United States exceeds $226 billion annually. And there are two types of costs – the first and obvious one that comes to mind are the direct costs, which includes going to the doctor, hospital, having surgery, chemotherapy, etc. These expenses are covered by your health insurance or Medicare.

The second and less obvious expenses are the indirect ones. Unfortunately, this is what your health insurance and Medicare do not cover.

What are these expenses? Imagine you can’t work for anywhere between 6 months to 2 years. You have lost income and savings for time off work for the patient, family and friends. Your living expenses continue even when you are sick, for example your housing costs, auto costs, food, school fees, utilities, etc. Your health insurance also has limitations so you will have out of pocket expenses for co-payments, outpatient services, medications, deductibles, uncovered charges, in-home care, travel, child care, etc.

For most of us – no matter how financially “set” we were before this happens – when we get sick, our income drops, while our expenses increase. And that is a recipe for financial disaster.

I have savings and assets for a rainy day.

Congratulations for being financially responsible. But ask yourself why you would want to tap into your savings, investments, your kids college fund, your own retirement fund, sell your home, car or personal items when you can have a multi-billion dollar corporation protect your finances with unlimited funds?

You’ve been smart and worked hard to get to where you are. Our job is to make sure your sole focus is on recovering and becoming healthy, while we deal with the financial ramifications.

Is supplemental insurance deductible?

Absolutely. And if you’re a business owner and get it for your employees, you can deduct theirs as well.

Is supplemental insurance worth the cost?

No one knows your finances better than you. Consider that the least expensive policy we have is $7/week. Regardless if you’re spending $28/month or $300/month, it’s up to you to figure out if your family, or business is worth the protection.

How likely am I to use it?

According to the American Cancer Society figures in 2012, 3 out of 4 families will be affected by cancer. This includes 1 out of 2 men, 1 in 6 of which will get prostate cancer, 1 out of 3 women, and it is the 2nd leading cause of death in children. Heart Disease is the leading killer of everyone. Every minute there are over 1,000 disabling accidents – just in America! The odds are someone in your family, or immediate circle has already had something like this happen to them. So the question isn’t why you need supplemental insurance, it’s why shouldn’t you protect yourself, your family, your business, or your employees?

Is supplemental insurance a good idea?

Only you can decide that. We are here to help you weigh your options. Consider for example those 3 out of 4 families affected by cancer: According to the MD Anderson Cancer Center, the cost of treatment for the first year alone can exceed $100,000. For patients with leukemia or lymphoma, that amount can reach $200,000 or more in the first year. Even with exceptional health insurance, the out-of-pocket medical expenses for these insured patients can average $35,000 per year. Survivors of cancer and their families can face significant debt.

So you only can weigh those facts versus having an insurance company with billions of dollars funneling money directly in your checking account. And to boot, if you don’t get sick, you get your money back.