health insurance innovations - 5

Critical Illness Coverage: Helping with Treatment Costs of Life-Changing Health Events and Illnesses

According to U.S. News and World Report, Americans spent $32.6 billion1 on oncology drugs and $11.1 billion1 on supportive care treatments for cancer in 2014.

And according to the CDC Foundation, over one million heart attacks and strokes each year in America significantly add to the more than $320 billion in healthcare costs2 each year linked to cardiovascular disease.

Prescription costs and other out-of-pocket costs related to accidents or non-critical illnesses can certainly impact your clients’ pockets, and costs related to critical illnesses can significantly impact their short-term and long-term financial wellbeing as well.

If your clients are concerned about the possibility that they may end up facing critical illnesses such as cancer, heart attack, or strokes as well as the ever-escalating costs related to such illnesses, you may want to discuss coverage options that can help them feel confident in their financial future in such unfortunate circumstances.

What value does CI coverage provide?

Depending on the specific plan, critical illness policies can pay benefits directly to your clients or their designees and can be used to pay:

  • Living expenses such as mortgage, rent, and car payments
  • Prescriptions
  • Copays and deductibles
  • Medical bills
  • Medical equipment and home modifications for recovery
  • Treatment-related travel expenses such as parking, pet boarding, food, fuel, and hotel stays
  • Non-covered experimental treatments

With CI offerings, your clients can:

  • Choose benefits amounts up to $50,000
  • Take advantage of little to no waiting period
  • Feel confident in knowing they will have additional financial help in the event that something happens

There’s no denying your clients’ financial exposure to the possibility of costly healthcare due to critical illnesses that come with long-standing out-of-pocket costs. With CI coverage, you may be able to help them feel more confident in the face of an uphill health and financial battle.

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References:
  1. “Oncologists Worry About Rising Costs of Cancer Treatment” from U.S. News & World Report
  2. “Heart Disease and Stroke Cost America Nearly $1 Billion a Day in Medical Costs, Lost Productivity” from CDC Foundation

 

 

Infographic: How to Redefine Your Sales with Limited Medical

With both single and family premium costs on the rise, traditional healthcare coverage may be becoming more and more out of reach, especially for families. Limited medical coverage can be their solution.

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health insurance innovations - 2

Redefine Your Portfolio Focus with Limited Benefits Medical Insurance

When faced with high deductibles, high copays, and high premiums, it can be difficult for your clients to afford medical coverage that addresses their health concerns. Limited medical plans offer economical options that can help do just that for your clients who are:

  • Anticipating rising medical expenses for a variety of health conditions
  • Unable to afford major medical coverage
  • Not eligible for short-term medical coverage
  • Looking for supplemental coverage to their major medical plans

What value does LM coverage provide?

Depending on the specific plan, limited medical plans can cover a wide variety of expenses for accidental injuries, sickness, inpatient surgical care, outpatient care, and even pre-existing conditions. Plans vary as to which specific expenses they cover, but often times, limited medical plans provide little to no waiting periods, access to doctors nationwide, and benefits for critical illness and/or accidental death.

What are the limitations of LM coverage?

This type of plan does not count as minimum essential coverage required by the Affordable Care Act and is not suitable to serve as your clients’ only medical coverage. Although the premiums may be lower than a major medical plan, the benefits are also lower and more restricted.

With these products, you can offer your clients many features, including:

  • The freedom to choose any doctor or hospital of their choice
  • Guaranteed issue coverage with $50-$100 paid toward doctor and specialist visits
  • Preventative care for $50, $75, $80, $100
  • Next day coverage or little to no waiting periods for accidental injuries or sickness
  • 12 month waiting period for pre-existing conditions

You may have clients who need to supplement their existing coverage, but who are worried about affordability and value. With limited medical coverage, they have the option to take advantage of low premium rates and out-of-pocket expenses, discounted network rates, and even access to non-insurance benefits such as a prescription savings program, 24/7/365 video and phone access to quality physicians, and a patient advocacy service.

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health insurance innovations -1

STM Sales 101: Grow Your Portfolio Options Today

What is short-term medical coverage?

Short-term medical coverage is a type of health insurance designed to help bridge gaps in your clients’ health coverage for a specific period of time, typically anywhere from 30-364 days.

These temporary plans can offer:

  • Flexibility in length of coverage and in cost
  • Variety of deductible and coinsurance options
  • Low copay options
  • Ability to cancel at any time without penalty

They can also:

  • Pay benefits like traditional major medical plans
  • Can provide wellness options

Note: STM coverage does not provide the minimum essential health benefits required by the Affordable Care Act (ACA) and will not help to avoid the fee for not carrying health insurance.

Who might want to consider short-term medical coverage?

Short-term medical coverage could be an option for your clients who are facing life-altering transition periods such as:

  • Pre-Medicare retirement
  • Change in employment status
  • Missed Open Enrollment
  • Rolling off parental insurance
  • Bridging a gap in your major medical coverage

What does STM coverage provide?

 Your clients can look forward to:

  1. Prompt approval: Enroll them when they need to secure coverage and proof of insurance quickly
  2. Affordability: Offer them cost-effective rates
  3. Security: Help to provide them with a sense of security as they bridge their health coverage gap in times of transition
  4. Flexibility: Provide them options of coverage cost and length that can help address their health realities

What are some downsides of STM coverage?

  • Does not cover preexisting conditions
  • Does not count as minimum essential coverage required by the Affordable Care Act
  • Having this coverage could prevent your client from qualifying for COBRA or HIPPA

Work with carrier partners that provide relatively inexpensive options such as:

  • Exclusive coverage with reapply options up to 36 months
  • A+ A.M. Best carrier ratings
  • Next day coverage
  • No waiting periods
  • Deductibles as low as $250
  • Relatively inexpensive individual and family coverage
  • Guaranteed acceptance coverage
  • Unlimited low-cost doctor and specialist copays
  • Open network of physicians, specialists, and hospital

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