Critical Illness Coverage

Suffering from a critical illness such as cancer, stroke or heart disease can be devastating not only to your health but to your finances. For instance, if your major medical plan has a high-deductible, you could end up paying thousands of dollars before meeting your deductible.

A critical illness can not only cause you to incur medical bills, but you may also lose income or incur other expenses related to the experience. A critical illness plan can help cover the difference and the extremely high cost of treatment. That is why so many of our customers add a Critical Illness policy to their high-deductible HSA plan to be prepared for illness-related costs such as:

  1. Medical insurance copayments and deductibles
  2. Investment into a Health Savings Account (HSA)
  3. Out-of-network charges on PPO plans
  4. Non-covered experimental treatments and surgeries
  5. Cash for household bills, car payments, and mortgages
  6. Lost income

Covered Conditions

A Critical Illness plan works by automatically paying $10,000 to $100,000 (you choose the limit). The conditions below are payable one time only. The maximum benefit that the policy pays out on the conditions listed below ranges from 25 percent to 100 percent depending on the policy offered by insurance companies.

Advanced Alzheimer’s Disease Loss of Limbs
Death from any cause (Except suicide during the first two years) Major Burns
End-Stage Renal Failure Major Organ Transplant
Heart Attack Paralysis
Invasive Cancer Stroke
Loss of Independent Living Terminal Illness

 
The following conditions are also payable one time only, and pay the percentage of the face value of your policy as listed below:

Medical Procedure Percentage Covered
Angioplasty 25  %
Coronary Bypass Surgery 25%

Why You Need Critical Illness Insurance

Although today’s medical advancements can greatly reduce your risk of developing serious conditions like cancer or heart disease, there is still a 75 percent chance that you will experience a critical illness at some point in your life.

Consider the statistics listed below provided by the American Heart Association and the American Cancer Society:

  1. Half of all home foreclosures are because of a critical illness.
  2. Half of all bankruptcies are due to critical illnesses.  Of those bankruptcies, 75%   had health insurance.
  3. An estimated 5.6 million American adults have suffered a stroke.
  4. Every 40 seconds, someone in the United States suffers a stroke.
  5. It is estimated that more than 3,760 new cancer cases are diagnosed each day.
  6. Men have a 1-in-2 lifetime-risk of developing cancer.  Women have a 1-in-3 lifetime risk.
  7. Nearly two-thirds of cancer-related costs are not medical.

Recovery After Illness

  1. Survival rates are twice that of death from critical illness before age 65.
  2. There are 4.5 million stroke survivors alive today.
  3. There are 12.4 million people alive today who have a history of angina pectoris (chest pains), heart attack, or both.
  4. Between 1994 and 2004, the death rate declined approximately 31 percent for heart attacks and almost 24 percent for strokes.
  5. 50 to 70 percent of stroke survivors regain functional independence.
  6. 88 percent of heart attack victims under the age of 65 are able to return to prior occupations. 
  7. 10.8 million people alive today have a history of cancer.

Although health, life, accident and disability insurance offer important coverage, critical illness plans can offer unequaled financial protection. Critical illness insurance plans help fill in the financial gaps not covered by your health, life, accident or disability insurance.

Financial Security and Greater Peace of Mind

The recovery time from a critical illness is often lengthy. Aside from the long recovery period, the cost of medical treatment can be enormously expensive. This is often the number one reason why people get a critical illness plan. It helps lessen the financial burden associated with their illness.

Although having a health insurance plan can help temporarily with the costs, it does not cover all the medical expenses you’ll need for your recovery. Based on the estimates by the American Cancer Society, 66 percent of the cost of cancer treatment is not covered by traditional health insurance. Medical treatment alone is not the sole expense of battling a critical illness. Extra costs for housing and travel for treatment, alternative treatment options, and necessary equipment can have a significant impact on your ability to maintain payment of your ordinary living expenses.

Critical Illness Plans Also Help With:

Insurance copayments and deductibles

Rehabilitation

Home and/or automobile modifications (e.g., wheelchair ramps)

Second medical opinions

Home health care

Travel to receive special treatment

Out-of-network medical treatment

Uncovered or additional prescription drugs

Critical Illness Plan Options

HSA for America partners with top-rated carriers offering competitive critical illness insurance plans.

Colorado Bankers Life – Founded in 1974, they offer competitive critical illness plans underwritten by Dearborn National.

Assurity offers affordable critical illness plans for individuals and their families. Assurity Life Insurance company is also rated Excellent (A-) by A.M. Best Company.

Guarantee Trust Life Insurance Company — In addition to accident, life, health and other specialty risk insurance, such as critical illness coverage, GTL has served individuals and families for over 76 years.

Humana — One of the largest health insurance companies in the country, Humana also provides exceptional critical illness coverage to individuals and families.

SureBridge Supplemental Plans pays a lump sum cash benefit directly in the event of a wide range of critical illnesses or pays a cash benefit directly for each day of hospitalization due to a wide range of different illnesses, accidents or injuries.

 

For more information on critical illness coverage, speak with your HSA for America Personal Benefits Manager at (800) 913-0172 or click the individual carrier links above to get an online quote today.