Life and Health

Treatment for cancer can cost over $1 million. With most insurance plans, cancer patients max out their policy limits and face financial hardship as they get treatment. Cancer insurance reduces the financial burden and allows you to receive the treatment you need and want.

What Cancer Insurance Covers

With cancer insurance, you receive supplemental coverage that bridges the gap between the cost of your treatment and the amount your primary health insurance covers. It reduces your out-of-pocket expenses and allows you to receive the lifesaving treatment you need, and it can cover non-medical expenses. Consider this list of expenses cancer insurance can pay.

• Co-pays and deductibles
• Extended hospital stays
• Medical tests
• Procedures such as stem cell transplants
• Other disease-specific treatments
• Home health care
• Wage replacement
• Child care
• Dietary restriction aids
• Transportation to medical appointments
• Family vacation

As with any insurance, read your specific policy carefully to find exactly what it covers.

Types of Cancer Insurance

Primary health insurance often covers cancer treatments, including diagnostic tests, doctor visits and medicine. However, cancer insurance serves as an important supplement. There are two main types.

1. The most popular cancer insurance policies pay benefits in a lump sum when the policy holder is diagnosed with cancer. You have the freedom to use the money to pay whatever expenses you wish.

1. Less common cancer insurance policies pay for cancer-related expenses not covered by the primary health insurance policy. Coverage with this type of policy varies and may exclude the same expenses traditional health insurance excludes, so you must read the policy carefully to be sure your needs is met.

Six Important Considerations

Before you purchase cancer insurance, understand six important considerations.

1. No matter which type of policy you choose, you may not have a pre-existing cancerous condition, including cancer treatment, to qualify for coverage.

1. There is a waiting period after you purchase the policy and before benefits are paid. If you are diagnosed with cancer during that time, you will not receive a payout.

1. Compare your primary health insurance and cancer insurance policies to ensure benefits do not overlap.

1. Non-melanoma skin cancer is not covered by cancer insurance.

1. You may receive a reduced benefit if you have an early cancer rather than an invasive cancer.

1. Be prepared to provide documentation of your cancer diagnosis from your health care provider before you will receive the policy benefits.

When you’re diagnosed with cancer, you need all your energy to fight the disease and take care of yourself, not worry about how to pay for treatment. Cancer insurance gives you p

Short-Term Care Insurance (STCI) can help pay for your medical care in an assisted-living facility or nursing home for a relatively short period (90 to 360 days) during recovery, convalescence, or recuperation when you can’t take care of yourself – unlike Long-Term Care Insurance (LTCI), which provides coverage for two years to a lifetime.

Compared to LTC coverage, Short-Term Care policies are:

• Up to 70% less costly – because of the shorter benefit period.
• Easier to obtain – with only a limited list of medical exclusions.
• Far more likely to be used; one study found that 90% of nursing home stays last less than a year.
• Much quicker to go into effect; the STCI “elimination period” – the time from diagnosis until coverage begins – is usually 0 to 30 days, compared to the standard LTCI period of 90 days (According to one study, only one in four nursing home residents remain this long).

The STCI eligibility “triggers” are usually the same as those for Long-Term Care. The policy pays for care when you can’t perform at least two of six “activities of daily living” without help – eating, bathing, transferring in and out of a chair or bed, dressing, toileting and continence – or suffers from a cognitive impairment.

Choosing STCI makes sense if you: 1) have around $20,000 to $60,000 in assets and need reimbursement for the cost of care during a relatively short recovery; or 2) can’t meet the medical qualifications for LTCI or have waited so long to apply that you can no longer afford the premiums.

As insurance professionals, we’d be happy to help tailor a Short-Term Care policy that provides the protection you need at a price you can afford. Just give us a call.

Child with her grandfather

Is Permanent Life insurance for you? This type of coverage, unlike Term Life, does not expire and provides a tax-deferred investment or savings component (“cash benefit”), as well as a death benefit. As a rule, Permanent Life makes sense as a savings vehicle for high-income families, or those – such as small business owners – with illiquid estates, who want to pass along cash to their heirs.

If you’re considering Permanent Life, here’s what you should know:

1. Types of policies.
   1. Whole Life charges a fixed premium to fund a guaranteed cash benefit and death benefit; the shorter the pay period, the higher the premium.
   2. Universal Life offers a flexible premium that combines a Term Life policy with a bank account. You pay as much as you want, with the leftover funds earning a variable interest rate.
   3. Variable Universal Life works the same way, except that you can choose mutual fund-type options for investing your cash value.
2. Medical exam: As with Term Life, the insurance company will require you to take a physical examination. If you have a medical problem, you’ll probably pay higher premiums,
3. Investment benefits: You won’t owe state or federal taxes while the policy’s cash value grows until you make a withdrawal (at which time your tax rate will probably be lower). What’s more the “forced savings feature – requiring you to pay premiums – creates a financial safety net.
4. Costs: Because Permanent Life funds the policy’s cash benefit, as well as a death benefit, you’ll pay significantly higher premiums than for the same amount of Term coverage. Permanent Life also sets sales, administrative, and fund-management fees, as well as a mortality risk charge. In addition, if you cash in the policy during a certain period (usually 10 or 20 years) you might have to pay a surrender fee.

For more information on Permanent Life insurance, please feel free to get in touch with us at any time.

In tough times, we’re all looking for ways to save money. When you’re healthy and working, it’s hard to imagine being disabled by illness or injury. But be careful about disabling your Disability insurance. When you need it, it’s often too late. Bear in mind that:

• One in three working Americans will suffer a disability that keeps them from work for at least 90 days before retirement (age 65).
• The average disability absence lasts 2½ years.
• More than 80% of working Americans don’t have enough Disability insurance.

There are ways to reduce the cost of your premiums. For example, you can choose a longer waiting period before your benefits begin, or elect a shorter benefit period.

If you have enough resources to cover all your expenses during the first three months of a disability, a longer waiting period might be appropriate. Your premiums will probably be lower for coverage that starts after you’ve been disabled three months than for a policy that pays benefits after just 30 days.

Often, choosing a policy with benefits with a shorter benefit period — say to age 65 instead of for a lifetime — will lower your premiums. However, bear in mind that choosing a benefit period of two to five years to reduce your premiums, ending before normal retirement age, could be tragic. The longer the disability, the more likely that it will pose financial hardship.

If you’re considering making changes to your Long-Term Disability policy, call us today!

Boeing 747 Aircraft Taking Off ca. 1990s

You’re soon to be off on an exciting trip out of the country. Your plans are made, your flight is booked, your passport is current – and now all you can do is count down to the day of your flight. Before you pack your bags and board your plane, make sure that you have insurance to cover any unforeseen medical expenses while traveling.

Bear in mind that most Health policies provide only partial, or no, coverage outside the U.S. (Neither do Medicare and Medicaid). If an accident or medical emergency struck during your trip, you’d be left far from home – and uninsured. The solution: Travel Health Insurance, which can provide a number of benefits, including:

• Emergency medical treatment
• Hospitalization
• Coverage for pre-existing condition
• Prescription drugs
• Accidental death
• Hazardous sports coverage (optional)
• If necessary, medical evacuation back to the U.S. – this alone could cost $50,000

If you’re a frequent traveler, you can purchase multi-trip coverage (for up to a year) at a significant discount. People who plan to be abroad for an extended period might be able to buy a Major Medical policy that picks up the cost of prescription drugs and wellness programs.

As with most Health policies, Travel Health plans feature both in-and out-of-network coverage, deductibles, and co-payments.

You can choose from among a wide variety of plans, with differing options, and rates. For example, some policies also include such non-medical coverages as Trip Interruption and Travel Baggage.

We can advise you on selecting the Travel Health plan that’s best for you. Feel free to get in touch with us at any time.

Retirement

Fifty might seem old – unless you plan on living past 100, it means that your life is more than half over. However, people at this age today are far younger than they used to be. Think about how your grandparents looked in their 50s and 60s and beyond compared to today’s grandparents.

Although growing older isn’t what it used to be, you might still think that people over 50, who tend to be less healthy than their younger counterparts, can’t afford to buy Life insurance. Not so.

Increased competition in today’s market means that insurance companies are seeking customers of all ages– and that rates are lower than ever. More and more insurers are designing and marketing policies to people 50 and older, which means that they have a far better chance of getting Life coverage.

To help protect your loved ones with Life insurance, at a cost you can afford, we’d recommend these guidelines to a healthy lifestyle:

1. Watch your weight. Having a normal Body Mass Index (generally less than 25) will improve your chances of living longer.
2. Deal with any health issues. For example, if you have a condition such as high cholesterol, get it under control, whether by medication or changing your diet.
3. Exercise regularly, for obvious reasons.
4. If you’re a smoker, kick the habit. Quitting will not only improve your health, but save you money – which you can invest in helping pay your premium.

Of course, these recommendations apply to Life insurance applicants at any age.

We’d be happy to help you find the policy that can best meet your needs – feel free to give us a call at any time.

You’re not alone if you shy away from the doctor’s office, but you’re not doing yourself any favors by avoiding the doctor. Working with a trustworthy doctor can help you follow better health behaviors. It can also help you detect and treat health conditions early instead of suffering serious consequences later.

Why You Should Find a Good Doctor When You’re Healthy

You may think that you don’t need to worry about finding a good primary doctor if you don’t have any current health concerns now. In reality, that’s the best time to find a doctor because you’re not in a rush. Make an appointment with a primary care physician.

When you meet your doctor, think about whether you feel comfortable talking to him or her. Developing a communicative relationship with your doctor when you’re healthy can make the process easier for both of you should you get sick. It’s also a good time to ask whether you can make any lifestyle changes to improve your health.

Regular Physical Exams Can Prevent Major Problems

Your age, gender, and health history affect recommendations for how often you should have a physical and get routine tests done. These health screenings can identify minor concerns so you can treat them before they turn into serious medical conditions.

For example, changes in your diet and exercise patterns may be able to treat unhealthy cholesterol levels, high blood pressure, and high blood sugar if you catch them early. If you wait, you might be stuck with medications and progression to diseases such as heart disease, kidney disease, and diabetes. Regular cancer screenings, such as prostate for men and breast for women, are another example.

Positive Effects on Life Insurance

Life insurance premium depend on your risk of dying before the policy term is over. When you stay healthy, your rates are lower. Simple steps such as keeping your cholesterol levels and blood pressure in check help you stay in the lower-risk, lower-rate categories. You can do this by going to your doctor and following orders. Not everyone goes to the doctor as often as recommended, but it’s a good idea.

Finding a doctor that you trust and getting a regular physical can go a long way towards staying healthy and fighting disease if it comes.

Almost everyone needs Disability insurance. Think about it. Your capacity to earn a living is crucial. Your income makes it possible to buy food, make mortgage payments, provide for your children, take a vacation, and countless other things. Many faithfully pay premiums for car, life, homeowner’s insurance, and perhaps even a pet’s medical insurance, but they neglect this extremely important protection, Disability insurance.

There are few things as disruptive to a family’s happiness as having a parent, or maybe both, lose his/her income due to accident or illness. When income is drastically reduced, it creates stress and unmet needs and expectations. It often creates feelings of guilt in a parent. Life is hard without a reliable source of income.

A LIFE Foundation study states that 70% of working Americans could not be without income for more than one month without serious financial difficulty. Surprisingly, the same study states that one of every four Americans couldn’t last a week if they were seriously injured and unable to work. Clearly, the answer to the question, “Does almost everyone need Disability insurance?” is a resounding “Yes!”

It is important for an individual, and especially important for a family, to have a financial plan. Disability insurance should be one of the foundation stones of everyone’s financial plan, because it protects such an important asset – your income.

Other statistics need to be considered. The Senate Finance Committee states that 70% of people between the ages of 35 and 65 will become disabled for three months or longer and that 90% of injuries will occur away from work.

After you make the decision to purchase Disability insurance, there are still important questions to be answered and decisions to be made. “How large a benefit do I need; how much will it cost to purchase a plan with that level of protection?” “Does my spouse need this kind of policy even if he/she doesn’t work or has a small income?” “How long is the waiting period before I start receiving checks?” “Does my employer offer a disability plan that I am not aware of?” “Will I need this kind of insurance after I reach age 65?” All these and many other questions need to be taken to a capable, experienced insurance agent who is a specialist in this type of insurance. This is an important decision with a great number of complicated considerations, such as, “Is the plan guaranteed to be renewable?”, “What is the maximum benefit period?”, and “Which occupation class does my job fall into?”

Once the decision is made and the policy is purchased and in effect, you can breathe a sigh of relief. You have done what is necessary to protect your happiness with Disability insurance. More importantly, you have protected your family by providing for them if your ability to work is interrupted.

More employers are offering high-deductible health care plans as an alternative to traditional health care coverage, which costs employers more.

Under a high-deductible plan, the employee assumes some of the risk for health care expenses by agreeing to pay for a larger chunk of medical treatment. The employee’s benefit comes from the provision of a Health Savings Account (HSA) — a personal account of funds withdrawn from the employee’s paycheck by the employer and dedicated for the sole purpose of reimbursing out-of-pocket medical expenses. The portion deposited into the HSA is tax deductible.

At first, these accounts might seem like a reduction in employee benefits. However, in many cases employers would not be able to offer medical benefits without them. Although costs for small, non-emergency events are transferred to the employee and some other types of care might cost them more than under traditional plans, an HSA covers major health care needs that can quickly become unaffordable.

If your employer offers a high-deductible plan with an HSA or you’re considering switching jobs to an employer who does, consult with the company employee benefits department about the coverage. If you find that the plan doesn’t cover your dependents or if you have questions about private coverage alternatives, one of our Health insurance specialists would be glad to help. Just give us a call.