Wednesday, October 7, 2020

Is There A Covid_19 Insurance Package? (Pt. 2)

In the last post told you about a couple of insurance products, namely life insurance and disability income insurance, that are a great fit if you are concerned about catching the Covid_19 virus. In my opinion they are two insurance coverages that everyone probably needs. As a matter of fact, when I speak to groups about their insurance products I discuss the "Holy Trinity of Insurance", consisting of life and disability insurance, as well as the major medical portion. 

Just because other products are not in the Holy Trinity doesn't mean they can't be good products and act as the "saints"(as you can tell my mother sent me to Sunday school). I have a couple of  options for you if Covid_19 is in the back of your mind.

The first policy I would like you to consider is a Hospital Indemnity (HI)* plan. Generally speaking, HI plans cover you for being admitted and confined to the hospital. There are a few other benefits that we see from time to time, including anesthesia and outpatient surgery, but not all policies have those or they may be additional riders. These policies can vary dramatically from different companies and also state regulations, so check into what is available in your state. 

One of the things I like about most HI plans is the simplicity. Generally speaking, an HI plan will offer a daily confinement benefit that you decide on. For instance, you can choose $100 or $200 a day benefit. Some policies will offer an additional benefit for being admitted to the hospital like $2500 or $5000. These plans offer riders for critical accidents, skilled nursing facility, outpatient surgery, as well as dental and vision. With all of these riders available one can "customize" their policy for their own needs and budget. 

You can get a great description of the policy and run your own quote by clicking here

One other policy I want to mention may sound out of place in a discussion about Covid_19, I think it deserves a listen. Given that nursing facilities are suffering greatly from the virus, which apparently is very contagious amongst the residents and caregivers in these facilities, the option of staying in your own home is much better. Of course, there is one obstacle in that strategy, and that's price. 

In my hometown, a good skilled nursing facility would have cost my father around $35,000 a year. He was adamant that he wanted to be in his home and hired a home healthcare company. The cost of this was over $75,000 each year. Even though he really couldn't afford it, my father used the equity in his home to pay for the caregivers to stay with him around the clock. 

With all of this in mind, we offer a Short Term Home Healthcare plan, which helps pay for those expenses related to staying in your own home. Unlike a Long Term Care plan, this plan helps you pay for care only in your own home for up to 365 days (not necessarily in a row). Even though the carrier recently changed the minimum age of this coverage to 61, it is still very affordable and you only have to answer a few simple health questions. To see a short video on this product click here

So if you are concerned about how Covid_19 could affect you or your family's finances, look us up on the web and book an appointment to speak with us. In the meantime, please stay healthy. 

*Not all policies are available in all states and rates are subject to underwriting. 

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life and disability insurance coverage. He's also is a professional speaker helping sales people be more productive and efficient and has spoken to professional and civic organizations throughout the Southeast. And please subscribe to this blog!

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