What Is Heart Attack and Stroke Insurance?

Even though Covid has been the main medical headline for the last year or so, other serious health issues are still leading to more deaths. Heart disease, for example, is the leading cause of death in the United States, and as Covid deaths continue to decrease due to vaccines, strokes and cancer will remain near the top of the list as well.

Many times on this blog I have discussed the importance of a cancer insurance plan. Cancer, which comes in many forms and can be specific to one organ or another, is recognized by many when the topic comes up. And even though we all know that heart disease and cardio vascular issues prevail, we don't discuss them as much as cancer.

Part of this is because for many people, avoiding these health problems is a matter of changing one's lifestyle, diet and fitness goals. Making those changes, like eating less pork, drinking less alcohol and going for a walk tend to cut into our wants and needs. And it can seem as if it interferes with our work day. Of course, stress is a leading factor in all of this.

Yet we see and hear about heart attacks and strokes all the time. Think of all the commercials on TV for medicines that can reduce your chance of a heart attack or stroke. 

The effects of a major health event can be long lasting. Physically, one can expect to be on some sort of medication for the rest of their life after experiencing a heart issue. A stroke can be debilitating and lead to other issues. My mother had a small stroke while undergoing knee replacement surgery. The stroke, which affected some of her motor skills, also kicked her dementia into overdrive. What was previously some age-related memory loss became full-blown episodes.

There is a financial cost to all of this as well. Anyone who has been hospitalized for a cardiovascular disease knows all too well that there will be deductibles, copays, out-of-network cost (just because your hospital may be in the insurance company's network doesn't mean that everyone that works there is in the network!) and other out-of-pocket expenses. This can add up quickly. And believe me when I say this, not everyone wants to contribute to your GoFundMe page. Plus there is the loss of income when someone is out of work as a result of one of these illnesses.

With all of this in mind, it is important to know that there are insurance policies available that help cover these costs. Most of them pay a lump sum amount in the event of a major health issue, like a heart attack or a stroke. We offer several of these plans, including the following:

• Cancer, Heart Attack and Stroke plan. Just as the name implies, this policy will pay you a lump sum of money (you choose at the time of the application) when diagnosed for one of these conditions.
• Critical Illness. These plans also pay a lump sum but have a different array of illnesses. Most include heart attack, stroke, comas, and other major health events, but cancer may or may not be included. Check with your agent to see what they offer.
• Disability Insurance. When people think of disability insurance, they think of someone hurt who is in a wheelchair, but over 85% of all disability claims are from illness, with cancer and heart disease at the top of the list. 

If heart disease runs in your family or you have concerns about one of these health events, drop us a note or schedule a quick phone appointment with us. We'll be happy to help you with a quote. In the meantime, please stay healthy!

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life, disability, long term care, cancer, accident and other insurance coverages in North Carolina, South Carolina, Virginia, Tennessee and Georgia. 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!

4 Cancer Insurance Options That Can Work For You

I often discuss cancer and it's impact on a family. Yes, there is the toll it takes physically as someone undergoes treatments, and despite all the advances in research on the disease, many continue to die from various types of cancer. 

There is also a huge financial impact on survivors and their families. Cancer treatments are expensive and even though health insurance picks up a large portion of the tab, there are still some huge gaps not covered by major medical policies. Deductibles, co-pays, travel, and other out-of-pocket costs can wipe out a family's finances. Not to mention the lack of income if the cancer patient is the breadwinner of the family.

As previously discussed on this blog, there are several cancer insurance plans available on the market. There are also non-traditional plans that can also help cover the expenses related to having cancer. These plans pay directly to the insured, not the hospital or the doctor. Here are a few. 

1. Cancer treatment plans. These are the insurance plans that most people think of when considering cancer insurance. They generally pay a structured set of benefits for various treatments. For example, if someone is hospitalized for cancer, the policy may pay a set amount of money, say $100 per night. There may be another benefit if surgery is necessary. Wigs (for hair loss as a result of chemotherapy) may even have a benefit. 

Many of these types of plans are offered through "worksite" companies, which means you can get them through your work if your employer agrees to deduct the premiums from your paycheck. If you are self-employed or a business owner, you can get an individual plan and the costs is just about the same. 

A cancer treatment plan pays the way it sounds. As you are receiving treatments, you can remit the receipts to the insurance company to continue receiving benefits. As cancer treatments are not a "one and done" scenario, you could continue receiving benefits for months. With that in mind, a cancer treatment plan has the potential to pay out a lot of money, but it can also be difficult for someone who is seriously ill to keep up with the paperwork. If you would like to run your own quote on one of these plans click here. 

2. Lump sum plans. Unlike the cancer treatment plan, these plans pay a lump sum of money when someone is diagnosed with an invasive cancer. There's no need to save receipts and you can choose the amount you want, along with your premium amounts. Many people prefer these plans for their simplicity. 

One of our lump sum insurance carriers has included genomic testing with their plan. Your doctors can send a biopsy sample to a laboratory where the sample is examined. The lab will in turn contact the doctors and give them suggestions as to how to treat the cancer. All of that is included at no extra charge and can help dramatically. If you would like to see a short video on how it works, click here. 

3. Critical illness insurance. Critical illness plans generally cover several specifically named illnesses or health events, such as heart attacks, strokes, kidney failure and major organ transplants. Sometimes cancer will be included on the list. These plans are paid in the same way as the lump sum plans in that you choose a face amount when you apply. 

4. Life insurance will critical illness riders. Life insurance carriers are starting to offer riders that cover critical illness (and chronic illness) into their policies, and many are included at no extra charge. For younger people this can be great as the premiums are low. I always emphasize to my clients that they are buying life insurance, first and foremost, so the underwriting process can be an issue. 

This isn't the cheapest option as most carriers only include the riders on their permanent plans. However, we have found one carrier that offers them on their term policies. 

On all of these plans be aware that there may be some underwriting involved. If you have had an internal cancer in the last few years you could be denied coverage. Also, skin cancer isn't always covered. 

If you have questions about any of these options let us know. Our website has contact forms and a page where you can book a phone appointment that works on your schedule. In the meantime, please stay healthy!

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! Thanks!

Do I Need An Out-Of-Pocket Protection Plan?

As we are in the middle of open enrollment for ACA (Obamacare) plans, we are seeing that many individuals are selecting higher deductibles, fewer copays and more out-of-pocket costs to make their health insurance premium more affordable. These out-of-pocket costs may still cause unnecessary burdens to many people. 

As a matter of fact, the number one reason for bankruptcies in the country is medical expenses, with the percentage being estimated at over 60%. In 2015 the Kaiser Family Foundation found that medical bills caused 1 million adults to declare bankruptcy. The same survey also found that 26% of Americans between the ages of 18 and 64 struggled to pay their medical bills. 

When a family member has a medical condition and has to go to the hospital, they don't need added financial burdens. Our new Out-Of-Pocket (OOP) Protection Plan* is designed to help pay some of the costs that most families will experience from higher deductible plans with fewer benefits. 

Having a policy that covers out-of-pocket expenses for hospital stays could not come at a better time. The news is filled with statistics of Covid cases on the rise, and hospitals filling their rooms. Because of this, we have had an increase in interest for plans like this. 

  This plan pays directly to the policyholder. There are no networks nor deductibles. Even filing a claim is simple. And the benefits are paid directly to you in one lump sum, not the hospital or the doctor. Plus the plan pays in addition to any other insurance and workers compensation.

The best part is that you can choose the benefit and premium. For example, you can decide what amount of benefit you would like for your daily inpatient hospital confinement benefit. Next, you decide on how much you would like for your first hospital admission benefit. Included in this is a $50 benefit for doctor office visits (2 each year). 

There are also optional benefits, like an outpatient surgery benefit (limited to 2 a year) and an emergency accident benefit (limited to 4 per year).  It even covers maternity as any other illness. Not many plans do that!

You probably would like to know how much a plan like this costs. The best way to find out is to run a  your own quote which you can do by clicking here. You can cover yourself, you and a spouse, you and your children or the entire family. 

If you are trying to save money by choosing a high deductible health insurance plan, be aware that one hospital stay can burden your family's finances. By having a policy to cover those deductibles, copays and coinsurance costs can keep you afloat when you need it most.

People don't plan on being admitted to the hospital, much less having to be confined for a week or more. Those out-of-pocket costs will definitely be there when you are released from the hospital, but what about your other bills? For those of us who are self-employed, spending days in the hospital means not working, and not working means not making money that pay our usual bills. Housing, utilities, groceries and car payments can add up quickly if you don't have the money. As I mentioned earlier, this plan pays you so you can take care of those monthly obligations. 

If you have questions about this plan or any of our other insurance plans, please leave us a note in the comments section below, or go to our website at www.SurfFinancialBrokers.com and book a phone appointment. In the meantime, please stay healthy! 

*Not available in Virginia

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! Thanks!

It's Open Enrollment Time

It's that time of year again when a lot of people are making changes to their various medical plans. The choices you make during open enrollment will be affect how much your medical bills will be next year, unless you are fortunate enough not to have any. 

This past February I experienced my first major health event and spent nearly a week in the hospital. The hospital bill was around $75,000, with my major medical insurance picking up the tab for most of it. A small change in my open enrollment strategy could have cost me a great deal more and set me back financially. 

This is the struggle during open enrollment.  Trying to predict what your medical bills will be is nearly impossible, even with my Magic 8 Ball. I had always been a fairly healthy person, so being admitted and confined to a hospital was not in my gameplan when trying to decide which medical plan I would go with. I was just trying to find a policy that I could afford.

That is why it is so important to have some good supplemental plans at your disposal. Premiums for medical insurance go up each year. Medical inflation outpaces all of our other bills. Having a good disability plan or other coverage in place can help you if you are left with high deductibles or copays.

People will sometimes ask why I think it's so important to have more than life insurance and health insurance. My response is as follows: Health insurance won't pay all of the bills if something serious happens.  Add to that the fact that people generally don't have enough life insurance to cover all the expenses their family will have if they die. Supplemental (or voluntary plans, as they are known) can help you fill in those gaps. 

To this end, I am a huge proponent of supplement policies, not just because I sell them, but because I own them myself. I personally know the value of a Hospital Indemnity policy. I have a cancer plan on my family because I know that the out-of-pocket expenses are extremely high. My disability insurance policy will help cover my bills if I am sick or hurt and can't work. 

I don't want my friends to have to set up a GoFundMe page because they don't have the money to pay their bills. But I do want my friends (and clients) to have a good accident insurance policy so I don't have to contribute to their crowdfunding when they get hurt.

These plans all have a place and none will break my bank account. However, not having an extra policy or two in case of a serious illness or injury could destroy your family's finances. The vast majority of bankruptcies in this country are caused by major medical events. According to CNBC, 137million Americans were struggling with medical debt in 2019. And TD Ameritrade found that medical expenses are the number one reason why people of all ages cash out their 401(k)'s or other retirement savings. 

The majority of these types of plans are sold through the workplace, with employers deducting the premiums from the employees' paychecks. For those of us who are business owners, contract employees and otherwise self-employed, Surf Financial Brokers has comparable plans that can be purchased on an individual basis. And we can take your application right over the phone. Check out our website and book an appointment that works for you to make sure you have this valuable coverage. 

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! Thanks!

How Do I Cover Out-Of-Pocket Medical Expenses?

With Covid in the news so much, we have had a spike in interest regarding the various supplemental plans we offer. Even though medical insurance pays the majority of the hospital and doctors' bills, there are still a lot of expenses that are not covered. Deductibles and coinsurance just two of examples. We recommend you take a look at your medical coverage when enrolling and check to see what your Out of Pocket (OOP) maximum is during the plan year. 

The OOP is the amount you could be on the responsible for if you were to be seriously ill. Earlier this year I was hospitalized for nearly a week when my pancreatitis flared up. Beside the physical pain I was having (it really hurt!) I knew there was going to be some financial pain as well. My OOP was around $4500. 

Many people have chosen medical plans with high deductibles to keep their premiums low, but they haven't considered how they will pay for those deductibles if they are hospitalized. Sure, you can call the hospital or other provider and work out a payment plan, but it would be much easier to have an insurance policy that can pay those out-of-pocket costs.

This is the time of year when many people are making changes into their medical plans. Open enrollment gives us an opportunity to made adjustments that fit into our budgets.

 

There has been a misconception that we have to work for a company to be eligible for group supplemental plans, but that's not always the case. A large number of individuals who are business owners, contract employees, or otherwise self-employed, can still have access to some great policies that will help cover those bills that their major medical does not.

We have options like our Hospital Indemnity (HI) plans, which give you extra money if you are admitted and confined to the hospital. As mentioned earlier, interest in these plans has increased due to the pandemic. And you can tailor the plan to give you the coverage you need. 

These plans pay directly to you, not the doctor or the hospital, so you can use the money as you need. There are no networks involved, so it doesn't matter where your received care. And these plans pay in addition to other insurance and workers' compensation plans. 

When you apply for an HI plan you can choose amounts for being admitted to the hospital, as well as daily confinement benefits. There are also optional riders for serious accidents and outpatient surgery. That flexibility lets you customize your plan to be affordable for you.

Filing a claim is easy as well. After leaving the hospital, simply fill out the forms and attach any medical receipts. 

During these crazy times when the Coronavirus is in the news each day, we see hospitals filled to capacity all over the country. Record numbers of cases remind us that anyone can get seriously ill, and not necessary from Covid, but from other ailments, like heart disease, cancer and strokes. And of course, serious accidents can also be costly. That is why we have health insurance in the first place. Making sure we can cover our health insurance premiums is tough, but trying to cover those extra expenses can be even tougher. And trust us when we say that not everyone wants to contribute to a GoFundMe page.

Let us help you with keep those out-of-pocket expenses low and please stay healthy!

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!