Critical illness
A serious emergency, such as a heart attack, or the diagnosis of a life-threatening disease, such as cancer, can be extremely upsetting. Add to this the worry over how to pay for needed medical care and the situation can become overwhelming.
1 in 4 seniors will be diagnosed with a critical illness. This coverage provides money to cover unexpected costs that are related to care and treatment of unplanned critical illnesses. For example, treatments not covered by a traditional policy, daily living expenses, and transportation expenses (such as getting to and from treatment centers, retrofitting vehicles to carry scooters or wheelchairs, and installing lifts in homes for critically ill patients who can no longer navigate staircases). It can also help people pay for experimental cancer treatments that their medical insurance carrier won’t cover.
How the plans work
Senior critical illness insurance can help alleviate the financial pressure of all these expenses. It supplements Medicare and may be appropriate for retirees who want to ensure they have the resources needed to see them through a critical illness. Payments are typically single lump-sum for each covered illness.
Critical illness insurance can be used to pay large out-of-pocket costs, especially important when enrolled in a high-deductible Medicare plan or low-premium Medicare Advantage plan. Similarly, it can be applied against non-covered costs such as travel and lodging fees, which might be incurred in order to receive the best treatment. It can even be used for ongoing living expenses such as groceries, mortgage or rent.
Popular Plans & Examples:
Plans start at $13 a month. Our marketplace offers several different plan designs so retirees have flexibility to choose what is best for them. Here are a couple of examples for a 60 yr old. Rates will change based on age.
$10K lump sum, guarantee issue – monthly premium is $16
$100k lump sum, underwritten – monthly premium is $48
DISCLAIMER: This information is not a complete description of benefits. Contact the plan for more information. Available issuing companies will vary by state.
