CHAS Strategy

Everyone alive risks cancer, heart attack or stroke.  Unfortunately, it is one of the hazards of life.

However, as I understand genetics, those who have had a parent or sibling experience one of these diseases is at an even higher risk.

I do not routinely mention this option to my clients when I first speak with them.  Perhaps I should but in my opinion, Major Medical insurance is already too expensive.  Typically, I only suggest this strategy to people who volunteer, to me, that they have a higher than normal concern about cancer, heart attack or stroke, or that they have family members who have been treated for one of these serious medical problems.

This strategy is not right for everyone, but for those who are concerned, it can eliminate most, if not all of the costs associated with cancer, heart attack or stroke.

The stratgey can be used with either an ACA or Non-ACA medical plan.  Typically, I add an Accident Supplement to the Major Medical plan so that in the event of an accidental injury, the client does not have to deal with a deductible.  However, the Accident Supplement is not required for this strategy to work.

Whether an ACA or Non-ACA Major Medical plan is used makes no difference.  Just be certain that whatever Major Medical plan is used will cover treatment for cancer, heart attack or stroke.

Whatever Major Medical plan is used, elect the highest deductible available.  You will then obtain a Critical Illness plan with a benefit that is at least equal to the deductible or maximum out-of-pocket expenses that your plan requires.

Also, it is important to remember that cancer, heart attack and stroke often have lenghthy recovery times.  Although it is not required, if your personal saving are not sufficient to allow you to remain in your current standard of living, it is wise to increase the benefit for 3-6 months worth of living expenses.

Often, but not always, the total amount of benefit needed from the Critical Illness plan is only $20,000 – $30,000.  With a good Major Medical health insurance policy to build one, there is no reason, that I can think of, why anyone would pay the premium for a maximum benefit plan.