Last Friday I wrote, “Why Are Hospital Bills So Expensive?”
Over the weekend a reader from the midwest asked me about a similar problem. She asked about Medigap for people who qualify for Medicare prior to reaching age 65.
Apparently, she has been diagnosed with cancer before she saw her 65th birthday and the state in which she lives does not offer Medigap for people who are not yet 65.
Below, is a copy of the email that I sent to her. In it are some options for people who have a similar dilemma.
However, I do believe the wisdom of the old proverb, “An ounce of prevention is worth a pound of cure.” At the risk of sounding heartless (and that is not my intent since I am a pretty compassionate person by nature), all of her financial problems could have been avoided with the proper supplements to her health insurance portfolio.
The Essential Benefit Plans that are mandatory for all Americans who are not otherwise exempt from Obamacare, do not cover everything. If you have had a parent or sibling suffer from cancer, heart attack or stroke, I highly recommend that you consider getting a Critical Illness insurance policy as a supplement to your Essential Benefit Plan.
There are 3 major limitations to what the planned Essential Benefit Plans will cover.
- All of the Essential Benefit Plans have “Cost Sharing” requirements. That means that regardless of which plan you elect, you will still be liable to pay some of your medical bills.
- None of the Essential Benefit Plans will help you pay your regular, non-medical bills while you are recovering.
- None of the Essential Benefit Plans will help you pay for non-skilled help with Activities of Daily Living, Assisted Living or Adult Day-Care. Help with skilled nursing may be available as long as it is “medically necessary.”
If all you are concerned with is paying your Medical Bills in the event of cancer, heart attack or stoke, you will only need $10,000 worth of Critical Illness insurance. That amount is generally pretty inexpensive.
If, however, you are concerned about replacing your income while you are side-lined or hiring someone to help you if you are incapacitated, you will probably need more coverage.
The link below will allow you to see how much coverage would cost you with one insurance company. It is just one of several insurance companies that offer Critical Illness insurance.
If you are curious, click on the banner below. Just be advised that since I live in Texas, if you find a plan that meets your needs and budget, you will need to find a licensed insurance agent in your state to help you.
However, if you live in Texas and find a plan that you like, you will be able to submit your application over your computer.