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Could Your Finances Survive a Critical Illness?

Jan 12, 2019 7:00:00 AM

Surviving a serious illness can be one of the the biggest challenges of our life. It can consume most of our physical, mental and emotional strength. If we are lucky, we have support systems in place – with friends, colleagues and family members – to help us through.

 

But what about financial support? Have you thought about what might happen to your finances in the event of a serious illness? Have you given any thought to critical illness insurance?

 

The Surprising Cost of Getting Sick

 

Getting sick today is more expensive than ever. And a serious illness may have a devastating impact on our finances. Our primary health insurance may provide adequate medical and hospital benefits. But many people – including physicians – are often surprised by the gap between what their health insurance covers and the expenses that can arise as a result of a critical illness.

 

A Serious Illness Means More Expenses

 

As health insurance premiums continue to rise year after year, many individuals find themselves with plans that have higher deductibles, coinsurance and copays. If you become sick, it is very likely you will see greater out-of-pocket costs. The financial stakes go up even further with a serious illness.

 

As an example, consider the financial impact of cancer. According to the NIH, approximately 40% of us will face a cancer diagnosis at some point in our lives*. Fortunately, with today’s medical advances and quality care many cancers are now survivable. Financial survival, however, is another story. Even with health insurance, cancer patients often face unpredictable expenses or unmanageable costs.

 

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Planning For The Unexpected

 

With a serious illness like cancer, there is the possibility of needing specialized, out-of-network care. In order to obtain care from leading experts it is not uncommon to travel to distant treatment centers. In addition, there is the likelihood of high-cost drugs and experimental treatments that may not be covered by primary health insurance.

 

Critical illness insurance is designed to give you extra financial support to help cover the unexpected expenses that inevitably arise at times like these.

 

You Choose How You Use It

 

What makes critical illness insurance different from primary health insurance is that in the event of a diagnosis of a life-threatening illness – like cancer, heart attack, or stroke – the benefit is paid directly to you.

 

And unlike primary health insurance, the benefit may be used any way you choose.

 

Cover Medical or Personal Expenses

 

You may choose to use your benefit to help maintain your current lifestyle while you are out of work and your income is reduced. Or, you might use the benefit to help cover the numerous expenses that typically accompany a critical illness. These can include:

 

• Car services to treatment centers

• In-home care givers

• Paying expenses for relatives who visit

• Additional costs for child or senior care

• Specialty drugs or treatments

• Ongoing debt payments

 

Some individuals might even choose to use their benefit to recuperate with a family trip or to fulfill the dream of a once-in-a-lifetime travel experience. You are the best judge of how you would use your benefit.

 

Have a ‘Peace of Mind’ Conversation

 

Critical illness insurance may bring peace of mind when added to your portfolio of financial insurance protection for you and your family. Our experienced advisors can walk you through your options to help you determine the right coverage that best suits your individual needs. This includes The TMA Member Critical Illness Plan issued by The Prudential Insurance Company of America with up to $100,000 of coverage.

 

It’s important to know that our advisors do not earn sales-based commissions. So their advice is always unbiased and with your best interests at heart. You will never feel any obligation or sales pressure. Call us to arrange a free consultation today.

 

If you have already determined that critical illness insurance is right for you, we offer our members the convenience of applying for a plan online. You can apply for The TMA Member Critical Illness Plan issued by The Prudential Insurance Company of America at any time. To get started, click here.

 

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For over 60 years, TMA Insurance Trust advisors have been serving Texas physicians, their families and staff. TMA Insurance Trust prides itself on offering unbiased information and strategies to members, along with exclusive group rates on a range of the highest-rated plans in the industry.

 

Want to speak to an advisor? Complete the form below and we will reach out shortly.

 

 
 
This coverage is not health insurance coverage (often referred to as “major medical coverage”).
 
This type of plan is NOT considered “minimum essential coverage” under the Affordable Care Act and therefore does NOT satisfy the individual mandate that you have health insurance coverage. If you do not have other health insurance coverage, you may be subject to a federal tax penalty.
 
Group Critical Illness Insurance coverage is a limited benefit policy issued by The Prudential Insurance Company of America, a Prudential Financial company, Newark, NJ. Prudential’s Critical Illness Insurance is not a substitute for medical coverage that provides benefits for medical treatment, including hospital, surgical and medical expenses and does not provide reimbursement for such expenses. The Booklet-Certificate contains all details, including any policy exclusions, limitations, and restrictions which may apply. If there is a discrepancy between this document and the Booklet-Certificate/Group Contract issued by The Prudential Insurance Company of America, the Group Contract will govern. A more detailed description of the benefits, limitations, exclusions applicable are contained in the Outline of Coverage provided at time of enrollment. Please contact Prudential for more information. Contract provisions may vary by state. Contract Series: 114774.
 
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Topics: Life Insurance, Disability Insurance

Posted by the TMA Insurance Trust Team
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