Most physicians carry health and disability insurance. But if a serious, potentially life-threatening illness were to strike, will your finances be adequately protected? Health insurance will cover some medical costs, and a disability policy will cover some of your lost salary. How could Critical Illness insurance help you in these circumstances? By paying a lump sum benefit of up to $250,000 when you're diagnosed with a serious, life-altering condition. Find out more about this coverage and how it can help you.
Serious Illnesses Bring Unexpected Costs
Though you have health insurance, your policy does not help protect you from the financial impact of being seriously ill. When a life is on the line, you may willingly consider out of network care and high-cost treatments. Your family also may need to pay for extensive travel and out-of-pocket costs.* Income may decrease due to missed work, and living expenses may increase due to multiple factors associated with the serious illness. (*Out of Pocket costs related to an illness or injury may be both medical and non-medical costs.)
You have worked hard to become financially secure. Yet in a short time, a serious illness could wreak financial havoc and may derail your financial goals. Critical Illness insurance may help prevent this from happening. The benefit may be used to cover unexpected expenses when you are diagnosed with a serious condition. Critical Illness insurance pays approved benefits directly to you in the event of a diagnosis of heart attack, life-threatening cancer, stroke, and other critical medical conditions.
As you may know, cancer is startlingly common. Nearly 40% of Americans will be diagnosed with cancer in their lifetime.° Due to positive advances in medicine, a patient’s prognosis may be good, but the road to recovery is not a smooth one.
Cancer patients may face unpredictable – even unmanageable costs, including:
• Health Insurance deductibles
• Out-of-network physician visits
• *Out-of-pocket costs for procedures and medications
• Travel costs
• Additional child care or senior care for family members
• Caregiving services for the patient
• Legal and/or financial guidance
• Lost Income
Critical Illness insurance can help provide needed financial relief as these expenses add up. These benefits are paid directly to the covered patient to be used as they see fit. Whether the insured needs to buy groceries, pay the mortgage, fund an experimental treatment, obtain a potentially life-saving medication – it is up to the insured to decide; not the insurance company.
Important Decisions, Trustworthy Guidance
Coverage can be obtained for yourself, your spouse, or your children. Could Critical Illness insurance be right for your family’s situation? It is worth a conversation with one of our advisors to find out. Remember, TMA Insurance Trust advisors have decades of experience, and they don’t receive sales-based commissions – we work for the future of Texas physicians like you. Reach out to us today.
If you wish, you can apply for The TMA Member Critical Illness Plan issued by The Prudential Insurance Company of America at any time online. To get started, click below.
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.
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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.