Hospital and cancer policies, in plain words.
These policies pay money to you when something big happens that the policy covers, like a stay in the hospital, a cancer diagnosis, a heart attack or a stroke. You decide how to use it. Some of my clients add one next to their Medicare plan for extra protection. I'm Erick Vallarino, an insurance agent here in the Valley, and I help people anywhere in Texas.
These are limited benefit policies, not Medicare plans.
Each one pays only what the policy lists. A cancer policy pays only for cancer. They are not major medical coverage or Medicare Supplement insurance, and they do not replace Medicare or your health plan. You don't have to buy any of them. If one wouldn't help you, I'll tell you.
Three kinds, in plain words.
Hospital indemnity
If you're admitted to the hospital for a stay the policy covers, it pays you a set amount, often for each day you're there. The money goes to you, not the hospital. You can put it toward a deductible or copays, gas for trips to see a specialist, or bills at home while you recover.
Cancer
It pays you money if you're diagnosed with cancer, and some policies keep paying during treatment. It pays only for cancer, and only what the policy lists, so we read the list together.
Critical illness
It pays you a lump sum if you're diagnosed with a serious illness the policy names, like a heart attack, a stroke or kidney failure. Some policies pay only for three: cancer, a heart attack and a stroke. Each policy spells out what counts. You decide how to spend the money.
Some of these policies let you add benefits for a covered accident, at an added cost. Ask me.
Extra protection next to the plan you have.
Whatever coverage you have, a hospital stay or cancer treatment can still come with costs you pay. And life at home goes on: gas for the trips, the bills, time away from work.
That's where these policies can help. Some of my Medicare Advantage clients add a hospital or cancer policy next to their plan, for extra protection that pays money to them. People under 65 add them too.
I look at what you already have first. If something you already have does the same job, I'll tell you, and you may not need one. When you apply, you'll be asked about the coverage you already have. That's so you don't pay twice for the same protection.
If we're meeting about your Medicare, we talk about what you asked about. Want to go over one of these policies too? Tell me when we set the time.
Questions I'll help you ask.
- What does it pay, and for what?Every policy has a list. We read it together.
- Is there a waiting period?Many policies wait a while before they pay for certain things.
- Does it ask health questions?A recent diagnosis can mean you can't buy one. A health problem you already have may not be covered, at least at first.
- Does it pay for early-stage cancer?Some pay less for it, or nothing. Ask.
- Do I have to live a set time after the diagnosis?Some critical illness policies require it.
- Can the price go up, or the policy end?Ask now, not after you sign.
Want a quote? Let's talk it over.
Call or text me. We'll look at what you have now and what worries you most, in person, by phone or on Zoom. No pressure, and asking costs you nothing.