According to the Institute of Medicine, over 18,000 U.S. citizens between the ages of 25 and 64 die each year due to lack of healthcare. Needless to say, health insurance is important. But if you are generally healthy and don’t expect to have to pay many minor medical expenses, traditional health insurance may not be the best option for you.
However, on the off chance that something goes horribly wrong with your health, you don’t want to be stuck with millions of dollars in medical bills, essentially wiping out any kind of nest-egg you have accrued. Did you know 80% of bankruptcies are medical related and 64% of those had medical insurance? You also don’t want to be unable to afford proper medical treatment to your certain demise! It’s best to have some form of protection and remain prepared for the worst because you never know what can happen with your health. According to the Wall Street Journal, a major drug manufacturer will charge over $250,000 for a year of cancer treatment. That’s where a major medical policy comes in.
A Smart Alternative
Consider applying for major medical health insurance, also known as a catastrophic health plan. A major medical plan allows you to have some health insurance coverage, but not the full package. It is intended only for the utmost medical emergencies. That means should your health take a sudden and catastrophic nosedive, you or your family won’t have to foot the bill. In fact, it’s the best choice for people who can afford minor medical care, don’t routinely visit a doctor and don’t want to exceed their budget paying for astronomically expensive monthly healthcare premiums. For example, Value Penguin conducted a study on traditional health insurance premiums for 2016. A 21 year old with a moderate plan will pay around $3000 a year. As you age, that amount increases up to 3 times that amount. As an alternative, you might consider a cash plan up to $ 475,000 that will pay you upon your diagnosis of certain diseases like cancer.
We Can Help
Regardless of the requirements, American Family Senior Services can help you find the best major medical policy for you. No matter the state of your health, everyone should have access to a health plan that suits their individual needs and allows them to seek adequate medical care when they need it. For more information on how to acquire major medical health insurance or a critical Illness policy up to $475,000, contact us.
How It Works
Major medical insurance generally covers incidents such as surgery, cardiac problems, hospitalization, accidents and trauma, and devastating illnesses such as cancer. It also successfully fits all of the criteria set out by the Affordable Care Act, which in turn has expanded the amount of medical incidents major insurance companies are required to cover. You cannot use a government subsidy or a state exchange to help cover expenses. However, you are free to purchase it regardless of any prior health conditions you may have, as well as avoid suffering a tax penalty in the years following your adoption of a major medical policy. The downside is not just anyone can purchase a major medical policy. To qualify you must get approval through a Hardship Exemption Application or be 30 years of age or below.