February 28, 2014

For those who are not in a financial position to apply for a healthcare subsidy, or get a reduced premium under Obamacare, there has been no shortage of health insurance sticker shock.  Individuals and families from all over Illinois have seen rate increases ranging from moderate to jaw-dropping, and many are wondering if there is any hope in getting these (now) mandatory expenses under control.  There is, actually.

Aside from the government mandate which requires everyone to carry active health insurance, many people want coverage to protect them in the event of three major events:  cancer, heart attack and stroke.  What many do not know, is that Critical Illness plans specifically cover all three of these, and are remarkably inexpensive.

Taking a High-Deductible Policy with Critical Illness Supplement Plan

Just as it's always been, plans with the lowest deductibles and lowest out-of-pocket expenses will incur the highest monthly premiums.  By opting for a plan with a higher deductible, and supplementing it with a Critical Illness plan, you could actually end up paying a lot less each month, while still having ample financial protection in the event of suffering a heart attack or stroke, or being diagnosed with cancer.  

What Does Critical Illness Insurance Cover?

Unlike traditional health plans which offset the percentage of the bill you're responsible for, Critical Illness insurance provides a lump sum cash payout in the event of a major health event, such as those mentioned.  This money can be used for:

  • Non-covered medical treatment & procedures
  • Paying bills, such as mortgage, car payments and tuition
  • Day to day expenses, food, gas, supplements and others
  • Travel or medical transport expenses
  • Experimental and new medical treatments
  • Lost income when unable to work or caring for a spouse  

How Much Does Critical Illness Coverage Cost?

It depends on your age and tobacco use, but in many cases a critical illness plan will range between $20-$40 per month.  So let's say you take a high deductible plan (in place of the low deductible option) and that offsets your monthly premium by $100-$150.  If you add a CI plan, you're still saving money while protecting yourself in the event of the worst case scenario.  It keeps you compliant with the Affordable Care Act regulations, while increasing your overall level of protection.  Very straightforward.

If you're in Illinois or the Chicago area and would like to know more about this, give Premier a call at 800-369-0287 to speak with one of our licensed staff agents.  You can also e-mail us to get answers to any questions you may have on Obamacare, such as applying for health insurance subsidies, choosing a new plan or getting covered before the March 31st open enrollment cut off date.