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Cancer, Heart & Stroke Insurance

Financial Peace of Mind if You Receive a Diagnosis

2 Ways to Get Cancer, Heart and Stroke Insurance Coverage

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Cancer, Heart & Stroke Insurance

Is Cancer Insurance Worth It?

Cancer is the No. 2 Cause of Death in the United States<sup>1</sup>
Cancer is the No. 2 Cause of Death in the United States1
Medical Bankruptcy is 2.65x More Likely After a Cancer Diagnosis<sup>2</sup>
Medical Bankruptcy is 2.65x More Likely After a Cancer Diagnosis2
80% of New Cancer Diagnoses are People Age 55+<sup>1</sup>
80% of New Cancer Diagnoses are People Age 55+1

Cancer comes at an enormous financial cost. The National Cancer Institute calculated the average cost of medical care and drugs tops $42,000 in the year following a cancer diagnosis. Some treatments can exceed $1 million.3,4 What’s also troubling is that people are 2.65 times more likely to declare medical bankruptcy after a cancer diagnosis.2

Cancer Insurance provides cash payouts in the event you receive a cancer diagnosis to help pay for out-of-pocket medical bills, or any other expenses not covered by your insurance plan including trips to see out-of-area specialists.

What is Heart Insurance?

Heart Disease is the No. 1 Cause of Death in the U.S.<sup>4</sup>
Heart Disease is the No. 1 Cause of Death in the U.S.4
$83,980: Estimated Cost of Hospital Care from Heart Failure<sup>5</sup>
$83,980: Estimated Cost of Hospital Care from Heart Failure5
90% of People Who Have a Heart Attack Will Survive<sup>6</sup>
90% of People Who Have a Heart Attack Will Survive6

About 90% of people who have a heart attack will survive. Unfortunately, the road to recovery comes at a financial cost. Hospital care for someone suffering from heart failure is estimated at $83,980 alone, of which standard Medicare would only cover 80%.5

Heart Insurance provides a lump-sum payment in the event you suffer a heart attack to help pay for any outstanding bills or whatever else you need.

Do I Need Stroke Insurance?

$59,900: The Average Cost of a Stroke Per Year<sup>7</sup>
$59,900: The Average Cost of a Stroke Per Year7
Strokes are the No. 5 Cause of Death in the U.S.<sup>4</sup>
Strokes are the No. 5 Cause of Death in the U.S.4

Strokes are increasing problem for older people with about 75% of strokes occurring in people 65 or older and the chance of having a stroke doubling every decade after 55.7 Strokes are estimated to cost an average of $59,900 per year.

Stroke Insurance can help eliminate or alleviate this financial burden, providing money at the time of diagnosis to use at that person’s discretion.

Cancer, Heart Attack and Stroke Insurance Features & Benefits

Lump-sum payments can be used to help pay for your:

Copayments / Deductibles
Copayments / Deductibles
Prescription drug coverage
Prescription drug coverage
Rehabilitation
Rehabilitation
Transportation
Transportation
Medical Supplies
Medical Supplies
Rent / Mortgage Payments
Rent / Mortgage Payments
Loss of Income
Loss of Income
Anything You Want!
Anything You Want!

Frequently Asked Cancer, Heart Attack and Stroke Insurance Questions

What is Cancer, Heart and Stroke Insurance?

Cancer, Heart Attack and Stroke Insurance are supplemental insurance policies that provide cash benefit if the policyholder suffers a heart attack or stroke or is diagnosed with cancer.

What Can My Cancer, Heart and Stroke Insurance Pay For?

Anything! There are no restrictions on how you can spend your lump-sum payment. Often people will use the money to help pay for their treatments, copayments and deductibles, or any out-of-pocket expenses. Those expenses may include travel to your appointments, rent or mortgage payments, medical supplies, additional rehabilitation programs or supplement lost income.

Is This One Policy or Three Separate Policies?

That depends on what the insurance carrier provides. Most insurance companies offer Cancer Insurance as a stand-alone insurance policy and Heart and Stroke Insurance are bundled together in another insurance policy. If you want coverage for all three, then you’ll need to get two separate policies.

What is the Recurrence Benefit?

Some policies have what’s called a “Recurrence Benefit.” This means that in the event you have a heart attack, stroke or cancer diagnosis and paid your policy’s maximum payout, you can receive another payment in the event you have another diagnosis. However, you may not get the total amount again, depending on how long it’s been since your previous incident.

For example, if you have a $30,000 Heart Insurance policy and have a second heart attack between 2-5 years AFTER your first heart attack, then you may receive 25% ($7,500) of your policy’s max benefit. Remember, this example and payout may differ by insurance carrier or policy.

Example:

Time Period Without Medical Advice or Treatment and Recurrence Percentage of Above Benefit Amount
Less than 2 years 0%
2 years or more but less than 5 years 25%
5 years or more but less than 7 years 50%
7 years or more but less than 9 years 75%
9 years or more 100%
Lifetime Maximum Percentage of the Cancer Recurrence Benefit Amount 100%
Are There Any Limitations or Exclusions with These Plans?

Yes, there are limitations and exclusions on what is or isn’t covered under these plans. For example, other than malignant melanoma, skin cancer isn’t covered under some Caner Insurance Policies. That’s why it’s essential to read your policy’s Outline of Coverage, so you understand what conditions or secondary conditions are or are not covered under your policy.

Do These Policies Have Guaranteed Renewability?

Yes, these policies typically have guaranteed renewability for life, provided the policyholder pays the plan premiums when due.

Does Cancer Insurance Have a Waiting Period?

Yes. Most plans typically have a 30-day waiting period before the plan goes into effect.

Can You Get Cancer, Heart and Stroke Insurance After a Diagnosis or Incident?

That depends on how long it’s been since your previous diagnosis. The insurance carrier will ask questions to determine your plan eligibility. Depending on the carrier, they will ask when your last heart attack, stroke or cancer diagnosis was – depending on the plan.

If you suffered a heart attack, stroke or cancer diagnosis within a certain number of years, you may be deemed ineligible to enroll in the plan.

How Much Does Open Heart Surgery Cost Without Insurance?

If you suffer a heart attack and require open heart surgery but don’t have health insurance, then you should expect a hefty medical bill. The United States has the highest cost of any country for a heart bypass, at about $123,000.8

Remember, Heart and Stroke Insurance only pays if you suffer a heart attack. If you know you need open heart surgery but haven’t had a heart attack, then this policy will not pay you.

How Will Your Benefit Be Paid After Diagnosis/Incident?

Following a diagnosis, your insurance carrier will pay your policy’s lump-sum payment directly to you or any insured person on the policy. The money will not go to your primary insurance provider or hospital.

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