Other Insurance

Is Cancer Insurance Worth It?  In our opinion it is!  Now keep in mind as my grandfather used to say “Opinions are like rear-ends…everyone has one and they usually all stink.”  Now with that being the case, what makes our opinion different.  Well, we are going to back that opinion up with data.

How Prevalent is Cancer?

Cancer is a disease that affects millions of people each year, and the cost of treatment can be significant. While traditional health insurance for those under the age of 65, Medicare, and Medicare Advantage plans can help cover the cost of cancer treatment, it may not cover everything. That’s where cancer insurance comes in. Cancer insurance is a type of supplemental insurance that can provide additional financial support to help cover the cost of cancer treatment.

One of the main reasons to buy cancer insurance is to help cover the cost of treatment. Cancer treatment can be expensive, and the cost of chemotherapy, radiation, and other treatments can add up quickly.  According to The Agency for Healthcare Research & Quality (AHRQ) it is estimated that direct medical costs for cancer in the US back in 2015 were a staggering $80.2 BILLION (while 52% of this amount was for outpatient hospital and doctor office visits).  The National Cancer Institute estimated that cancer-related medical costs in the US were $208.9 BILLION in 2020.

According to the American Cancer Society it is estimated that there will be over 1,900,000 new cancer cases diagnosed in the US during 2023.  The risks of developing cancer are extremely high.  In fact the older that you get the chances increase.  Research shows that 88% of those diagnosed with cancer are over the age of 50.  The chances of cancer increase even more in each individual’s case based on their lifestyle (such as smoking, heavier body weights, drinking alcohol, and their diet).  Keep in mind that if an individual has a family history of cancer, their chances of being diagnosed with cancer during their lifetime can increase even more.

The Costs For Treatment

The list price for many of the needed prescription medicines are now more than $100,000 annually.  According to an article by GoodRx one of the most expensive drugs in the US is Kimmtrak which retails at $18,760 for a single vial.  Annual treatment costs would be $975,520.  Now keep in mind that this is not traditional radiation or chemotherapy treatment.  According to an article published by the American College of Radiology states that the cost to treat prostate cancer with proton therapy radiation can reach $40,000.  Individuals and their families can use cancer insurance to obtain a lump sum of money that helps cover these costs and alleviates the financial burden. While insurance may cover a large portion of the costs of these drugs, there will still be high amounts of out of pocket spending by the consumer. Cancer insurance is worth having because it provides extra money directly to you to help pay for these expenses.

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What Else Can Cancer Insurance Help With?

Another reason to buy cancer insurance is to help cover the cost of non-medical expenses. Cancer treatment can also include additional expenses such as transportation to and from treatment, lodging for out-of-town treatment, and even loss of income due to time off work. Cancer insurance can ease the financial burden on the individual and their family by providing a lump sum of money that they can use to cover these expenses. Covering these expenses also helps make cancer insurance worth looking at.

How Can It Help If You Have Other Insurance Already?

Cancer insurance can also provide a sense of peace of mind. Knowing that you have additional financial support in the event of a cancer diagnosis can provide a sense of security. This helps individuals and their families focus on recovery and treatment, rather than worrying about financial stress.

It’s also important to keep in mind that cancer insurance can complement traditional health insurance. Cancer insurance can help fill in the gaps that traditional health insurance may not cover and provide additional financial support.  So, let’s take a look at some of these gaps in different types of insurance:

• Group Health/Individual Health Plans (under age 65 and not on Medicare)
  • Many of these plans now have very large deductibles to make the premiums more affordable to individuals.  In fact many of the individual plans sold through the Affordable Care Act (ACA) have deductibles of $7,500 – $10,000.
  • The average American has saved less money than they need for an emergency situation. According to the data available from the Federal Reserve’s Board Survey of Consumer Finances the median savings balance (not including retirement funds) are as follows:
    • Under 35 = $3,240
    • Age 35-44 = $4,710
    • Age 45-54 = $5,620
    • Age 55-64 = $6,400

While these numbers alone are alarming, according to data provided by Bankrate in early 2022, a whopping 56% of Americans would not be able to pay an unexpected bill of $1,000 with their savings.

Even though health plans typically set a limit on the amount a policyholder must pay for medical expenses out of pocket in a calendar year, they do not cover additional expenses that individuals often incur when being treated for cancer, such as:

• Travel Expenses
  • Gas expense to and from treatment centers
  • Hotel accommodations for spouse/partner while policyholder is undergoing surgery and follow-ups
  • Meals for spouse/partner while traveling with policyholder
  • Possible loss of income for either policyholder or spouse/partner during time of treatment and recovery.

How Does Cancer Insurance Work With Traditional Medicare?

• Traditional Medicare with a Medicare Supplement Plan
  • If you only have traditional Medicare parts A & B then you will be exposed to such out-of-pocket expenses as the Part A deductible ($1,600 in 2023), Part B deductible ($226 in 2023), Part B coinsurance (20%), any additional excess charge expenses, and all travel expenses. This can add up to a very large sum of money coming out of the retiree’s pocket/savings.
  • Depending on the Medicare Supplement plan that you have, Medicare could cover a portion or all of these medical expenses. Of course, any and all travel expenses would still come directly out of pocket since these plans do not cover those expenses as medical.

How Does Cancer Insurance Work with Medicare Advantage?

• Medicare Advantage Plan
  • Many of these plans do not have a deductible but have large annual maximum out of pocket exposure (MOOP).  Since many of these plans use a Preferred Provider Network (PPO), we are seeing MOOPs from $7,500 in network and $11,000 out of network.
  • Chemotherapy and Radiation treatment is usually covered at 80% which leaves a 20% obligation to the insured.  This means that the $7,500 in expenses would be easily reached and could cause financial distress to that policyholder.
  • Medicare Advantage plans do not cover travel expenses

The Final Thought

Those diagnosed with cancer will receive additional financial support from cancer insurance. It can help cover the cost of treatment, non-medical expenses, and provide a sense of peace of mind. It’s important to speak to an insurance agent to understand the coverage and options that are available.

You can then make an informed decision about whether cancer insurance is the right choice for you. Understanding that cancer insurance is a compliment to traditional health insurance is very important. To find out if a cancer insurance is worth it and right for you. Contact Senior Benefit Services, Inc at (800) 924-4727.

Beyond Basic Medicare: Top-Tier Dental Insurance For Seniors

After retiring and going on Medicare, many seniors are shocked to find out that traditional Medicare does not cover routine dental expenses. 

Thankfully, you will read about some popular dental insurance plans tailored for seniors that are available to address this need.

These plans ensure your teeth stay healthy without causing financial stress in your golden years.

With supplemental dental insurance, you can protect both your smile and your savings. In this article, you will discover how you can enjoy dental insurance for seniors with Medicare.

Additionally, Senior Benefit Services offers many dental insurance plans for seniors on Medicare to ensure you can pick a plan that best fits your needs and budget. 

Many of our plans use no network of providers, so you are free to use your current dentist. 

Of course, if you wish to save even more money on your plan, you can opt to go with one that uses a network of dentists and choose from that list. 

The great news is that by us offering so many different plans, the choice is yours!

Do Seniors Get Free Dental Care in the USA?

In general, no. While there are some government-funded dental clinics, such as those run by the Department of Health and Human Services or the National Association of Free & Charitable Clinics, they have limited availability, eligibility requirements, and services.

Some states also offer dental coverage under Medicaid, but again, the benefits and criteria vary by state. Your best bet for affordable dental care as a senior is to shop around, negotiate rates, and ask for discounts or payment plans from your providers.

You can also consider joining a dental savings club, which typically offers discounts on a wide range of dental procedures with no waiting periods, annual limits, or paperwork.

The option that gives you the flexibility to get the benefits you need at the price you can afford is a stand-alone dental plan.

Breaking Down The Plans

Manhattan Life

The Manhattan Life dental, vision, and hearing plan has been on the market for a number of years and continues to be a client favorite.

While you can choose your dentist, you will get the most bang for your buck by using one that is in their network. The plan uses the Careington network which is quite robust.

What we like about it:

• Built in hearing benefit
• Built in vision benefit
• Monthly premiums as low as $40.23 for individual
• Guaranteed Issue (no health questions)

Mutual of Omaha

If you seek a budget-friendly, no-frills dental plan, this might suit your needs. The plan works best for folks whose dentist is in the network. This plan does not offer any hearing or vision benefits.

What we like about it:

• Large network of dentists
• Issued up to age 99
• Monthly premiums as low as $25.76 for individual
• Guaranteed Issue (no health questions)

APEX

The APEX dental plan is a newer plan that came onto the market in recent years. It uses one of the largest PPO networks of dentists and is currently available in 13 states with more being added almost each month.

What we like about it:

• Up to $5,000 in annual benefits
• Coverage for implants
• Waiting period waiver for major services if coming from another dental plan that has been effect.*
• Built in hearing benefit
• Optional stand-alone vision plan can be added.
• Monthly premiums as low as $44.01 for individual
• Discounted rate for spouse
• Guaranteed Issue (no health questions)

Guarantee Trust Life (GTL)

The dental plan from GTL is one of the only plans on the market that does NOT use a network of dentists. This means you can literally go see any dentist that you want. While your chosen dentist may not file the claim, this plan still permits you to see them. Simply pay the dentist upfront, then provide your agent with the itemized billing to file the claim.

What we like about it:

• See any dentist that you want.
• Built in hearing benefit
• Built in vision benefit
• Monthly premiums as low as $46.25 for individual
• Guaranteed Issue (no health questions)

Finding the right dental insurance for seniors on Medicare can be challenging, but not impossible. By understanding your dental needs, budget, and preferences, and comparing various plans and options, you can make an informed decision that suits you best.

While we have outlined some great plans above, be sure to contact us at (800)924-4727 to see what other plans we have available in your state.

Medicare and Dental Implants

Is it true that Medicare now pays for dental implants? Unfortunately, no. Original Medicare (Part A and Part B) does not cover routine dental care or dental implants.

However, some Medicare Advantage plans (Part C) might offer dental benefits, including coverage for dental implants.

To find out if your Medicare Advantage plan covers dental implants, check your plan summary of benefits or call your plan provider.

Keep in mind that even if your plan covers dental implants, you might still have to pay a portion of the cost as a copayment, coinsurance, or deductible.

Besides dentures, dental implants are one of the other concerns that many retirees are concerned about.  While dental implants permanently anchor prosthetic teeth into the gum line, this procedure is also NOT covered by original Medicare

What is the best dental plan for seniors on Medicare?

There is no one-size-fits-all answer to this question, as the best dental plan for seniors depends on various factors, such as your budget, oral health needs, and personal preferences. Before choosing a dental plan, do your research, compare costs and review benefits.

Can I get additional dental coverage if I have a Medicare Advantage plan?

Yes! Many times the amount of coverage a person may have with a Medicare Advantage plan is less than what they desire.

An example of this would be a person who has dental benefits with their Medicare Advantage plan, but it only provides up to $1,000 in annual benefits.

This individual could purchase a stand-alone dental plan that provides them with an additional $1,000 of benefits each year for a minimal monthly expense. Of course they could also choose to add up to an additional $5,000 per year in benefits if it is affordable to them.

Are dental implants worth the expense?

The answer to this question depends on individual circumstances and preferences. While dental implants are usually more expensive than other tooth replacement options, such as dentures or bridges, they also offer several advantages, such as improved comfort, function, and aesthetics.

In addition, some seniors on Medicare do not like the feeling of dentures. Moreover, dental implants can last for decades, which can make them a cost-effective long-term investment.

Why do full mouth dental implants cost so much?

Full mouth dental implants refer to the replacement of all teeth with implants. This procedure is more complex and time-consuming than single tooth implants and may require additional treatments, such as bone grafting or sinus lift.

The cost of full mouth dental implants can vary depending on many factors, such as the number and type of implants, the surgeon’s skill and experience, the geographic location, and any associated fees. It’s important to ask for a detailed treatment plan and cost estimate from your dentist.

Does Medicare Part B cover any dental services? 

Medicare Part B may pay for a dental exam if it is required to be completed before a procedure is able to be performed such as open heart surgery.  In addition, for these services to be covered you must have an underlying health condition.  Our advice is to always ask if the service will be covered by Medicare prior to having services performed. 

What are my coverage options for dental care?

Private dental plans are one of the most popular options that we see people use to cover dental care.  Many of these plans also offer additional benefits to help cover vision and hearing as well.

If you are enrolled in a Medicare Advantage plan you can check your plan benefits to see if dental is a benefit, or if you can add additional coverage for these benefits.  Since Medicare Advantage plans typically are network driven you will most likely have to use a dental provider who is in that plan’s network.  Some other key points to keep in mind:

• Most dental coverage under Medicare Advantage Plans have a coverage limit which may be lower than a private dental plan.
• Most costs incurred will require you to pay a co-insurance rather than a small co-pay.
• May restrict how often they cover a particular dental benefit.

Take Action!  

Hopefully, this article helped to alleviate some of your fears about who would end up paying for dental care, implants, and dentures.

Medicare coverage of dental services can sometimes be a bit confusing.

Senior Benefit Services has been in the Medicare business for decades and understands your concerns.   

How To Get A Dental Insurance Plan

It is really simple.  All you need to do is either call us at (800)924-4727 or complete the form below to request a FREE…No obligation quote.

What’s involved in seeking a long term care insurance policy? Many people, as they move toward Medicare age, still don’t understand why this type of insurance would be important.  In fact many Medicare beneficiaries are quite shocked to find out that Medicare does not provide benefits for custodial or even intermediate care in a nursing home or assisted living facility.

However, long-term care insurance represents some of the realities around evolving medicine and longer life spans.  In the old days, a lot of the focus was on life insurance.  If the wage earner were to die prematurely, then the financial burden left on the surviving spouse could be immense.  Life insurance protected the income for the surviving spouse.

But in retirement, life insurance is less of a necessity. Long term care insurance addresses a more prevalent risk – that instead of suddenly passing away, someone might spend months or even years in a nursing home.  Most nursing home stays are not covered by Medicare, so it falls on the consumer to either private pay or have insurance to cover the costs.

Long-term care insurance also addresses the risk of depleting a person’s nest egg and retirement resources due to the need for extended care.

Considerations for a Long-Term Care Insurance Policy

Those approaching Medicare age should think about how they will handle covering the costs for an extended nursing home stay or even needing home health care for an extended period of time.

This approach holds true whether consumers are wanting to remain in their own home, need to enter an assisted living facility, or a nursing home during their remaining years.  Keep in mind that many of the more reputable assisted living facilities and nursing homes have a wait list.  Many times an individual who has a well put together long term care insurance policy will move up thru the wait list faster than someone who doesn’t.

Additional Considerations

Deciding on the right long term care policy takes time, energy, and specific research.  There is no need to do this alone.

In past blog posts, we wrote quite a bit about Medicare Supplement and Medicare Advantage plans, and why they are necessary. Long-term care insurance plans are necessary for a different reason. They are very much focused on the idea that a increased percentage of retirees at some point either need extended home health care, or will enter a nursing home.

We aim to be a comprehensive resource for those with questions about this type of insurance and related needs. Our advisors do the work so that retirees won’t be overwhelmed by all of the research and complexities that goes into proper insurance planning in retirement.

Senior Benefit Services offers other services that help complete the needs of today’s retirees.  We provide transparent data to help you plan for your retirement needs.

We do not work for one insurance company, but rather represent well over 70 insurance carriers.  This allows us to help you choose coverage that will work best for you. That’s important!

While many of our clients begin working with us for their Medicare needs, they are relieved to know that we can help them with other needs as well.

Other Services Offered By Senior Benefit Services

Dental, Vision and Hearing Coverage

Traditional Medicare and Medicare Supplements were not designed to provide coverage for routine dental, vision and hearing services.  If you already have health insurance coverage but are looking to add one or all 3 of these additional benefits we can help.  Get a Free quick quote now.

Income Planning

One of the biggest fears that most retirees face is the chance of outliving their savings.  For married couples the concern is even greater since many times one spouse will substantially outlive the other spouse.  To request more information about Lifetime Income Planning click here and be sure to select the box “Immediate Annuity (Income Provider)”

Additional Savings Options

When someone retirees, they may have savings held in a traditional savings account, certificates of deposit, or even money market accounts.  While there is nothing wrong with these types of accounts, a retiree can typically get a better interest rate with a fixed annuity.  To get request current guaranteed interest rates click here and be sure to select the box “Multi Year Guarantee (CD Style)”

Life Insurance

When it comes to life insurance, there are so many needs that can be solved by this product such as:

• Cover final expenses
• Provide additional funds to a surviving spouse
• Debt Payoff
• Mortgage or Home Equity Payoff
• Wealth Transfer
• Legacy Planning
• Charitable Contribution
• and much more….

Not sure if you have enough life insurance, or even the right type, then click here for one of our advisors to contact you for a quick review.

Long-Term Care (LTC)

Another big consideration is figuring out what happens if someone becomes unable to take care of themselves.  Keep in mind that care can be provided in the comfort of your own home, an assisted living facility, or even a nursing home.  What do all 3 of these locations have in common?  The cost for the care is very expensive and not covered by Medicare.  There is quite a bit of information to digest when it comes to Long Term Care Insurance.  When you are ready to have an open and honest discussion about long term care, click here to be connected to one of our advisors.  Many of our advisors have experienced first hand how LTC needs can impact a family both financially and emotionally.