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.

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.

Dental, Vision, and Hearing Plans

While most are concerned about dental insurance for seniors, other benefits many retirees lose include vision and hearing.

One of the benefits that many folks enjoy prior to retirement is having dental, vision, and hearing insurance coverage to go along with their health insurance plan.  After retiring and going on Medicare many seniors are shocked to find out that traditional Medicare does not cover routine dental, vision, or hearing expenses.  The good news is that you can purchase stand-alone dental plans, or even ones that have integrated benefits that cover vision and hearing as well.

Senior Benefit Services offers many different dental, vision, and hearing insurance plans to fit 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!

Senior Dental Plan Benefits

Check out the benefits that many of our plans offer:

• Up to $5,000 in annual coverage
• Choose your own dentist
• No underwriting (this means there are no health questions and you are guaranteed to get the plan)
• Preventive and Basic services covered immediately with no waiting periods
• Many of our plans also offer additional benefits such as vision and hearing

Senior Vision Plan Benefits

While stand-alone vision plans are hard to find, we do offer plans that include vision benefits to go along with the dental benefits.  Items and services covered under this benefit include (items not covered by Medicare):

• Basic Eye Exam
• Eye Refraction
• Glasses
• Contact Lenses

If you are looking at one of our dental plans that allows you to use a dentist of your choice, the good news is that you can also use your own Optometrist or retail location for glasses and contacts.  Just like our dental benefits, the vision benefits provide guaranteed acceptance without underwriting.

Senior Hearing Plan Benefits

With something as serious as your hearing, you would think that traditional Medicare would provide coverage for hearing exams and hearing aids.  The reality is that traditional Medicare does not cover this, but the good news is that our integrated plans will also provide benefits for these expenses.

Read About What Medicare Covers for Audiologist

As we age, many folks start to notice a loss of hearing.  It is important to have a hearing test performed to help you decide whether or not hearing aids are needed.  Long gone are the days where hearing aids are bulky and noticeable.  Many options available are either slightly noticeable over the the ear or fit completely into the ear.  In fact, with the leaps and bounds being made in technology, many hearing aids now offer Bluetooth technology that will allow them to connect directly to your cell phone.  Of course with the advances in technology, the costs of these modern day hearing aids can be costly.  This is where a plan with hearing benefits can greatly reduce your overall costs and allow you to enjoy hearing clearly again.

Benefits include:

• Coverage for hearing exam
• Coverage for hearing aids
• Coverage for necessary repairs or supplies for hearing aids

Questions About Dental, Vision, and Hearing Insurance

Below are some of the more common questions that folks ask about senior dental, vision, and hearing plans.

Does Medicare cover teeth cleanings?

No.  Traditional Medicare nor Medicare Supplement plans cover teeth cleanings.  This is another reason why it is advisable for seniors to look at dental insurance plans.

Does Medicare cover any vision services?

Yes.  Medicare covers medically necessary vision services such as cataract surgery provided by a licensed Ophthalmologist.  In addition, if it is a Medicare approved charge, then a Medicare Supplement plan will provide benefits as well.

Does a Medicare Advantage Plan cover dental benefits?

Yes.  Many Medicare Advantage plans offer a limited benefit for dental coverage.  Typically these services must be provided by a dentist that is in their network.

How To Get A Dental, Vision, and Hearing Insurance Plan

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

*Not all plans are available in all states.

One of the biggest obstacles that consumers face when it comes to long term care is the mental picture of where that care will take place.

Most are quite shocked to find out that in many cases the care is provided at home.

The only problem is that most people do not realize that the burden of care usually is put upon a loved one such as a spouse or child.

You have a couple of options when considering your long term care and how you pay for it.

We will discuss common long term care insurance questions, the costs and your options to help you make the best decision for your future care.

What Is Long-Term Care?

Long-term care is assistance people need when they no longer can care for themselves.

This may be due to an accident, disability, prolonged illness or the simple process of aging.

Long-term care services include:

Help at home with day-to-day activities, such as cooking, cleaning, bathing and dressing.

Care in the community, such as in an adult day care facility.

Supervised care provided in an assisted living facility.

Long-term care insurance can help pay for the services you need in a setting that’s right for you.

What do long-term care services cost?

Long-term care services can be expensive, and costs vary widely based on where you live.

Nationally:

The average daily rate for a private room in a nursing home is $203, or $74,095 per year.

The average daily rate for a semi-private room in a nursing home is $176, or $64,240 per year.

The average hourly rate for a home health aide is $19.

The average hourly rate for a homemaker/companion is $17.

Source: The MetLife Market Survey of Nursing Home & Home Care Costs. September 2005, MetLife Mature Market Institute

How will I pay for long-term care services?

You have a variety of options when it comes to paying for the long-term care services you need.

Here are some options to pay for your long term care services:

You can pay for these services out of your own pocket and risk depleting a lifetime of savings.

You can apply for Medicaid, but you will be required to spend down your assets to meet federal and state requirements in order to be eligible.

You can purchase an individual long-term care insurance policy.

Will my Health Insurance or Medicare pay the bills?

Many people are surprised to learn that most health insurance policies, including Medicare and Medicare Supplements, do not cover most long-term care costs.

Medicare will not pay for assisted living care and only a limited amount for skilled home care, which is not the ongoing personal assistance most people need.

Medicare only pays about 12% of costs for short-term care in a nursing home following hospitalization.

The sooner you begin planning for your long-term care needs, the better.

If your health changes or you’re in an accident, you could become uninsurable.​

And, because premiums are based on your age when you apply, the sooner you act, the lower your premiums.

How can I afford a Long Term Care policy?

I can’t afford a $10,000 a year premium!  

This statement is more based on myths than facts.

Most people do not pay anywhere close to this amount for a long term care policy.

Is it possible?

Yes!

A person who waits until they are age 80 and has multiple health conditions could very well end up paying a premium like that.

It is for this very reason that we advise our clients on purchasing their coverage as soon as possible.

In addition there are certain riders that are better suited for some people but not for others.

Your long term care plan should be custom tailored for you….and that is exactly what we do.

Take Action! 

The simple truth is that every day you wait, you remain unprotected, you risk becoming uninsurable and the cost of coverage will cost more.

Long-term care insurance can help protect your assets and also preserve your freedom of choice – the choice to remain independent, not burden family or friends with your care – and a choice to keep a lifetime of savings intact for the things you really want to do.

Request a free long-term care quote with Senior Benefit Services today!

As you get older and life insurance premiums increase the question of whether Senior Life Insurance Plans makes sense for you can be a bit murky.

Here’s the great thing about Senior Life Insurance Plans…

They work the same as traditional life insurance so if you have some familiarity with end of life insurance than there won’t be a big learning curve like Medicare or Medicare Supplement Plans.

Regardless if you have any experience with life insurance, we will review the main senior life insurance plans available to you in 2019.

Retirees Life Insurance Portfolio

There are two schools of thought when it comes to a retirees life insurance portfolio:

1. 1You don’t need much. This school of thought usually goes back to the philosophy that you were insured by a term life insurance plan and invested heavily.  Since you are now at an age when your biggest financial burdens have passed (ie. children are grown, home is paid for, concern of premature death) there is no longer a need for large life insurance policies.  In essence you have invested well and you have not only enough money to fund your retirement years (including your spouse), but also cover any estate taxes that your heirs will incur.
2. 2You need enough to make sure your wishes are carried out. This school of thought is what our advisers follow!  Each person not only has a different financial makeup, but they each have different goals.  Let us listen to what you want and then we can help you reach your goals.

What kind of life insurance is right for you?

Traditional Whole Life

This plan is usually paid for the life of the policy.

Whole life insurance provides the fixed guarantees that the benefit will be paid upon your death to a loved one or even a non-profit organization such as your place of worship.

These plans are typically not affected by changes in the market interest rates.

There are certain limited pay options on life insurance plans.

The most popular are 10 and 20 years.

While these plans are more expensive, they do allow you to set a maximum time period that you wish to pay on the premiums.

Universal Life

This type of plan does enjoy some of the same benefits or a whole life policy, but it is usually tied to a projected interest rate that can fluctuate quite dramatically over the life of the policy.

While sometimes this can cause a negative effect, it can also bring about a positive growth of cash value.

If the interest rates being paid on a universal life policy were to drop and remain at levels below the projected amount, the policy could deplete all of it’s cash value.

This in turn would cause the consumer to decide whether to pay a higher premium to keep the policy active or even possibly choose to end it due to affordability.

You may have heard an agent use a phrase such as “the cash value bottomed out”, which describes this exact situation.

Many people have been caught in this exact situation from policies they purchased in the late 80’s and into the 90’s.

The problem began with the amount of interest that was being projected on the consumer proposals.

It was not uncommon for someone purchase a universal life plan with an 8% projected interest rate.

While the consumer may have received an 8% interest rate credited to their cash value for maybe 3 or even 5 years, those rates eventually began to shrink.

This is what eventually led to many policies running out of cash value.

In today’s market it is extremely important to use conservative projections on a universal life plan.

Many plans now have a guarantee that will have the policy last to age 100 (some even longer) as long as the policyholder pays the set premium (target premium) and does not miss a payment.

This guarantee remains in place even if  the cash value runs out.

Term Life

This type of plan usually builds no cash value and has a limited life.

Most people use term life to cover paying off a debt if a pre-mature death were to occur.

An example would be an individual who decided to take out a $100,000 home equity loan with a 15 year repayment schedule.

The least expensive way to cover this loan if death were to occur before the 15 year period were up would be to purchase a $100,000 (15 year term life ) policy.

Variable Universal Life

This type of plan has it’s cash value tied directly to a mutual fund or family of funds.

Senior Benefit Services, Inc. does not offer this type of plan at this time.

Take Action!

Request a free life insurance quote with Senior Benefit Services today!