But the hospital he was taken to and the surgeon who treated him were not within his insurance network. So there were $18,000 of medical expenses, almost $6,000 of charges for convalescent care and recuperative therapy, and more than $9,000 of deductibles and co-payments that were not paid by his health insurance. Finally, there was the loss of John's income over the 5 months he was out of work. As a mid level corporate executive his salary continued for the first 60 days. But the last 3 months cost his family $27,000 of lost income. In total, John's heart attack cost him more than $60,000 out of his own savings.
20 years ago things like cancer, heart attack, and stroke would usually result int the patient's death. But with continued advancements in medical technology, most people today are surviving these conditions. Ironically, much of the cost required to survive is not paid or covered by our healthcare plans.
Did you know that as much as 60% of the expenses related to a critical illness are typically not covered by most health plans? Especially "new" therapies and experimental treatments or medical procedures that have not yet been "approved" for coverage. Then there are the expenses that exceed coverage limitations including the fees and charges for doctors or hospitals, special clinics, or treatment centers that are not within our healthcare network. As well as deductibles as high as $5,000 to $10,000 and copayments of 20% to 40%.
While patients recuperate from surgery or struggle through chemotherapy and radiation treatments, health insurance does not cover extended convalescence or home nursing care, nor does it cover many "incidental" expenses that most of us never consider. Like the cost of hiring someone to help with housekeeping or childcare, and the loss of our monthly income until we're well enough to return to work.
How can we be sure that we have the extra money to pay for these expenses?
With a tax free cash advance from our life insurance. It's known as the Living Benefits provision.
Living Benefits life insurance allows us to take a tax free cash advance against the death benefit to use any way we want if we are diagnosed with any one of the eligible medical conditions. Eligible conditions usually include cancer, heart attack, stroke, kidney failure or liver disease, blindness or paralysis, an organ transplant or the need to be put on life support. Whatever advance we take from our life insurance while we are living will reduce the amount left for our dependents when we pass on. Most insurance companies do not charge for Living Benefits unless we use them. And you can add it to your current coverage or replace your current coverage with life insurance that includes the Living Benefits provision.
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