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Financially Coping with Illness
[By Staff Reporters]
From 2015 to 2020, medical expenses are expected to outpace inflation at an annual rate of 5.3 percent versus 2.1 percent for general inflation, according to the Department of Labor [DOC]. As a result, most Americans will be unprepared financially to cope with an illness without significant savings.
So now, Prudential Group Insurance is offering critical illness insurance through employers.
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For about $200 to $250 per year or $8 to $10 a month, employees who fall ill with cancer, kidney failure, stroke, heart attack, coronary artery disease and other serious illnesses, can receive a lump-sum payment upon documented diagnoses.
Assessment
Although Prudential does not offer the product to individuals, insurers, such as Mutual of Omaha, do.
Link: http://www.criticalinsurance.com/
Conclusion
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Filed under: Health Insurance, Insurance Matters | Tagged: Critical Illness Insurance, Mutual of Omaha, Prudential |
The Leading Business Education Network for Doctors, Financial Advisors and Health Industry Consultants 
Nice idea
Too bad this product is offered only through employers; good concept though.
Carmine
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More on CII
In addition to the traditional medical and life insurance, Critical Illness Insurance [CII] is another great way to ensure the normal way of life is not disturbed by the sudden catastrophic illness that requires additional financial burden to the family.
This type of critical illness insurance has been sold in Hong Kong for quite some time; however, it has been gaining popularity in recent years for the affluent mainland Chinese to purchase such insurance through Hong Kong agents and the coverage amount is typically extremely high.
These policy holders do subsequently seek their medical treatment in Hong Kong where the policy is effective. In addition, the private hospitals in Hong Kong are regulated and accredited for its quality and strict rules and conducts; it is also the preferred medical facilities for the affluent mainlanders to seek advance medical treatment.
Ken Yeung MBA CMP™ candidate
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62% of pre-retirees expect help for future health care expenses
According to a recent study by Ameriprise Financial:
• 86% of baby boomers express concern about the affordability of health care in retirement.
• 19% surveyed say they have taken one or more steps to prepare.
• 26% have reviewed their options but have taken no action.
• 40% have thought about it but haven’t looked into it in detail.
• 15% of respondents haven’t begun to consider how they will cover health care costs in retirement.
Note: Data from more than 1,000 employed baby boomers ages 50-64 who are preparing for retirement with at least $100,000 in investable assets, asked these individuals about their attitudes toward health, health care costs and the impact each may have in retirement.
Source: Business Wire
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