Hospital Indemnity Insurance Plans can help ease the Financial Burden
Sherry and Jack were both in their mid sixties. They had arrived. Their house was paid off and decorated as if HGTV paid them a visit. They had full custody of their two grandsons, John, 6, and Justin who was 3. Sherry cared for them full time. Jack was gone most days as he was a part time consultant and that kept him busy. 1 week before Valentines day, Sherry noticed a sharp pain and small lump on the left side of her breast. She initially wrote it off as a pimple or calcification. Her mammogram a few months earlier came back clear. She decided to meet with her doctor, who did an ultrasound and then a biopsy. Never was there any thought or mention of cancer. Sherry thought it was all precautionary. Four days after the biopsy, as she was waiting for John at the bus stop, her cell phone rang. The nurse explained that she had a grade 2 papillary carcinoma. When she met with the doctor who described the treatment plan which included chemo and radiation therapy, Sherry began to feel fearful.
Her Medicare Advantage plan covered her doctor visits, hospital stays, the treatment and drugs but the out of pocket expenses per month were in the thousands. Most Medicare Advantage plans have a 20% co-insurance for chemo-therapy. Sherry’s 6 months of chemotherapy alone was $10,000 and she owed 20% of that. This did not include radiation therapy, hospital copays, and the copays for the prescriptions to help ease the nausea and discomfort. Jack’s days of consulting changed to full time taxi driver, father, and caretaker for Sherry. Her discomfort was unbelievable. She could no longer care for her grandchildren in the same way. Jack had to hire a babysitter, a housekeeper, someone to mow the lawn. The hotel expenses, parking expenses, and the cost of his meals at the hospital were adding up. Thankfully, Sherry had purchased a hospital indemnity plan when she turned 65. She was paid $500 per day for each day she was in the hospital, $1000 for one of her surgeries, and a lump sum of $5000 upon her diagnosis. This money did not make the cancer disappear, but it sure eased the stress and tension of all the pressure Jack was feeling.
Sherry is in remission and back to full time caretaker for her grandsons. She eats well, takes vitamins and gets plenty of exercise. She has fully recovered from her mastectomy and learned many things while being ill. The most precious thing she has is time with her grandsons and husband.
Senior Financial Group offers step-by-step guidance on hospital indemnity insurance plans (HIP) so that our customers aren’t burdened by additional costs after being in the hospital. HIPs are affordable supplemental coverage plans that provide a fixed daily cash benefit each day your away from home. From living expenses to deductibles, non medical costs, drugs and treatments that your health plan will not cover – hospital indemnity plans can cover beyond what your health insurance covers.
Like several other types of insurance plans, HIPs have a wide range of coverage to choose from. It’s important to think about what aspects of your life your hospitalization will affect, such as your income when you’re out of work or your family’s necessities back at home. By sitting down with a trained SFG consultant, you can choose a plan that has the amount of coverage that makes you comfortable, with a cost that suits you. Plans are as low as $30 per month!
Go ahead and secure your savings account now so you don’t become financially drained by out-of-pocket payments.
Call Senior Financial Group today at (865) 777-0153 to set up an appointment with an insurance professional to discuss your hospital indemnity insurance plan.