Specified Benefit and Specified Disease Plans

Specified benefit plans  and specified disease plans are just what the title implies.  Life insurance is actually considered a specified benefit plan.  Specified plans usually have a flat benefit for each condition, issue, or diagnosis code.  These type of policies should not be relied upon as your only form of insurance coverage but they made a great addition to traditional plans.  The benefits do not coordinate with traditional insurance so you can use any reimbursements you receive to cover deductibles, copays, and coinsurance on traditional plans.  You can even just put it in your pocket for personal expenses.  Many employers offer these type of plans to their employees on a voluntary payroll deduction plan but they can also be purchased by individuals.  Because these are individual plans if an employer offers them as a voluntary benefit the employer does not have to contribute to the cost.  Specified benefit and specified disease plans are not discount plans.

Do you have a family history or cancer or heart disease?  If so then it would be wise to obtain a cancer plan or critical illness plan.  These type of policies pay you a lump sum upon the first diagnosis of a specified disease and can be a great help with your normal living expenses.  The premiums for these policies are very reasonable and the benefits do not coordinate with traditional health insurance.  This means that they pay their benefits directly to you without any regard to what your traditional health insurance paid or to whom.

Are you accident prone or have children?  Accident compensation plans pay you cash when you incur an accidental injury.  The money you receive from this can be used to help cover your emergency room co-pay, a hospital deductible, or just put in your pocket for personal expenses.  These plans can also cover accidental death or dismemberment.  Dismemberment is when you have lost a body part, like an arm, hand, foot, or leg.

You can get information on any of  these plans
by calling our office at 314-438-0222 or
you can request information here.

You never know when you are going to be struck with a critical illness or life threatening disease.  Nobody plans on getting a major disease or illness.  Critical illness and life threatening plans cover things like:

• Major organ transplant
• Stroke
• Heart attack
• Total loss of eyesight or hearing
• And many other situations

Does your employer have a high deductible health insurance plan?  Does your traditional plan have only 80% or 50% coverage?  You can use a hospital surgical plan to help cover your expenses for many hospital or surgical bills.  These are a great way to help you with many things that are not covered at 100% on your traditional plan.

One way to lower your insurance costs may be to have a very high deductible on your traditional plan and supplement it with a hospital surgical plan or hospital confinement plan.

Ask for more information today!

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