Cancer and Critical Illness Insurance certainly serves the vast majority of people.
The main benefit is that once accepted, coverage is immediate and extensive.
If one is looking at it as a disability type of insurance, as opposed to medical insurance, I would go along with that assumption.
If one is looking at a way to fund the underlying deductible (even deductibles as high as $50,000) that covers any qualified medical expense, then patented Health Matching Insurance may be for you.
Contributions are $300 a month for the employee, $210 a month for spouses and $180 a month for children (up to 3 kids, maximum).
The spouse and dependents get the same accumulation as the employee - in effect, there is pooling even at the family level.
The benefits build each month, and in month 57, the cash paid in at $300 a month is $17,100 and the total paid for benefits is $50,000.
When one reaches $50,000 (our maximum as of today), her pays only the $60 per month administrative fee, and his total premium is reduced 55%.
Do the math, the simple interest per year accumulation on the contribution is 35% - guaranteed.
The drawback is that coverage builds over time. It is not extensive, from the beginning.
It works like a defined contribution plan, or an HSA, so that when claims are made, your HMI account balance reduces by the amount of the claim.
Initially, for Jan.1, 2015, the product will be available in Texas for self-funded employers of 250 employees or more.
In 2016, we will be available for smaller employers, and in 2017, we plan to be on the Exchanges in the majority of states.
Don Levit,CLU,ChFC
Treasurer
Head of Product Development for National Prosperity Life and Health
Great tid-bit. Thanks!
