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Critical Care Insurance


Are you worried about the costs of long term care associated with medical conditions such as heart attack, stroke, cancer and Alzheimer’s?  If you need long term care, do you have the financial resources to pay for it or will it deplete your retirement savings?  Did you know costs for assisted living facilities now average $41,400 per year and nursing home costs average  $83,950 per year?*

Yet many people find that long term care insurance isn’t quite the right fit for them or they are unable to qualify. Now there is an alternative to long term care insurance that can help you pay for long term care costs. 

It is called critical care insurance and can provide you with a way to pay for medical costs associated with certain medical conditions. In fact, it covers some medical conditions that long term care insurance doesn’t.

What is critical care insurance?

Critical care insurance provides a monthly cash benefit when you are diagnosed with covered illnesses such as heart attack, stroke, cancer and Alzheimer’s disease.  The payments are made to you – not a facility or a doctor.  And the funds can be used however you want to use them such as paying for long term care assistance to helping pay your everyday expenses or for family travel.  It is up to you.

Critical care insurance is an indemnity plan which means that you must file the claim with the insurance company and then the insurance company pays you directly.  And because this plan is designed to help you pay for long term care expenses it pays increased benefits when you are residing in an assisted living facility or a nursing home.

Critical care insurance covers the following conditions:

  • Cancer and Cancer In-Situ
  • Heart Attack
  • Coronary Bypass Surgery
  • Stroke
  • Alzheimer ’s disease
  • Kidney Failure
  • Major Organ Transplant
  • Paralysis
  • Coma

What’s the difference between critical care and long term care insurance?

The major difference is that a critical care insurance policy is paid based on a diagnosis of a covered medical condition.  A long term care insurance policy pays based upon the individual’s ability to perform activities of daily living.

You’ll also find that there are not as many medical questions to qualify for a critical care insurance plan.  And some people who have been declined for long term care insurance can qualify for a critical care insurance policy.  Critical care insurance is not available in all states and only up until age 84.

To help protect your financial future and the potential high costs of long term care, call Longevity Alliance to find out more about critical care insurance and whether it is right for you.  Or Request an iQuote for long term care and we’ll provide you with information about critical care insurance and quotes to see if it is a good fit for you.

 

 

*Genworth Cost of Care Survey, 2013

 

 


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