Leading Insurer Encourages Protection Review During Heart Health Awareness Month
According to the American Heart Association (AHA), an estimated 80.7 million American adults have one or more types of cardiovascular disease. The AHA also reports that someone in America suffers a coronary event roughly every 26 seconds. "With the incidence of heart disease and related ailments on the rise, as well as health care costs associated with treatment, it is imperative to consider whether the insurance protection you carry will be sufficient to meet both your current and future needs in the unfortunate event of a heart attack, stroke or other heart-related illness," says Brian Moore, vice president and actuary at Combined.
"Many people don't realize that primary health insurance plans don't cover all expenses related to a critical illness. There are out of pocket costs including deductibles, co-payments, co-insurance and other cost-sharing responsibilities. Additionally, long-term recovery can include many unexpected expenses."
Supplemental insurance gets to the heart of critical protection
"The need for Critical Illness insurance protection is greater than ever. People are living longer, in part, by surviving critical illnesses such as heart attack and stroke for longer periods of time," adds Moore. "Today, according to current research, more than half of those who suffer a first-time heart attack now live five years or longer." Because of these facts, Moore recommends planning for income and asset protection following a critical illness. He explains that although people are living longer following the onset of a critical illness such as heart attack or stroke, lifestyle changes are often required. A critical illness insurance policy can help by:
- helping to replace lost or reduced earnings;
- paying for some of the additional medical expenses such as gaps in medical coverage, home care or experimental treatments;
- repaying debt or helping to pay for regular bills that do not stop because of illness, like the mortgage, groceries, etc.
Moore adds that, although the exact amount each individual might need will vary, a typical "emergency fund" amount for a critical care protection supplemental policy would be equal to an individual's annual income. Some policies also offer a choice of riders, which allow an individual to pay for coverage for a set amount of time and keep their coverage while no longer paying premiums or to have their money returned if they are fortunate enough to not need the coverage. "This offers individuals the flexibility to balance the coverage they need with what they can afford," he adds.
The cost of supplemental critical care policies also varies depending on the level of coverage selected, but these plans are generally affordable, according to Moore. "A typical premium for a 30 or 40 year old might be as low as $8 to $14 per month, with rates based on age at time of purchase," adds Moore.
Have a heart - protect your health
Selecting the right partner to provide critical care protection is also important, according to Moore. "We recommend finding a provider or agent who will meet with you face-to-face to review your current coverage and help you select the right supplemental coverage to meet your individual or family's specific needs and ensure you'll be covered when it matters most."
About Combined Insurance Company
Combined Insurance Company of America (http://www.combined.com) is a leading provider of supplemental accident, health and life insurance products. With a field sales force and corporate staff in excess of 10,000 people worldwide, Combined meets the growing coverage needs of policyholders around the globe. For more information, call 800-225-4500 or visit http://www.combined.com.
About Aon
Aon Corporation (NYSE:AOC) is the leading global provider of risk management services, insurance and reinsurance brokerage, human capital and management consulting, and specialty insurance underwriting. Through its 43,000 professionals worldwide, Aon readily delivers distinctive client value via innovative and effective risk management and workforce productivity solutions. Our industry-leading global resources, technical expertise and industry knowledge are delivered locally through more than 500 offices in more than 120 countries. Aon was ranked by A.M. Best as the number one global insurance brokerage in 2007 based on brokerage revenues, and voted best insurance intermediary, best reinsurance intermediary, and best employee benefits consulting firm in 2007 by the readers of Business Insurance.
Aon Corporation
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