Specialty Health Insurance
Critical Illness
Critical illness insurance or critical illness cover is an insurance product, where the insurer is contracted to typically make a lump sum cash payment if the policyholder is diagnosed with one of the critical illnesses listed in the insurance policy. Typically, the critical illnesses are broken down into categories and pay a percentage of the benefit based upon the diagnosis:
Examples may include:
| Category 1: | Invasive Cancer Non-Invasive Cancer |
| Category 2: | Heart Attack Heart Transplant Aortic Surgery Heart Valve Replacement/Repair Surgery Stroke Coronary Bypass Surgery Angioplasty |
| Category 3: | Advanced Alzheimer's Disease Accidental Loss of Speech Benign Brain Tumor Coma (not as a result of a stroke) Blindness Deafness End-stage Renal (kidney) Failure Loss of Limbs Major Burns Major Organ Transplant (other than heart) Paralysis (Not as a result of a stroke) Motor Neuron Disease Occupational HIV Infection |
Cancer Insurance
Cancer insurance is a type of supplemental health insurance that is meant to manage the risks associated with the cancer disease and its numerous manifestations. Cancer insurance is relatively new trend within the insurance industry at large. It is meant to mitigate the costs of cancer treatment and provide policyholders with a degree of financial support. This support is based upon the terms written into a particular policy by an insurance company. As with other forms of insurance, cancer insurance is subject to charges, called premiums, which change depending on the risk associated with covering the disease.
Accidental Death & Dismemberment Insurance
Accidental Death and Dismemberment (also known as AD&D) is a policy that pays benefits to the beneficiary if the cause of death is due to an accident. This is a limited form of life insurance which is generally less expensive.
Accidental Death insurance will pay benefits up to a set amount defined in the policy. Some of the covered accidents include traffic accidents, exposure, homicide, falls, heavy equipment accidents, and drowning. Accidental deaths are the fifth leading cause of death in the U.S.
Dismemberment insurance pays fractional amounts of the policy if the insured loses a bodily appendage or sight because of an accident. Additionally, AD&D generally pays benefits for the loss of limbs, fingers, toes, sight and permanent paralysis. The types of injuries covered and the amount paid vary by insurer and package, and are explicitly enumerated in the insurance policy.
Medicare Supplement
A Medicare supplement (Medigap) insurance policy can help pay some of the health care costs that Original Medicare doesn't cover, like copayments, coinsurance, and deductibles.
Some Medigap policies also offer coverage for services that Original Medicare doesn't cover, like medical care when you travel outside the U.S. If you have Original Medicare and you buy a Medigap policy, Medicare will pay its share of the Medicare-approved amount for covered health care costs. Then your Medigap policy pays its share.
Medicare Advantage
A Medicare Advantage Plan is a type of Medicare health plan offered by a private company that contracts with Medicare to provide you with all your Part A and Part B benefits. Medicare Advantage Plans include Health Maintenance Organizations, Preferred Provider Organizations, Private Fee-for-Service Plans, Special Needs Plans, and Medicare Medical Savings Account Plans. If you're enrolled in a Medicare Advantage Plan, Medicare services are covered through the plan and aren't paid for under Original Medicare. Most Medicare Advantage Plans offer prescription drug coverage.
