Michel Sams On Combining Cancer Plans with Supplement Sales.

[rousemark]

Cancer has several hidden cost often based on how treatment is administered. Remember Medicare and a supplement will not pay for: loss time at work for family members to assist, diet changes that may be required or trialed as an optional treatment, travel or lodging expenses, or anything deemed not covered by Medicare. Those are out of pocket expenses.

Based on the type of cancer and duration of treatment (or life) the above cost can be a budget buster. Not to mention (in the case of SS recipients) potential loss of up to 50% of income at time of death. Working folks could expect to see even greater cost based off loss time at work. Even with short or long term disability they can expect no more that 66% of original income.

Had a client use the money they received to enable their daughter to take a leave from work stay with them while they were in treatment.

 

[somarco]

OOP costs for things not medically necessary can happen with any number of medical issues. I understand and can appreciate Louis' position. I participate in a forum for seniors with (insulin) sensors. I am not diabetic nor on a pump. However it is all I can do to restrain myself when they complain that Medicare does not pay for their sensors.

CGM's run $1000 - $1500 and are covered by Part B.

Months supply of insulin easily tops $400/month (retail) and is also covered by Part B if you have a pump.

Lancets and test strips covered by Part B.

Battery's cost around $500 and must be changed yearly. I don't believe batteries are covered.

Sensors are around $60 per box. Some can make a box last 2 weeks but seems most use 3 boxes per month. Not covered by Medicare.

Not covered by Medicare. Not covered by a "dread disease" policy.

I have never been a fan of ancillary insurance. Don't see the value to anyone other than the agent.

Just my view.

 

[kgmom219]

OOP costs for things not medically necessary can happen with any number of medical issues. I understand and can appreciate Louis' position. I participate in a forum for seniors with (insulin) sensors. I am not diabetic nor on a pump. However it is all I can do to restrain myself when they complain that Medicare does not pay for their sensors.

CGM's run $1000 - $1500 and are covered by Part B.

Months supply of insulin easily tops $400/month (retail) and is also covered by Part B if you have a pump.

Lancets and test strips covered by Part B.

Battery's cost around $500 and must be changed yearly. I don't believe batteries are covered.

Sensors are around $60 per box. Some can make a box last 2 weeks but seems most use 3 boxes per month. Not covered by Medicare.

Not covered by Medicare. Not covered by a "dread disease" policy.

I have never been a fan of ancillary insurance. Don't see the value to anyone other than the agent.

Just my view.

What he said.

My dad (Medicare) spent almost a million in less than 12 months beating cancer. Plan D (he's old) paid it all.

But yes, there were the outside expenses, including clothes, travel, etc.

The largest expense came 5+ years later, when he needed jaw reconstruction. I could not find a doctor in Dallas, Houston or Los Angeles who would (could?) do the oral surgery required AND had not opted-out. I finally called the doc and asked her and she point blank said "Most people don't survive to this point and when they do, they aren't to the Medicare age. We have no reason to not opt-out." So that was $7K out of pocket.

Still haven't gotten to the point where a $60/month cancer policy would have been a good financial decision.

 

[Amarillo Agent]

My wife is a breast cancer survivor. Her out of pocket for care was over 30K for non-covered expenses. I wasn’t a proponent of this type of care until she was paid 50K from her plan. She has a plan G med supp in addition.

 

[rousemark]

What he said.

My dad (Medicare) spent almost a million in less than 12 months beating cancer. Plan D (he's old) paid it all.

But yes, there were the outside expenses, including clothes, travel, etc.

The largest expense came 5+ years later, when he needed jaw reconstruction. I could not find a doctor in Dallas, Houston or Los Angeles who would (could?) do the oral surgery required AND had not opted-out. I finally called the doc and asked her and she point blank said "Most people don't survive to this point and when they do, they aren't to the Medicare age. We have no reason to not opt-out." So that was $7K out of pocket.

Still haven't gotten to the point where a $60/month cancer policy would have been a good financial decision.

There is no way that a person who is diagnosed with cancer did not make a good finacial decision buying a cancer plan. Had he bought a 20K-30K cancer plan, it would have paid that out in a lump sum as soon as it was diagnosed.. He would not have paid anywhere close to that amount into it and the premium stops upon payment of the lump sum unless it has a restoration benefit. The only time a cancer plan is a poor financial decision is if you are not diagnosed with cancer.

 

[Life Hawk]

The company that I started my career with use to use testimonials, hand written notes on a company form which also showed the amount received in amount payout payout up to that date. (By permission of course.) Those notes where the hinges that closed many a sale for me. But more than that, they were a reminder of the good that a simple plan like that can be to keep a house hold afloat. There was (and I still use) a ROP option where appropriate.

Think of it this way, more people would use their cancer plans than their car insurance if they had one. 2 out of 3.

"For example, in 2015 there were 5.96 collision claims per 100 vehicle-years, so frequency was 5.96 per 100. The average collision claim was $3,434. So for collision claims that year, the loss cost was $204.75, being 5.96 x $3,434 ÷ 100."
https://www.iii.org/sites/default/files/docs/pdf/auto_rates_wp_092716-62.pdf

 

[Carlos Bastardo]

The presentation to the client is clever. Mention that two thirds of their cancer-related expenses are not covered by Medicare, leaving them to conclude that these are medical expenses Medicare won’t cover rather than almost entirely non-medical. If it were presented to these retirees that the largest non-covered expense identtified by the ACA is lost income, and includes things like long distance phone calls (showing how dated the study is) there would be far less interest.

It’s very unlikely that a senior citizen will run up non-medical expenses remotely close to $10K, let alone $20K or $30K, after a cancer diagnosis. Any non-medical expenses they do incur would be no different than with any other major illness that the aren’t buying a separate policy for. I had a rep call me from a carrier I place a lot of Medigap business with. He wanted to know why I’m not selling their cancer policies. I told him I don’t sell those clients cancer policies for the same reason I wouldn’t sell them Parkinson’s or rheumatoid arthritis policies, if they existed, because they have the best medical insurance they have ever had in their life.

With MA clients I do get the need and the rationale for having it. If I were interested in selling cancer policies to Medigap clients, I will concede the “package deal” strategy in this video is a great one, and, as already mentioned, also works well for dental.

GTL offers a great gap plan designed for MA plans to cover this very thing ;-)

 

[Derek Streich]

SureBridge CancerWise Plus is $27.60/mo for a 65 y/o male, $20K Lump Sum benefit. Can add heart stroke for an additional $30.40/mo. Best rates around...

 

[rousemark]

SureBridge CancerWise Plus is $27.60/mo for a 65 y/o male, $20K Lump Sum benefit. Can add heart stroke for an additional $30.40/mo. Best rates around...

That cancer rate is strong..

 

[goillini52]

SureBridge CancerWise Plus is $27.60/mo for a 65 y/o male, $20K Lump Sum benefit. Can add heart stroke for an additional $30.40/mo. Best rates around...

Aren't they a Tranny company?