The last post briefly covered “good vs bad” plans. Ok, so what to do? The basic approach consists of a 1-2 punch with 1) a solid high deductible major medical plan, and 2) savvy supplemental policies that fill gaps and address your risk factors (more on supplemental in future posts).
“Holey” health insurance plans can bleed your finances dry. Remember, you get what you pay for. So, economical “limited” plans will have limits and holes. For example, Idaho’s most popular health insurance plan in recent years is a “Limited” benefit plan that has holes by design. Economics caught up and renewal rates have mostly exceeded 30%! Even popular plans NOT labeled “limited” have limits on Rx – $2000 or less – and outpatient benefits.
- Chemotherapy often falls under both – can you say “Big Hole!”
Let’s illustrate how devastating these holes can be.
From http://www.healthreform.gov/reports/fightingcancer/index.html
Michael Treinen, Indiana
Michael, a teenager, was diagnosed with an aggressive form of leukemia. His treatment required 10 doses of a chemotherapy drug that cost $10,000 per dose and a 56-day stay in an intensive care unit that cost $400,000 dollars. Michael reached his family’s lifetime maximum in less than a year. The hospital informed the family they needed either $600,000 in certified insurance or a $500,000 deposit to move forward with Michael’s bone marrow transplant. Despite eventually receiving financial support from the community, Michael died before he could receive the transplant. Today, his family continues to pay for the cost of Michael’s treatment.16
So, how far would your comprehensive or “not limited” major medical plan help with your 10 treatment chemo series at $10k/treatment when the annual Rx limit is $2k?
With health insurance you can’t stop a financial bloodbath, you can only avoid one!!
How? With $25M lifetime, company pays 100% after a single deductible, and no separate limits for outpatient treatments and Rx. That’s how. Let’s talk about your health insurance.
