Injuries and illness happen, and even when your clients have medical insurance, out-of-pocket medical bills can pile up, putting a strain on their financial security.
Clients may budget to meet their annual deductible in their medical insurance plan, but many are not prepared to handle the additional medical bills that can go beyond their deductible.
3 Solutions to Get Your Clients Medical Bills Covered:
Clients considering an Income Protection policy now have the option to add additional protection in the form of a Long-Term Care, Critical Illness and/or Accident Medical Expense Benefit Rider which can provide additional protection to cover medical expenses for minimal or no cost at all.
- The Activities of Daily Living (ADL) Rider or Catastrophic Benefit Rider pays an additional monthly benefit in addition to the scheduled monthly benefit if your client is unable to perform 2 or more Activities of Daily Living (ADLs) without stand-by assistance or if cognitively impaired.
- The Supplemental Health Benefit Rider is similar in many ways to a traditional Critical Illness policy. This rider will pay a lump sum benefit equal to 6 times the monthly benefit if the insured has a stroke, diagnosed with cancer, or has coronary bypass graft surgery.
- Accident Medical Expense (AME) Rider reimburses your client up to the maximum benefit ($5000) in medical-related expenses incurred by accidents only. This rider pays even if there is no diagnosis of disability due to the injury. The rider has a total lifetime benefit up to 10 times the max benefit for a potential benefit of $50,000
4 Ways to Present to Your Clients:
- We offer customizable flyers, pre-approach letters, and client approved handouts – available to you, to provide your clients or prospects to generate interest.
- Prior to your appointments, consider sending your clients some educational pieces related to Income Protection and how the Additional Medical Expense protection works.
- At your appointment, first determine the Disability Insurance (DI) policy type and monthly benefit needed to meet your clients’ needs. When appropriate point out the features and the affordability of the added protection can be and the benefits it can provide.
- The riders are very affordable and can turn a basic disability policy into a comprehensive plan for little or no additional premium. Some riders will automatically pay a Lump sum benefit and others will reimburse your client for medical expenses. There are some limitations and the riders are not approved in all states.
Please contact us for more specifics on how these benefits can enhance a product offering.