Accident Medical Expense

Transcription

1 Accident Medical Expense An accident insurance policy as part of your integrated wellness plan WRK AME (4/2014)

2 Accidents Happen to Other People... until they happen to you. Accident Medical Expense: How it Works Our Story After an accident, you may have expenses you ve never thought about before. Can your finances handle them? Without a steady paycheck for months, and sometimes years, individuals and families are faced with tough choices what debts and bills to pay first, and which ones to defer. But what happens if more than a job is lost? Accidents that interrupt, or end, a paycheck occur every day both on and off the job. Accident Medical Expense is simple, guaranteed-issue 24-hour accident insurance. You ll receive cash benefits for the following expenses that may not be fully covered by your major medical insurance: Dearborn National Individual Solutions, through its underwriter Colorado Bankers Life Insurance Company, has been helping working Americans successfully build and manage their insurance needs for more than 40 years. It provides voluntary, supplemental benefit products through payroll deduction programs with U.S. business owners that yield two advantages: 1) employees receive convenient and affordable financial protection for themselves and their families; 2) employers offer greater insurance choices to their employees without incurring additional cost or obligation to themselves. Increasingly, American workers are finding it essential to have a backup plan to counter the uncertainty that an injury could create to their personal finances. You need to ask questions about your current coverage and consider the potential financial impact from a serious injury not the cost of treating a sprained ankle but big expenses from an accident. You re probably going to need some help. That s why you should consider Accident Medical Expense, 24hour accident insurance that offers simple, affordable coverage to help you and your family if an unexpected accident happens to you. 1 First choose a benefit amount2: Number of injury-related visits to U.S. emergency rooms: $2, million. $5,000 $7,500 Voluntary, supplemental products currently offered by CBL include: Then, select one of three deductible amounts: $100 $250 $500 Finally, select your coverage class: Individual 2 1 Centers for Disease Control and Prevention, National Hospital Ambulatory Medical Care Survey: 2010 Emergency Department Summary Tables, Uninsured or underinsured medical expenses Accidental death Catastrophic accidental loss loss of sight, hearing, speech, both arms, both legs Individual & Spouse Individual & Child(ren) Individual term insurance with critical illness Accident medical expense insurance I ndividual term and whole life insurance with a flexible premium annuity rider Level and graded whole life insurance Level 10-, 20- or 30-year term life insurance Individual accident only insurance Family ome exclusions and exceptions apply. Benefits may differ or not be available in some states. Your agent will explain the benefits S available in your state. Automatic Annual Coverage Refills Once you select a coverage amount, it becomes an annual pool of dollars. From this pool, you are reimbursed for expenses incurred from covered accidents after per-accident deductibles are met. You can draw from this pool up to your selected annual coverage amount. Every calendar year, your pool of coverage refills so long as the policy remains in force. When you have a covered accident, we ll send cash benefits directly to you (unless you tell us otherwise) and you decide the best way to spend them. It s as simple as that. Some of the ways in which to use your cash benefit: To cover medical cost deductibles, prescriptions, second opinions, experimental treatments, out-of-network expenses For mortgage, auto loan or credit card payments For monthly utility and grocery bills Expenses for childcare Colorado Bankers Life Insurance Company (CBL), rated A (Excellent) by A.M. Best,4 provides insurance coverage in 49 states, the District of Columbia, Guam and Puerto Rico. CBL serves unions, large and small Meet Nora, who along with her husband Peter are an Illinois couple in their 30s whose two kids include a son in middle school (he s an avid football player) and a toddler (he s avid in, well, everything). Nora is a teacher and Peter works construction; money is tight and they closely track their spending. Because of healthcare reform changes, they purchased a high deductible healthcare plan. As part of their wellness plan, Nora and Peter bought the Accident Medical Expense plan with $5,000 coverage and a $250 deductible. Their weekly premium? Only $ per week for the entire family. 3 companies, public municipalities, school districts and federal, state, postal and military personnel. Preferred Financial Corporation (PFC), the parent company of CBL, acts as the exclusive general agency for, and contracts with, the producers selling CBL products. Premiums may vary by state. 4 ffirmed December 19, A.M. Best Company rates the overall financial A condition of a company using a scale of A++ (Superior) to F (In Liquidation).

3 Why Accident Medical Expense? It s simple to understand. Accident Medical Expense is guaranteed issue accident insurance with no coverage waiting period, no benefit reduction for a covered spouse and/or child(ren), and includes both on- and off-the-job coverage. It s affordable. You choose a benefit amount based on what you can afford and the amount of coverage you desire. It s flexible. There are no limits/restrictions on how benefit amounts are used: It s your choice. It s added protection. Your Accident Medical Expense policy is free from coordination with other insurance coverage.

4 Dearborn National Individual Solutions Providing life, critical illness, disability and annuity products to working Americans nationwide, Dearborn National Individual Solutions offers voluntary, supplemental worksite benefits that are mutually beneficial to employees and their employers. We are more convinced than ever that working Americans want greater control, choice and flexibility when making decisions about life and health insurance products, while still offering convenience and high service quality at an affordable price. Joe Wieser, Chief Executive Officer and President Colorado Bankers Life Insurance Company This document contains a general summary of benefits, exclusions and limitations. Please refer to the policy for the actual terms and conditions that apply. The terms and conditions of the policy will govern in any question about this plan. Policy form series P-AME 2012 and rider form series R-AME Spouse 2012 and R-AME Child Products and services marketed under the Dearborn National brand and the star logo are underwritten and/or provided by Colorado Bankers Life Insurance Company (Greenwood Village, CO), licensed in 49 states (excluding New York where it is not licensed and does not solicit business), the District of Columbia, Guam and Puerto Rico. Product features and availability vary by state and are solely the responsibility of Colorado Bankers Life Insurance Company.

5 LifeStyle Assurance Critical illness insurance as part of your integrated wellness plan WRK HCI (05/2014)

6 Critical Illness Happens to Other People... until it happens to you. LifeStyle Assurance: How it Works Our Story In the past, Americans may have taken for granted the ability to acquire comprehensive health insurance coverage through their employers. That kind of coverage is becoming increasingly expensive. In an effort to manage the expenses associated with health insurance, more Americans are faced with buying health insurance coverage with higher deductibles and copays. It s the way many Americans are keeping health insurance affordable. LifeStyle Assurance pays, as a lump sum, a percentage of the insurance benefit provided in the policy as listed below when you are first diagnosed with one of the following covered conditions on or after the 30th day (90th day for cancer) coverage becomes effective3. Dearborn National Individual Solutions, through its underwriter Colorado Bankers Life Insurance Company, has been helping working Americans successfully build and manage their insurance needs for more than 40 years. It provides voluntary, supplemental benefit products through payroll deduction programs with U.S. business owners that yield two advantages: 1) employees receive convenient and affordable financial protection for themselves and their families; 2) employers offer greater insurance choices to their employees without incurring additional cost or obligation to themselves. More than ever, you need to ask questions and be informed about your health insurance choices. Consider what you would do if you were diagnosed with an illness. Not an illness that can be handled through a simple prescription but a serious illness, a life threatening illness. In those situations, you may be faced with considerable and unexpected expenses that can be associated with the diagnosis of a heart attack, stroke or cancer. For those times you are probably going to need some help. When faced with a critical illness, both medical and non-medical expenses arise. Out-of-pocket expenses such as in-home care, lost wages and child care come along at exactly the wrong time, and they can be devastating. Most Americans do not have sufficient savings to meet immediate out-of-pocket expenses and are forced to deplete their available assets to cover costs. More than half of all U.S. bankruptcies are based on a medical event1; the overwhelming majority of these involve people with health insurance who are nonetheless faced with tens of thousands of dollars of out-of-pocket expenses. That s why you should consider LifeStyle AssuranceTM critical illness insurance as part of your health insurance plan2. It s affordable and can help if a critical illness happens to you or a covered spouse or child. 1 2 avid U. Himmelstein, MD, Deborah Thorne, PhD, Elizabeth Warren, JD, and Steffie Woolhandler, MD, MPH, "Medical Bankruptcy D in the United States, 2007: Results of a National Study," American Journal of Medicine, LifeStyle Assurance is not recommended for individuals covered under Medicaid. Covered Conditions4: 100% coverage Invasive cancer Heart attack Stroke End-stage renal failure Major organ transplant Terminal illness 25% coverage Carcinoma in situ Major heart surgery 10% coverage Coronary angioplasty Skin cancer benefit $250 for the primary insured $250 for the insured spouse $75 for each insured child Each covered person's benefit amount decreases by 35% of the benefit amount at age 65 and decreases an additional 15% at age 70. Premium is not reduced as a result of these decreases. Voluntary, supplemental products currently offered by CBL include: Individual term insurance with critical illness Accident medical expense insurance Individual term and whole life insurance with a flexible premium annuity rider Level and graded whole life insurance Level 10-, 20- or 30-year term life insurance Individual accident only insurance Isn t a Check Better than a Get Well Card? Benefits through LifeStyle Assurance are paid directly to you. You choose how to spend the money at a time when you and your family may need extra cash the most. Some examples of the ways in which you may choose to spend the benefit paid to you: Home healthcare Co-pays and deductibles Cost of caregivers Non-covered experimental treatments Housekeeping or childcare expenses From 2000 to 2010, the death rate declined by 31% from heart attacks and by 23% from stroke.5 Daily living expenses Colorado Bankers Life Insurance Company (CBL), rated A (Excellent) by A.M. Meet Anne, a single 50-year-old and self employed business owner living in Texas. She has a high deductible healthcare plan. Anne's a non-smoker, pays particular attention to her diet and health, as her family has a history of heart disease. As a supplement to her major medical plan, Anne bought a LifeStyle Assurance plan with a $10,000 benefit amount. What is her weekly premium? Only $ tate variations may apply; see policy for details. The summary contained in this piece is only an overview of the actual policy definitions, which S should be consulted and will control. 4 Covered conditions are defined in the policy. The summary contained in this piece is only an overview of the actual policy definitions, which should be consulted and will control. 5 Source: American Heart Association, Heart Disease and Stroke Statistics-2014 Update. 6 Premiums may vary by state. 3 Best,7 provides insurance coverage in 49 states, the District of Columbia, Guam and Puerto Rico. CBL serves unions, large and small companies, public municipalities, school districts and federal, state, postal and military personnel. Preferred Financial Corporation (PFC), the parent company of CBL, acts as the exclusive general agency for, and contracts with, the producers selling CBL products. 7 ffirmed December 19, A.M. Best Company rates the overall financial condition of a A company using a scale of A++ (Superior) to F (In Liquidation).

7 Why Critical Illness Coverage? Thanks to advances in technology, many Americans are surviving critical illnesses that may have been fatal in the past. Almost everyone knows someone who has experienced a critical illness of some kind and survived. Critical illness insurance is designed to provide financial assistance to policyowners facing challenges associated with being diagnosed with a critical illness. LifeStyle Assurance is a critical illness insurance policy that as part of an integrated wellness plan pays a lump sum benefit amount $5,000, $10,000 or $15,000 when a critical illness such as cancer, heart attack or stroke is diagnosed. Supplemental critical illness advantages: It's simple to understand. LifeStyle Assurance is guaranteed issue critical illness insurance with no pre-existing conditions limitation, no coverage termination age, and no additional medical exam needed. It s affordable. You choose a benefit amount based on what you can afford and the amount of coverage you desire. It s flexible. There are no limits/restrictions on how benefit amounts are used: It's your choice. It's added protection. Your LifeStyle Assurance policy is free from coordination with other insurance coverage.

8 Dearborn National Individual Solutions Providing life, critical illness, disability and annuity products to working Americans nationwide, Dearborn National Individual Solutions offers voluntary, supplemental worksite benefits that are mutually beneficial to employees and their employers. " Americans need flexibility when seeking health insurance. LifeStyle Assurance complements existing health care plans by supplementing coverage and offering benefit payments when individuals need them the most after the first diagnosis of a covered critical illness." Joe Wieser, Chief Executive Officer and President Colorado Bankers Life Insurance Company This document contains a general summary of benefits, exclusions and limitations. Please refer to the policy for the actual terms and conditions that apply. The terms and conditions of the policy will govern in any question about this plan. Policy form series P-CIGI 2012 and rider form series R-CIGI Spouse 2012 and R-CIGI Child Products and services marketed under the Dearborn National brand and the star logo are underwritten and/or provided by Colorado Bankers Life Insurance Company (Greenwood Village, CO), licensed in 49 states (excluding New York where it is not licensed and does not solicit business), the District of Columbia, Guam and Puerto Rico. Product features and availability vary by state and are solely the responsibility of Colorado Bankers Life Insurance Company.