Knowledge Center
News & Updates
Frequently Asked Questions
Topics
How Can Cancer Insurance Help In Many Situations?
A cancer diagnosis usually comes with costs that add up quickly, putting many cancer patients in a financial bind. There are certain financial burdens major medical insurance may not cover fully, or at all. Examples can include:
- Alternative treatments
- Access to out-of-network treatment facilities
- Prescription drug coverage
- Unpaid time off from employment
- Travel and lodging expenses
- In-home care needs
Bankers Fidelity® understands that the fight against cancer is hard enough without worrying about the additional financial strains that often accompany a tough diagnosis. Cancer insurance can help provide peace of mind by helping to alleviate the financial burden from cancer treatments.
Bankers Fidelity’s Vantage Care™ policy can help cover some of the expenses resulting from a cancer diagnosis.
This is a solicitation of insurance and an independent agent may call on you. Lump Sum Cancer Insurance Policy form series B 21904 underwritten by Bankers Fidelity Life Insurance Company®. Limitations and exclusions apply; actual policy provisions control. Rates subject to change on a class basis. Benefits are not payable for any Cancer or other condition diagnosed within the first 30 days after the effective date of the policy. Refer to Outline of Coverage B 21904 OC for additional product details. Application to determine eligibility required. Product availability and benefits can vary by state. THE POLICY PROVIDES SUPPLEMENTAL LIMITED COVERAGE FOR SPECIFIED DISEASES ONLY AND IS NOT A SUBSTITUTE FOR COMPREHENSIVE HEALTH OR MAJOR MEDICAL INSURANCE, NOR IS IT INTENDED TO COVER ALL MEDICAL EXPENSES.
What are the Benefits of Cancer Insurance?
- Benefits are paid directly to the policyholder in a lump sum.
- Benefit payout can be used to cover out-of-pocket medical expenses, lost wages due to cancer and cancer treatments, costs from traveling to and from treatment facilities and other non-medical, cancer-related expenses.
Cancer insurance is a viable option for most; limited only by an individual’s eligibility. Factors that can affect eligibility for coverage are:
- Pre-existing conditions*
- Age thresholds*
- Previous cancer diagnosis*
*Varies by policies and insurers.
What is Cancer Insurance?
Cancer insurance focuses specifically on costs associated with the diagnosis and treatment of cancer. A cancer insurance policy provides supplemental limited coverage and is not intended to cover all medical expenses. It’s an additional safety net designed to help provide the policyholder with certain benefits after a cancer diagnosis. It helps take care of both medical and non-medical costs regardless of the individual’s major medical insurance. This supplemental insurance policy pays benefits directly to the policyholder upon the diagnosis of cancer; and benefit ranges depend on the plan and insurer the policyholder has selected. The benefits selected often determine the costs.
Each cancer insurance plan is unique – just like the needs of the individual – and benefits are only paid upon the diagnosis of cancer.
What are the Benefits to Level Benefit Whole Life Insurance?
- Benefits are paid out in a lump sum to your beneficiary
- Allows for flexibility in burial service selections; unlike a prepaid funeral which locks your family into already specified arrangements
- Comes in a variety of amounts, but generally has limits up to $35,000* in coverage; keeping premiums affordable
- Coverage remains in effect until your death, as long as the premiums are paid on time
*Amounts vary depending on insurance company.
Level Benefit Whole Life Insurance is just one option for life insurance. Others include:
- Whole life insurance. Provides coverage and cash value accumulation for life, as long as premiums are paid on time. Options include higher coverage limits, making it possible for you to leave a legacy behind and provide for your beneficiary as you wish.
- Term life insurance. Premiums are typically lower than whole life, coverage does not typically include cash value accumulation and the policy provides a guaranteed death benefit during a specific time frame. A term life policy can generally be converted to a Whole Life policy.
Your loved ones’ grief will be hard enough to handle without having to make financial sacrifices for your end-of-life expenses. Bankers Fidelity® Vantage Secure™ can give you peace of mind, knowing you have taken a step to ensure their sadness will not be accompanied by a financial burden.
What is Level Benefit Whole Life Insurance?
Level Benefit Whole Life Insurance is a type of life insurance designed to help cover end-of-life expenses, including, but not limited to, medical bills, credit card debt, and funeral expenses. Often confused with burial expense insurance or funeral insurance, level benefit whole life insurance is different in that benefits are paid to someone you trust to take care of your affairs, instead of directly to the funeral home. Level Benefit Whole Life Insurance ensures your loved ones can use the money to help cover some of the cost of bills as well as burial or cremation.
Level Benefit Whole Life Insurance is for people who want to prepare for the inevitable as well as their loved ones’ futures. Planning ahead of time not only benefits you, but it helps your loved ones avoid taking on debt or stressing financially to cover the costs associated with end-of-life matters.
How Can Hospital Indemnity Insurance Help In Many Situations?
Although all major medical plans can have some form of hospitalization coverage, a patient may be left covering portions of the costs associated with a hospital stay. A Hospital Indemnity policy can help cover the costs of these—and other—financially straining situations and circumstances. Examples may include, but are not limited to, the following*:
- Sudden injury. A sudden injury may require a visit to the hospital for diagnosis and treatment, and sometimes rehabilitation is necessary to complete the healing process. Some medical plans have significant deductibles or large out-of-pocket maximums, which means a Hospital Indemnity policy can help you with those unforeseen costs.
- Ambulance ride and emergency room services. When emergency services are necessary, you don’t want to delay in getting the help you need simply because you are worried about the cost. With Hospital Indemnity insurance, your policy can help pay for these emergency services.
- Extended illness. Heart disease, cancer and other illnesses that put you in the hospital for long periods of time for treatment are stressful enough without having to worry about how you are going to pay the bill. A Hospital Indemnity insurance policy can help cover your hospital stay due to illness.
- Out-of-network facility and doctor. When your health is on the line, having the freedom to choose who is going to treat you and where you are having the treatments performed is important to your recovery. Some facilities or doctors may be excluded from your insurance network, and the benefits from a Hospital Indemnity policy can help put the control back into your hands.
*Options and coverage will vary based on the insurance company and the policy issued. Check the Outline of Coverage and/or the policy to see what options are available and what costs are covered.
Hospitalization should not break you. It should help heal you. With the benefits from a hospital confinement policy covering some of these expenses, you can focus on healing. Bankers Fidelity’s Vantage Flex Plus™ is Hospital Indemnity coverage that helps pay for out-of-pocket expenses associated with a hospital stay.
Bankers Fidelity Life Insurance Company® is not affiliated with or endorsed by the U.S. Government, the federal Medicare program, or the Centers for Medicare and Medicaid Services. This is a solicitation of insurance and an independent agent may call on you.
A Hospital Indemnity Policy† is not Medicare Supplement insurance nor is it a substitute for Medicare Supplement insurance.
If you are eligible for Medicare, please read the Guide to Health Insurance for People with Medicare available from the Company.
Hospital Indemnity Insurance Policy† form series HI21BFLIC is underwritten by Bankers Fidelity Life Insurance Company®. For Missouri residents only: The form number for the Policy is HI21BFLIC MO.
Limitations and exclusions apply; actual policy provisions control. Rates subject to change on a class basis. Application to determine eligibility required. Product availability and benefits can vary by state. Products not sold in CA, CT, NY, or VT.
THE POLICY IS A HOSPITAL CONFINEMENT INDEMNITY POLICY. IT PROVIDES LIMITED BENEFITS ONLY. Benefits provided are supplemental and are not intended to cover all medical expenses. THE COVERAGE IS A SUPPLEMENT TO HEALTH INSURANCE AND NOT A SUBSTITUTE FOR MAJOR MEDICAL COVERAGE. LACK OF MAJOR MEDICAL COVERAGE (OR OTHER MINIMUM ESSENTIAL COVERAGE) MAY RESULT IN AN ADDITIONAL TAX PAYMENT.
What is Hospital Indemnity Insurance?
Hospital Indemnity insurance, also referred to as hospital confinement insurance, is a supplemental insurance that helps cover out-of-pocket expenses due to a hospital stay from an illness or injury. When a stay at the hospital is necessary, the end result can often be a large bill. The average hospital confinement can quickly escalate to cost over $10,0001 per day, which can put financial strain on even the healthiest budget.
Hospital Indemnity insurance does not replace major medical health insurance but, rather, works alongside it as a supplemental insurance. Unlike major medical insurance, hospital indemnity insurance does not cover the cost of prescriptions or regular doctor’s visits. Depending on the insurance company and the benefits selected, benefit eligibility begins with admittance to a hospital.
What are the Benefits of Short-Term Care Insurance?
- No prior hospitalization required
- Choose the coverage that fits you and your budget
- Restoration of benefits
- Full benefits for Alzheimer’s Disease
Short-term care coverage pays benefits when your physician deems a stay at a nursing facility medically necessary and you are unable to perform at least two of the six Activities of Daily Living (ADLs). These Include:
- Transferring – otherwise known as functional mobility, which includes the ability to walk and get in and out of bed and chairs
- Dressing – the ability to select appropriate clothing and dress oneself
- Toileting – getting to and from the toilet, sitting down and standing back up, and cleaning oneself after use
- Eating – the ability to feed oneself, not including the preparation of food
- Continence – the ability, both physical and mental, to use the restroom
- Bathing – the ability to wash oneself without assistance and get in and out of a tub or shower
When facing the difficulties of recovery from illness or injury, a Bankers Fidelity Vantage Recovery Short-Term Care Nursing Facility Confinement Insurance policy can help cover the costs of quality care while easing the stress of healthcare bills.
Short-Term Care Nursing Facility Confinement Policy form B 21702 underwritten by Bankers Fidelity Life Insurance Company® Atlanta, GA. Limitations and exclusions apply; actual policy provisions control. Rates subject to change on a class basis. application to determine eligibility required. Product availability and benefits may vary by state. This is a solicitation of insurance and an independent agent may call on you.
Bankers Fidelity Life Insurance Company® is not affiliated with or endorsed by the U.S. Government, the federal Medicare program, or the Centers for Medicare and Medicaid Services.
Short-Term Care Nursing Facility Confinement Insurance is not Medicare Supplement insurance nor is it a substitute for Medicare Supplement insurance. This policy provides, to persons insured, coverage in the form of a fixed daily benefit during periods of confinement in a nursing facility resulting from a covered accident or sickness, subject to any limitations, deductibles and elimination periods set forth in the policy.
It does not pay your Medicare deductibles or coinsurance and is not a substitute for Medicare Supplement insurance. If you are eligible for Medicare, please read the Guide to Health Insurance for People with Medicare available from the company.
What is Short-Term Care Insurance?
A short-term care policy, also known as recovery care or nursing home coverage, provides up to 360 days of benefits to help cover costs associated with a stay in a skilled nursing facility. If selected, the policy can include medically necessary care from a licensed home health care agency (policy election will determine the covered costs). Having to stay in a nursing care facility can be expensive and, even after you are discharged, you can continue to incur charges due to additional costs for rehabilitation and therapy.
Am I Eligible for Medicare Supplement Insurance?
Your Medicare initial open enrollment period is the seven month period during which you become eligible for Medicare. It begins three months before your 65th birthday, includes your birthday month, and the three months following your birthday month.
Before you are eligible for Medicare Supplemental insurance, you must be enrolled in Medicare Part A and Part B. One strong benefit of a Medicare Supplement Insurance policy is that it is guaranteed renewable even if you have health problems as long as you pay your premium in a timely manner. People who have a Medicare Advantage plan are not eligible for Medicare Supplement insurance. Those on Medicaid are generally ineligible as well.
The best time to shop for a Medicare Supplement insurance is the six month period starting the first month that you’re covered under Medicare Part B and you’re 65 or older. During this time, you have the guaranteed right to buy a Medicare Supplement plan that’s sold in your state, despite any pre-existing health conditions. Some states may have additional open enrollment rights under state law.
*This information provides a brief overview of Part A and Part B of Medicare. For complete information about Medicare and a full explanation of Medicare benefits, consult Medicare and You and Welcome to Medicare, published by Centers for Medicare and Medicaid Services or visit their websites at www.ms.hhs.gov or www.medicare.gov.
Neither Bankers Fidelity Life Insurance Company® nor its Medicare Supplement policies are affiliated with or endorsed by the U.S. Government, the federal Medicare program, or the Centers for Medicare and Medicaid Services. This is a solicitation of Medicare Supplement insurance and an independent agent may call on you.
The Medicare Supplement products issued by the Company are insurance policies. Policy form series B 21092 is issued by Bankers Fidelity Life Insurance Company®, Atlanta, GA; policy form series B 21492 is issued by Bankers Fidelity Assurance Company™, Atlanta, GA. Limitations and exclusions apply; actual policy provisions control. Rates subject to change on a class basis. Individually underwritten; application to determine eligibility required.
Products not sold in AK, CA, CT, FL, MA, ME, MN, NE, NH, NY, OR, RI, VT, WA or WI. Plan availability can vary by state.
