The deductible for many individual, family, and group plans are considerably higher than years ago. The Silver and Bronze plans have a medical deductible of $ 2,500 or $ 6300 for an individual, $5,000 or $12,600 for a family, respectively. These plans have an additional out-of pocket maximum of $7,000 for an individual or $14,000 for a family. To offset the financial risk of having to pay the deductibles and out-of pocket maximum annually, many families elect to buy supplemental insurance plans.
Most supplemental insurance plans are very affordable and the underwriting process is very easy. The supplemental insurance mostly pays a specific Dollar amount if an accident or critical illness occurs.
The specific dollar amount can be used for paying the medical expenses the regular health insurance is not paying, such as deductible and out-of-pocket maximum, or can be used for all other purposes. For example, you can pay your bills such as a utility bill in the event you are critically ill.
- Accident Insurance
Individuals can insure themselves for just $20.- per month and receive a coverage of $ 2500 for each accident that happens. See brochure GTL.
- Critical Illness Insurance
Critical Illness Insurance pays a specific dollar amount, should a critical illness, such as cancer, heart attack, stroke or other illness occur.
With GTL, you can select a specific dollar amount. For example, you decide to pay $ 25, and depending on your age, you will receive in the next 20 years a specific dollar amount, if a critical illness happens. Any person who is under 50 years of age has the ability to elect a Return of Premium Rider, which will pay back at the end of the 20 years all the premium, should you have been healthy and had not a critical illness.
This is an excellent vehicle to be prepared for the unexpected, and if you have been healthy, you will have saved your premium payments over the 20 year period.