A 65-year old couple that intends to retire this year will need $240,000 for their medical expenses.

An analysis released by Fidelity to answer the question “how much money will I need to retire just for health care costs?” has shown that a couple who is 65 years old and intends to begin retirement in 2012 will require approximately $240,000 to pay for the medical expenses they will incur over the rest of their lives, if they do not have employer-provided retiree coverage.

This is an increase of 4 percent over the estimate from last year, which was $230,000.

In 2011, Fidelity’s estimates had declined by 8 percent from what they had been the year before. The report for 2010 showed that the same 65 year old couple who had intended to retire that year would have needed $250,000 in order to cover all of their future medical costs. That year was the first time that Fidelity had seen an annual decrease in the 10 years that it had been making the reports.

For many Americans, medical costs will be the largest expenses they will face over their retirement.

It should be noted that the Fidelity projections do not include any of the additional costs that are associated with services such as nursing home care, and they apply to individuals who will have standard Medicare coverage. Of those costs that are a part of the estimates, approximately 45 percent will be paid out of pocket by these couples, unless additional coverage is purchased in order to make the payments.

Since 2002, when the calculations were first made by Fidelity, the estimate has increased by an annual average of 6 percent (with, of course, the exception of 2011’s decline).

According to the executive vice president of the Benefits Consulting business at Fidelity, Brad Kimler, “Today’s workers must understand that the cost of health care is expected to continue rising significantly in future years.”

Medical inflation is increasing at a rate that is faster than that of living adjustments and salary increase for the majority of individuals. Unfortunately, this means that when they ask themselves, how much money will I need to retire just for health care costs, the answer will likely only be higher every year.

Understand the changes you can make to lower payments but use supplementary policies to increase protection.

When you want to make sure that you get as much as possible out of your coverage, but without having to pay higher premiums, you will want to get to know what is deductible in health insurance actually mean.

Talk to your agent about combining higher deductibles on your policy with supplemental health insurance.

This technique will lower your premiums but will allow you to afford significantly higher overall protection. The reason is that when you opt for a higher deductible – which is the amount that you would need to pay before the benefits from your policy kick in – then your yearly and monthly premiums will decrease.

When you take out a supplementary plan, such as cancer insurance, you will often find that this coverage will extend to the deductible for your standard policy. This means that if you can increase your deductible enough, you can cover the cost of the additional coverage (or at least much of it) and yet still benefit from a much broader amount of coverage that also fills in many of the gaps that were left behind.

What are some gaps traditional health insurance leaves behind? Here are a few examples and what plans like cancer insurance can do to help pick up the bill…

1. Travel. To give an example: Lets say the best results from treatment for the type of cancer you’ve been diagnosed with are at a hospital in another state. Most cancer plans give you a travel benefit for you and your spouse so this necessary out of pocket expense won’t break the bank.
2. High deductible. When raising your deductible to save money, usually because everyone is healthy now, doesn’t mean it will stay that way. Cancer insurance has a first diagnosed benefit along with other coverages for different treatments that will fill in this gap.
3. Out of work. With chemotherapy and radiation treatments most of us wouldn’t be able to just pick up and go back to work. Cancer insurance has a daily amount they will pay you, not the doctors, to have this type of treatment so if you run out of sick days or are self employed, this time won’t put in you in debt.

Raising your health insurance deductible is one of the most important ways to save money on your coverage without sacrificing what you will be getting. Other techniques that you may consider to help to keep your payments as low as possible include the following:

• Remaining healthy. Indeed, we cannot prevent every injury or illness, but there is a great deal of preventative action that can be taken to lower many risks. For example, eating a healthy diet and exercising daily to maintain a healthy body weight can help to minimize the risk of diabetes, high blood sugar, high cholesterol, and even some forms of cancer.

• Quit smoking. Many insurance companies charge a higher premium on smokers. The trick is to stop the habit now, because the longer you go without smoking, the more you will save.

• Give up extreme hobbies. Everything from driving racecars to skydiving will increase your risk of injury and may cause your premiums to spike.

By learning these tips and what is deductible in health insurance actually mean, you’ll keep a great deal more money in your pocket.

Both individual and employer sponsored plans have growing deductibles and shrinking coverage.

Supplemental health insurance plans are becoming increasingly important and popular as the gap in the individual health and disability insurance market is widening with each passing day.

The entire health insurance market is increasing its deductibles and decreasing its coverage in order to make it possible for individuals, families, and businesses to keep their premiums as low as possible. The number of examples of this trend are becoming more common and pronounced with every new report on the subject.

Last week, Costco started selling individual health insurance with low premiums but at a potentially high cost.

The industry was wide eyed at the partnership between Costco and Aetna which brought about the offering of the Costco Personal health plan in Connecticut, Illinois, Arizona, Georgia, Michigan, Texas, Nevada, Pennsylvania, and Virginia, with the intention to expand.

What is notable about this plan is that preventive care (such as screening tests) are covered, it includes a wide doctor network, there is a dental option, and generic prescriptions are typically $15.

However, the savings seen with this and other plans come at a definite price.

In the case of this plan, there is no coverage for maternity care unless there are complications to the pregnancy. Furthermore, there are tremendous deductibles – a growing trend among many health care plans, not just at Costco – ranging from $3,000 to $7,500 for individuals receiving care in-network, and $6,000 to $10,000 out-of-network. Families see deductibles starting at $6,000 to $15,000 in-network and $12,000 to $20,000 out-of-network.

Additional fees abound. Even after the deductible is met, lab work is only 30 percent covered, as is the case for hospital stays and outpatient surgery. Moreover, unless a patient is admitted for treatment, a visit to the emergency room costs $350.

A study by The Hartford has shown similar findings for single workers.

The research showed that most single Americans would take a serious financial hit should they ever face an unexpected health issue that stopped them from being able to work. In fact, the report on the findings, called The Hartford Benefits for Tomorrow Study, said that 87 percent of those individuals would have to make lifestyle changes if they could not work for three to six months.

It is for these reasons that supplemental insurance such as gap policies are becoming more important and are being purchased on an increasing basis. They are able to fill in the hole left behind by standard health coverage.

Cover your mom’s annual wellness visits this year to take care of her as she has always cared for everyone else.

This year, for Mother’s Day, consider giving a different kind of gift, in the plan of a cancer insurance policy that will help your mom to be able to receive the wellness tests and peace of mind that she needs, taking a moment for herself from providing for everybody’s needs.

Moms do so much every day, and yet their efforts are often overlooked as they have become such a natural part of every day. In most families, the entire household runs as smoothly as it does because she is making specific and continual efforts to make sure it is a well oiled machine. Unfortunately, all of this hard work also often means that she doesn’t take the extra time or spend a single extra penny on her own wellbeing.

Furthermore, the current economy is making it even harder for moms to hold everything together.

Insure.com has examined the statistics from the U.S. Bureau of Labor Statistics (BLS) and has discovered that, along with everyone else, women devoted to motherhood have taken a pay cut due to the struggling economy. The 2012 Mother’s Day Index was developed as an informal way of examining the pay-equivalent that mothers would receive for their common tasks around the house. Unfortunately, in the last year, it fell by $1,254 from $61,436 to $60,182.

Families may not actually need to pay that amount for the services that mom provides, but it would be nice if they gave her some recognition for all of the hard work and the fact that someone else does not need to be hired to carry out her duties around the home.

Though flowers and a phone call are traditional, cancer insurance can be a gift with a great deal more meaning.

This coverage makes certain that she will be able to receive her Pap test, mammogram, and another wellness test without having to worry about the associated costs. In fact, the payouts for these tests, combined are often greater than the actual amount that was charged, meaning that she could even walk away with a little bit of extra cash in her pocket, not to mention the peace of mind from knowing that should she receive that unfortunate diagnosis, her treatments are also covered.

Consumer Reports has released a statement about different types of supplemental insurance, but is it correct about cancer insurance?

Everyone knows that any good financial plan – for business or individuals – includes coverage for home, auto, etc, but supplemental protection such as cancer insurance often leaves us wondering if it is worth the money that is paid in premiums every year.

Consumer Reports has come up with a list of several forms of insurance coverage that are likely not required by most people. They include the following:

• Child life insurance
• Credit insurance
• Pet insurance
• Cell phone insurance
• Flight insurance
• ID theft insurance
• and Dread disease policies

With most of them, Loreen Worden, an agent from California Allstate insurance, might agree with Consumer Reports, except the last.

In the specific case of cancer insurance, Consumer Reports might be wrong.

Certainly, not every dread disease policy is worthwhile, but Worden explained that unlike the other forms of coverage in that list, the last is not a form of event coverage. It is not simply something that pays off if something goes wrong. Instead, it also provides you with payments for the tests that you need in order to find out whether or not cancer is present, and then provides you with additional payments should the disease actually strike.

Worden explained her statement by using the California cancer insurance plan from Allstate as an example. It not only pays for treatments for the disease as well as other hospital expenses, travel costs to treatments, and even some loss of income payments, but it also pays its policyholders to obtain their wellness exams.

Every year, the standard cancer insurance policy allows its beneficiaries to receive a pap test, a mammogram, and one other wellness test at full coverage (to a certain limit). Therefore, much of the premiums that are paid for the coverage every year are recovered simply from these tests alone.

For example, consider an average 44 year old woman. She would likely pay in around $360 per year for her coverage. If she makes sure that she has her mammogram and pap test as well as one other wellness test every year and is paid the maximum amount, she will receive up to $500 (at a cap of $200 each for the pap and mammogram, and a set $100 benefit for the other test). Even in a more real-life example that does not involve the maximums, Worden still says that the same woman would receive an average of $50 to $75 for her pap, $150 for the mammogram, and $100 for the other test. That is still $300 in payments for a coverage that will extend far beyond that point if any of those tests detect cancer that must be treated.

For this reason, Worden recommends that individuals research the cancer insurance available in their home state to find out if coverage would be worthwhile. It may have been lumped in with a bad review of all types of supplemental health insurance by Consumer Reports, but when you educate yourself about this particular coverage, you can make a decision that is much better for you.

As awareness spreads for Melanoma prevention month 2012…

Skin cancer insurance is a form of protection that isn’t widely discussed, but if the American Academy of Dermatology’s awareness efforts about the condition are successful, this may be a thing of the past.

National Melanoma Skin Cancer Prevention Month is in May this year – as it is every year – and it has been created in the hopes of increasing the awareness of the condition. The more people who know about what melanoma is, the more they will take the necessary precautions to detect it early. With early detection comes earlier treatments, which are much more likely to be successful than later stage treatments, which have a lower efficacy rate.

Melanoma has no reliable cure, which makes early detection very important.

The most common treatment for melanoma is to have cancerous tissue cut out of the body be a surgeon who removes the malignant mole and the skin in the surrounding area. It may also be necessary to remove any lymph nodes that are located nearby if the cancer has already spread.

Chemotherapy and drug treatments have limited effects on melanoma. By the time it has been allowed to spread and reaches other parts of the body, a person’s life expectancy can plummet. Therefore, it is very important to make sure to have any questionable spots identified as soon as possible so that they can be treated very early on.

It should also be recognized that in the United States and many other nations where statistics about cancer are collected, the skin is the organ that is most commonly affected by cancer. Those at the greatest risk are usually white with the most light or fair complexions. They often have blue or green eyes and light or blonde hair. Individuals who burn most easily are also at an increased risk.

That said, it can be helpful for a person of any skin, hair, or eye color to invest in a cancer insurance policy, as they are not expensive and they can help cover the screening and treatment of the condition before it is allowed to spread and become a potential risk to an individual’s life.

Cancer insurance in California has a skin biopsy wellness benefit – learn more about wellness test benefits and get a quote today!

The most unique Mother’s Day gift of all – a cancer plan that will pay her to get regular wellness tests!

If you’ve been struggling to come up with a great idea for the gift you’ll be giving on Mother’s Day, then do something meaningful and different this year and buy your mom a gift that she’ll be able to appreciate for longer than a few moments, such as a chocolate fruit basket, a cancer insurance policy, or even a star!

These may not be the traditional type of gift but…

its meaning and the appreciation of it will go a lot further than a bouquet of flowers that will have withered away within a week or a piece of electronics equipment that she’ll never quite figure out how to use. This year, it’s time to give your mom a Mother’s Day gift that will make a meaningful difference in her life.

Another thought might be a chocolate fruit basket, especially one that contains organic fruit and dark chocolate, is a fun, flavorful, and healthy choice. You can choose either a basket of all of her favorites, or one that includes options she’s never tried before for an exotic new experience. This nutrient rich gift shows her that you care about both her happiness and her health.

Speaking of health, there is a new trend of gift-giving that includes the purchase of a cancer insurance policy. If your mother isn’t already getting her annual exams or if she hasn’t been scheduling her mammograms, this is a great way to make sure that the cost is covered and that she doesn’t need to worry about what her standard health coverage will provide. And if she has been getting these vitally important tests and screenings, but typically pays for them, herself, then you’ve just provided her with a great way to keep that money for herself.

Perhaps she’ll even use it to take you out to dinner to thank you for this thoughtful gift that shows how much you care about her health and financial wellbeing.

Then again, if your mother is stellar enough that she is already covered, then you can always buy her a star for that unique gift she’s never received before. This may seem “out there” and complicated, but it’s actually strikingly simple to accomplish, and it is guaranteed to light up her face.

Whether you choose a chocolate fruit basket, a cancer insurance policy, or a star, you’re certain to make your mom smile this Mother’s Day!

Learn more about cancer insurance…

Why is the most caring gift you can give! Most cancer insurance plans will pay you to get your wellness tests, like an annual mammogram, pap test and or colonscopy. So if mom hasn’t been going for these tests, this might help push things along without being too pushy! There’s no better incentive than getting a check in the mail just for doing the right thing…learn more about wellness test benefits for California or get a quote today to find out more about what’s available in your state.

Article: A cancer insurance policy is the best new Mother’s Day gift
Source: Cancer Insurance Info
Author: Loreen Worden

A cancer insurance policy is the best new Mother’s Day gift

Regular lung cancer screenings could save lives.

While it is less expensive to screen longtime smokers with CT scans than it is to perform the various screen tests required for cervical, breast, and colorectal cancers, research is now showing that the practice may have value for saving lives.

The results of a study were released on April 9, 2012, and indicated that by using CT scans to screen individuals who have been smokers for many years, a meaningful reduction could be made in the lung cancer death toll, which is currently estimated to be 15,000 people every year. Despite the study’s findings, it is likely that this will generate a great deal of controversy and debate regarding the expansion of healthcare coverage for individuals who are or who have been longtime smokers.

The study was published in the Health Affairs journal. It involved the participation of actuarial economists, who employed financial standards that are typically used by health insurance companies. They analyzed the cost of providing middle aged Americans with low-dose CT scans if they have smoked an average of at least one pack of cigarettes per day for a period of a minimum of 30 years.

What they determined was that if this service were provided to those individuals, it would raise the cost for each insured American by a mere monthly 76 cents. At the same time, this same effort could provide individuals whose lung cancer was identified early with an additional year of life, which would cost approximately $18,862 per individual.

The study also found that the CT scans for lung cancer among longtime smokers are about at the same level as the early colorectal cancer detecting tests through colonoscopies. Both of these…

tests are less expensive than Pap tests and mammograms, which are covered by health insurance companies for the screening of cervical and breast cancers.

Bruce Pyenson, the leader of the study and a principal with the New York-based Milliman Inc. consulting and actuarial firm, explained that “This screening process offers a good value for the money, and it saves lives.”

The results of this study further support the findings from research that were published last year in the New England Journal of Medicine, which showed that lung cancer deaths could be reduced by 20 percent if longtime smokers were screened with annual CT scans, and that these tests would not cause any excessive harm to patients who had received false positive readings.

People who have smoked or still smoke should consider asking their doctor about early detection and how they can be proactive in a diagnoses. Also, think about cancer insurance as a way to supplement traditional health insurance plans.

Supplemental health insurance pays you and not the doctors so you can handle the high out of pocket costs that always come with cancer treatments.

National Volunteer Week will be from April 15 to 21, 2012, and, as has been the tradition since 1974, people all across the country will be taking the opportunity to volunteer their time and services, or to learn more about how they can do so in the future, in order to help their favorite causes.

This annual week is meant to encourage, recognize, and inspire individuals who come up with their own unique ways to take part in and give back to their communities. It is meant to have people across and throughout the country working together in order to achieve a common goal. It is about taking action in order to drive change without a consideration for financial compensation, but instead doing a job because it is important that it be done.

Every year, National Volunteer Week brings forward the sharing of practices, ideas, and stories, that propel a cause forward and help to shape the future of the nation and the world.

At times of economic struggle, many people don’t have the financial ability to give to the charities that they would like to support. During this week, these generous individuals are reminded that their time and effort can be just as beneficial as a monetary donation.

The following are some of the ways that funds can be raised, or that volunteering can make an important difference during the event, and throughout the rest of the year:

• Organize a clothing drive – bring your community together by receiving clothing donations from neighbors and businesses. Get the local school involved for donations of child-sized clothing, too. This will help to clothe the families that are struggling the most from the economic struggle.

• Organize a book drive – provide children in low income areas with books by collecting donated books to make sure that schools, libraries, and literacy programs all have well-stocked shelves.

• Take part in a fundraiser – the donations from one person may not be very much, but when a fundraiser occurs and brings together donations from a larger group, a tremendous difference can be made. Last year, for example, the Gindroz family, took part in a St. Baldricks fundraiser where they all shaved their heads at the local park, allowing a low-budget event to bring in lots of money to support research for childhood cancers. As an added benefit, Elizabeth Gindroz’s hair was long enough to donate to locksoflove.org, to make wigs for children who had lost their hair to cancer.

• Organize your own fundraiser – In a similar effort to St. Baldricks and the Gindroz family, the Canadian Cancer Society received donations (totaling $525), and the Pantene Beautiful Lengths program received donated hair for wigs for cancer patients, when Julie Campbell held the JBC Online Summer to Beat Cancer fundraiser and chopped her locks.

Since March is Colon Cancer Awareness Month, it might be a good idea for you to have a look at the recommendations being made by the American Cancer Society for the majority of adults in terms of early detection of the disease, to make sure that you can keep yourself healthy.

For most adults, starting at the age of 50 years, the following screening guidelines are recommended by the organization.

Tests for the detection of cancer and polyps:

• Colonoscopy once every 10 years, or
• Flexible sigmoidoscopy every 5 years, or
• CT colonography (virtual colonscopy) every 5 years, or
• Double-contrast barium enema every 5 years.

Tests with the primary purpose of detecting cancer

• Annual fecal occult blood test (gFOBT), or
• Annual fecal immunochemical test (FIT), or
• Stool DNA test (sDNA), at doctor recommended frequency.

Depending on the findings of these various tests, further testing may be required in order to provide more accurate or specific results. These various tests are meant to help with the early detection of polyps and cancer, and it is important to speak with a doctor about which ones are right for you and will provide you with the most usable results. Different tests or schedules may be recommended due to personal or family history issues.

Beyond testing, other efforts that you can make in honor of Colon Cancer Awareness Month in March include donations to charitable organizations that are helping to fight the battle with this disease and that support those who have it. Some businesses are helping in this effort, such as Cancer insurance info.com, which will donate $1 to the American Cancer Society every time a legitimate insurance quote is requested through its website.

NOTE: Did you know that most cancer insurance plans will pay for these types of wellness tests. The way it works…you get paid to get your annual wellness tests, not the doctors, and there never has to be a diagnoses of cancer to get this benefit! Make sure to ask your agent about supplemental health insurance wellness benefits.