Catastrophic Drug Insurance
At its root insurance is not intended for the scratch on your
car or the $32 antibiotics. It exists to cover us in ruinous events such as major car accidents, house fires or under the weight of sizeable medical expenses.
Many people ask me if they should purchase health benefits if they are self-employed or recently left a group plan. Typically, the case is not compelling because the premiums exceed what you could expect in refunds. You could persuade me if the health benefit plan financially supported you in the event of high health costs. Most don’t – and have low annual maximums.
I often recommend catastrophic coverage instead of a health benefit plan where you would receive unlimited drug coverage after the first $4,500 and up to $100,000 for homecare and nursing, prosthetic appliances and durable medical equipment. The $250 orthotics won’t derail your financial plan but a
$25,000 annual cancer treatment may.
If you would like to know more feel free to give me a call – 416.939.2000.
Insurance products and services are provided through Assante Estate and Insurance Services Inc.
July 10, 2017
