Supplemental insurance offers customers like yourself cash benefits if you or a family member needs to seek medical care. The money you receive if you were in the hospital, ER, or had a critical illness diagnosis can be used however you like.
This article will focus on three different types of supplemental plans – Accident, Hospital, and Critical Illness, offered by two different carriers Liferaft and National General. Both companies' products have similar benefit structures, but pricing and state availability are where they differ most.
Liferaft and National General’s Accident Insurance policies have similarities. Both policies are a reimbursement indemnity and include an Accidental Death and Dismemberment (AD&D) benefit. But, there are major differences as well, including issue ages, state availability, and pricing.
Individuals who purchase Liferaft’s Accident Supplement insurance must be 18 years or older and there is no termination age. National General’s Accident Medical Expense policy has the issue ages of 18-64, and benefits terminate at age 65. Liferaft’s policy is available nationwide, while National General’s is available in 41 states.
Pricing is also a key difference between these two policies. Liferaft’s Accident Supplement policy has set pricing for each of the benefit levels, no matter the state you live in or your age. National General’s Accident Medical Expense pricing varies depending on state and age.
Liferaft’s Accident Supplement insurance is a reimbursement indemnity that has four levels of coverage with the maximum benefit amounts of $2,500, $5,000, $7,5000, and $10,000. If you have an accident and need to seek medical care at the hospital or ER, any expenses paid for out-of-pocket will be reimbursed to you, as long as it doesn’t exceed the benefit amount chosen.
National General’s Accident Medical Expense policy is a reimbursement indemnity as well. This policy has six levels of coverage with the maximum benefit amounts being $2,500, $5,000, $7,500, $8,150, $10,000, and $17,500, and if you need to seek medical care you will be reimbursed for any out-of-pocket expenses.
Liferaft offers two different Hospital Supplement insurance policies, while National General offers Hospital Expense Protection insurance. All three policies have similar termination ages ranging from 65-70 and have a daily payout structure.
The major differences between these three policies are the confinement periods, admission payout amount, and the enhanced benefits National General offers.
Liferaft’s first option for Hosptial Supplement insurance offers three benefit levels $200, $350, and $500 per day with a confinement period of 365 days. It’s a guaranteed issue policy and is available in 23 states.
Liferaft’s second option for Hospital Supplement insurance offers one benefit level. You will receive $500 per hospital admission and $100 for the days following. There is a 60-day maximum confinement period per year. This Hospital Supplement insurance is guaranteed issue and available nationwide.
National General’s Hospital Expense Protection insurance offers Hospital-Only coverage and Hospital Expense Protection with Enhanced Benefits. These plans are available in 27 states and are guaranteed issue.
The Hospital-Only coverage has two levels of benefits, level 1 offers a $1,500 payout for admission (one per year) and $150 for the days following (limited to 31 days). Level 2 offers a $3,000 payout for admission (one per year) and $150 for the days following (limited to 31 days). To learn about National General’s Hospital Expense Protection with Enhanced Benefits please see the chart below.
Liferaft offers two different variations of Critical Supplement Insurance and National General offers Cancer and Heart/Stroke insurance.
All three options payout in lump sums upon diagnosis and have termination ages ranging from 70-75. But pricing, state availability, and what the policies cover are where they differ.
National General’s Cancer and Heart/Stroke insurance is available in 30 states and is guaranteed issue. The policy pays out 100% for cancer, heart attacks, and strokes, and it offers partial benefits for other types of heart diseases that result in a coronary bypass or coronary angioplasty. The policy offers four different payout amounts which are $25,000, $30,000, $50,000, and $75,000.
All of Liferaft’s Critical Illness Supplement insurance options are guaranteed issue and start at a more affordable price point.
Liferaft’s first Critical Supplement insurance option offers two types of plans: Cancer or CancerPlus. The Cancer policy pays out 100% for malignant tumors, as well as partial benefits, which are paid for earlier stages of cancer. The CancerPlus policy includes cancer, heart attack, stroke, and coronary bypass surgery coverage. Both of these plans offer four tiers of coverage which are $5,000, $10,000, $15,000, and $30,000.
Liferaft’s second Critical Supplement insurance option offers two types of plans as well: Cancer-Only or Critical Illness. The Cancer-Only policy will payout a lump sum based on the type of cancer diagnosis and a recurrence benefit is included. The Critical Illness policy covers a wider set of conditions such as cancer, heart attack, stroke, kidney failure, and organ transplant, and also includes a recurrence benefit. These plans offer three tiers of coverage $10,000, $20,000, and $30,000.
Liferaft's affordable products protect you and your family from unexpected, out-of-pocket healthcare costs. Visit liferaft.co to learn more about each of our policies' pricing, how they work, and benefit coverage. You also have the option to create a quote for yourself which takes less than 2 minutes to complete!