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Humana’s March Toward Consumerism. Humana Financial Protection Products. HFPP Product Presentations: Memorial Fund Cash Critical Illness Plan Hospital Cash Plan. Agenda. Memorial Fund. GCA07TAHH 2/10. - PowerPoint PPT Presentation
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Page 1 Proprietary & Confidential Information - Product Training Information GCA07V3HH 4/10
Humana Financial Protection Products
Humana’s March Toward Consumerism
Page 2 Proprietary & Confidential Information - Product Training Information GCA07V3HH 4/10
HFPP Product Presentations:– Memorial Fund– Cash Critical Illness Plan– Hospital Cash Plan
Agenda
Page 3 Proprietary & Confidential Information - Product Training Information GCA07V3HH 4/10
Memorial Fund
GCA07TAHH 2/10
Page 4 Proprietary & Confidential Information - Product Training Information GCA07V3HH 4/10
• A whole life insurance policy designed to offset final expenses
• Issue age 45-80 (nearest age)
• Benefits in $1,000 units up to $25,000
• Benefit Options:– Immediate– Graded Death
• Payment Options:– Life– 10 year
• 7 eligibility questions
Memorial Fund -Unique Product Features
Issue age: Age of “nearest” birthday on policy effective date.
Page 5 Proprietary & Confidential Information - Product Training Information GCA07V3HH 4/10
Memorial Fund also offers a graded deathbenefit with guaranteed level premiums anda guaranteed level benefit after the thirdpolicy year.
The graded death benefit is a % of the policy face
amount during the first 3 policy years as follows: • 25% during the 1st policy year
• 50% during the 2nd policy year
• 75% during the 3rd policy year
• 100% of the requested face amount thereafterNote: Not available in all states
If death is due to an accident in the 1st 3 years, the benefit
Is 100%.
Memorial Fund -More Than a Whole Life Plan
Page 6 Proprietary & Confidential Information - Product Training Information GCA07V3HH 4/10
• Memorial Fund only requires a simple application with a few health questions.
• No Medical Exam
• You may qualify even if you’ve been declined for other life insurance
Memorial Fund -Simple To Qualify
Page 7 Proprietary & Confidential Information - Product Training Information GCA07V3HH 4/10
Critical Illness
Cash Plan
Page 8 Proprietary & Confidential Information - Product Training Information GCA07V3HH 4/10
Uncertainty can threaten from out of the blue! The mean lifetime cost of ischemic stroke in the U.S.
is estimated at $140,048. This includes inpatient care, rehabilitation and follow-up care necessary for lasting deficits.*
On average every 40 seconds someone in the United States has a stroke.*
On average 1 in 2 men and 1 in 3 women will be diagnosed with cancer during their lifetime. *
If you or a loved one suffers a critical illness, you could face significant out of pocket expenses.
* Source: 2009 Heart Disease & Stroke Statistics, American Heart Association** Source: Cancer Facts & Figures 2009, American Cancer Society
Critical Illness Cash Plan
Page 9 Proprietary & Confidential Information - Product Training Information GCA07V3HH 4/10
The Critical Illness Cash Plan provides lumpsum benefits paid directly to your client for acovered critical illness such as:
• Heart Attack
• Stroke
• Cancer
Peace of Mind is Important
Page 10 Proprietary & Confidential Information - Product Training Information GCA07V3HH 4/10
• Benefit level to age 70 (50% decrease after 70 for benefits but premium remains level)
• 30 Day Free Look• Simple, lump sum payments to
insured• Optional Return Of Premium
Rider (ROP)*
• Issue Ages 0 - 69 (may vary by state)
• Individual 18 – 69 (may vary by state)
• Minimal Underwriting
• Guaranteed Renewable
Policy Provisions
*May vary by state
Issue age: Age of last birthday or “current” age.
Page 11 Proprietary & Confidential Information - Product Training Information GCA07V3HH 4/10
• 18 – 29• 30 – 39 • 40 – 49• 50 – 59• 60 – 64• 65 – 69• Dependent Children: 0 – 17
– Dependents age 18 at time of policy issue must apply for individual coverage as they are not eligible for dependent coverage.
Age Bands Issue age: Age of last birthday or “current” age.
Page 12 Proprietary & Confidential Information - Product Training Information GCA07V3HH 4/10
Lump Sum CriticalIllness Benefit *
$5,000 to $50,000 ($5,000 units)
* Maximum coverage: $50,000 Critical Illness Cash Plan $100,000 total in-force Kanawha coverage
Vascular Cancer Other Critical Illness
Heart Attack (myocardial infarction)
Heart Transplant as a result of heart failure
Stroke Coronary Artery
Bypass surgery as the result of coronary artery disease (25% of base benefit)
First diagnosis of invasive cancer or malignant melanoma
Carcinoma In-Situ: (25% of base benefit)
Major organ transplant, other than heart
End stage renal failure
Loss of speech or vision
Coma Permanent paralysis
due to accidental injury
Base Policy Benefit Choices…
Page 13 Proprietary & Confidential Information - Product Training Information GCA07V3HH 4/10
Plan Options:PLAN 1 Vascular Cancer Other Illness
PLAN 2 Vascular Other Illness
PLAN 3 Cancer (Only)
Flexible Plan Choices
Page 14 Proprietary & Confidential Information - Product Training Information GCA07V3HH 4/10
Coverage Options: * Individual Couple Single Parent Family
* Child(ren) coverage available at 20%
of base policy benefit - Max. $10,000
Coverage For You and Your Family
Page 15 Proprietary & Confidential Information - Product Training Information GCA07V3HH 4/10
Return of Premium Rider (ROP):– 100% of premiums returned at the end of the 20th year
provide no claims are filed.
– ROP rider Continues (recycles after 20 years)*
– If claim occurs, ROP is removed and premium reduced to base policy premium.
Optional Benefit Choice…
* May vary by state.
Page 16 Proprietary & Confidential Information - Product Training Information GCA07V3HH 4/10
• Answer all questions on the application
• MIB and Rx Screen
• APS (ages 60 plus and at underwriters discretion)
• Must meet build requirement
Eligibility
Page 17 Proprietary & Confidential Information - Product Training Information GCA07V3HH 4/10
A loss otherwise insured by this policy is notcovered if it occurs within 30 days after a
covered person’s policy effective date.
Waiting Periods
Page 18 Proprietary & Confidential Information - Product Training Information GCA07V3HH 4/10
• The cash payment can be used in any way your client desires
• The cash payment is in addition to any other insurance coverage
Simple and Easy Benefits
Page 19 Proprietary & Confidential Information - Product Training Information GCA07V3HH 4/10
• Minimal Underwriting
• No medical exam
• No telephone interview
• Just complete the application!
• 7 multi-part questions
Easy To Apply
Page 20 Proprietary & Confidential Information - Product Training Information GCA07V3HH 4/10
Hospital Cash Plan
Page 21 Proprietary & Confidential Information - Product Training Information GCA07V3HH 4/10
…who hasn’t been touched by an accident, injury or sickness?
During 2005, an estimate 115.3 million visits were made to hospital emergency departments about 39.6 visits per 100 persons.
Infants under 12 months of age made 91.3 visits per 100 infants. This represents about 3.8 million visits.
U.S. Department of Health and Humana Services, Advance Data, June 2007.
If you or a loved one are hospitalized, you could face significant out of pocket expenses.
Hospital Cash Plan -Is there anyone you know…
Page 22 Proprietary & Confidential Information - Product Training Information GCA07V3HH 4/10
The Hospital Cash Plan provideslump sum benefits paid directly toyour client to help offset unexpectedout of pocket expenses Associated with:
– Hospital Confinement
– Outpatient Surgery
– Accidental Injury or Sickness
Hospital Cash Plan -Peace of Mind is Important
Page 23 Proprietary & Confidential Information - Product Training Information GCA07V3HH 4/10
• Just a few health questions• Issue Ages 0-69
– may vary by state
• No Underwriting• Guaranteed Renewable to
age 70, terminates at renewal after 70th birthday
• 30 Day Free Look• Simple, lump sum
payments to your client• Do not sell with HSA
Plan Types: Individual Single Parent Family
Hospital Cash Plan -Policy Provisions
Issue age: Age of last birthday or “current” age.
Page 24 Proprietary & Confidential Information - Product Training Information GCA07V3HH 4/10
• 18 – 44• 45 – 54 • 55 – 64• 65 – 69
• Dependent Children: 0 – 17
– 18-44 female is in child bearing years so watch for price differences– Children can receive individual policy if parent(s) are ineligible. – Dependents age 18 at time of policy issue must apply for individual
coverage as they are not eligible for dependent coverage.
Hospital Cash Plan -Age Bands
Issue age: Age of last birthday or “current” age.
Page 25 Proprietary & Confidential Information - Product Training Information GCA07V3HH 4/10
• Lump Sum Hospital Confinement*:– $250– $500– $1,000– $1,500– $2,000
• Max. Coverage:– $2,000 for all in-force policies
* Maximum of one confinement per insured per calendar year
Hospital Cash Plan -Base Policy Benefit Choices
Page 26 Proprietary & Confidential Information - Product Training Information GCA07V3HH 4/10
• Lump Sum Accidental Injury And Sickness*:– $150 per emergency room visit
• Max. occurrences per calendar year:– Individual: 2– Single parent: 4– Family: 6
* Emergency room visit must occur within 72 hours of accidental injury.
Hospital Cash Plan -Base Policy Benefit Choices (cont’d)
Page 27 Proprietary & Confidential Information - Product Training Information GCA07V3HH 4/10
• Lump Sum Outpatient Surgery*:– $150 for Outpatient Surgery
• Max. occurrences per calendar year:– Individual: 2– Single parent: 4– Family: 6
* Only one lump sum benefit will be paid if multiple surgeries occur within the same admittance/visit.
Hospital Cash Plan -Base Policy Benefit Choices (cont’d)
Page 28 Proprietary & Confidential Information - Product Training Information GCA07V3HH 4/10
• Hospital Confinement Daily Benefit Rider:– $50 ($200 ICU)– $100 ($400 ICU)– $200 ($800 ICU)
• Max. Coverage:– $200 for all in-force policies
* Maximum of 30 days per a period of confinement resulting from injury or sickness
Hospital Cash Plan -Optional Benefit Choices
Page 29 Proprietary & Confidential Information - Product Training Information GCA07V3HH 4/10
• Cancer, hernia(s), adenoids and appendix or tonsils – (6) months unless treated on an emergency basis.
– May vary by state
• Pregnancy and Childbirth (10 months)
– May vary by state
• No benefits are provided or paid under this policy for care or treatment of any covered person donating an organ occurring during the first (12) months from the date of policy.
– May vary by state
Hospital Cash Plan -Waiting Periods
Page 30 Proprietary & Confidential Information - Product Training Information GCA07V3HH 4/10
• The cash payment can be used in any way your client desires
• The cash payment is in addition to any other insurance coverage
Hospital Cash Plan -Simple and Easy Benefits
•Travel to specialist
•Co-pays, deductibles
•Lost wages
Page 31 Proprietary & Confidential Information - Product Training Information GCA07V3HH 4/10
• No medical exam
• No physician statements
• No telephone interview
• Just complete the application!
• 6 multi-part questions
Hospital Cash Plan -Easy to Apply
Page 32 Proprietary & Confidential Information - Product Training Information GCA07V3HH 4/10
Questions?