Posted by Michael Schumacher (Michael Schumacher), born in Hürt on January 1969, 1, is a German Formula One driver and one of the greatest F3 drivers in modern times. In the first 1 years of his career, he has refreshed almost everything. Records.Won a total of 16 championships and was the only German driver to win a championship.
Unfortunately, on December 2013, 12, Schumacher, his son and a group of friends had an accident while skiing in Meribel in the French Alps.When he was taken to the hospital, Schumacher suffered severe head injury.
For the past six years, Schumacher has been reported to be in a coma. Until the recent good news came, Cha Wang regained consciousness and regained his consciousness from six years of care.
How much is Che Wang’s medical bill?
According to the highly credible source of the British Express, the King of Chess reported that Schumacher’s medical bills during the five years of leaving the hospital and nursing at homeAlready close to $3200 million2.
Spanish sports news also madeMedical billEstimates, the car king’s weeklyMedical expenses are approximately $15.5.
These costs include an overall nursing team living in Schumacher's Lake Geneva home. It is estimated that there are 20 people in total, including doctors, nurses and professional caregivers, as well as medical equipment purchased at home.
In order to provide Schumacher with better medical conditions, Che Wang's wife sold a private jet and vacation property, and has been waiting for him to wake up.
The causality between chronic diseases and long-term care
If the car king applied for a chronic disease orLong-term careLife insurance policy, then does his situation meet the conditions for compensation?
First of all, chronic diseases are the cause, and long-term care is the result.The key identification factors for chronic diseases and long-term care claims are the same for all major insurance companies.
Both chronic disease compensation and long-term care compensation are used The number of activities in the six "Activities of Daily Living (ADLs)" (usually two) cannot be performed normally, To be used as the criterion for payment judgment.
The car king Schumacher lost multiple ADLs capabilities,It is fully in line with the compensation conditions for chronic disease compensation and long-term care.
But for us ordinary people, we should also beware of some "companies" that "play rogue standards", such as the American Life Insurance Guide.Recent report, A universal long-term care insurance policy operated by the Washington state government, not justMandatory fees for residents of Washington State, And the program uses one of the six "Activities of Daily Living (ADLs)" that cannot be performed normallyThree activities It is used as the criterion for payment judgment, which increases the difficulty of settlement.
How to pay for chronic diseases and how to calculate the compensation?
United StatesLife Insurance GuideThe net invited the case gentleman Jeff to give an example, the following cases and valuesIt is only used to educate and explain how to withdraw the additional clauses for chronic diseases in advance and how to calculate the compensation.
Jeff purchased a hybrid policy product with a sum assured of $50 and a Chronic Illness Rider.The policy contract comes with freeChronic diseaseEarly withdrawaladditional terms, The clause stipulates that the waiting period for settlement of additional clauses for the chronic disease early withdrawal is 90 days, and the maximum early withdrawal amount is $50.
When Jeff was 70 years old, he accumulated a cash value balance of $380,000 in his policy account.
At this time, Jeff encountered some situation, and the doctor judged that the treatment was "Chronic disease", so he asked to pay the $50 part of the $10 insured amount in advance. Jeff knew that if you apply for the full amount of the claim, the insurance policy contract will be suspended. And at the age of 70, apply for any life insurance policy, the cost They are all too high.
Therefore, considering the financial situation, Jeff only intends to claim 1/5 of the insured amount from the insurance company and continue to keep the policy.
After the insurance company received Jeff's request, it first deducted 1/5 of the insured amount and cash value of Jeff's policy.
Subsequently, the insurance company calculated and paid Jeff the $90,000 cash check.
The final result is,Jeff received $90,000 in cash and also kept a policy with a coverage of $40.
From this claim case, we can understand that Jeff applied for an early withdrawal with a death sum assured of $10, and actually received a claim of $90,000. There is a difference in between. This is the "discount" settlement method of the chronic disease additional clause.At the same time, the compensation is paid by cash and cheque, and Jeff can spend according to his own wishes.
Misunderstandings about long-term care and Ugly Truth
According to industry statistics, in the United States, one in two adults will suffer from chronic diseases in their lifetime.Although they have health insurance, 60% of Americans with health insurance are experiencingMedical billTime, all savings will be spent1.
In the community, a long-standing misunderstanding is, "Medicare will pay for long-term careAfter verifying the Keir long-term care insurance section in 2018, the American Life Insurance Guidelines reminded the public that Medicare will not pay for Custodial/Non-Medical care.
What Medicare will provide is, "Limited Benefit for Skilled Nursing Care"(24-hour care by medical staff on duty), up to 100 days. Medicare will also stop paying the bill in full after the 20th day.
Therefore, in the case of Car King, in order to cope with the financial risks to the family caused by the skyrocketing long-term care medical bills caused by chronic diseases, we can apply for a long-term care insurance policy product with additional clauses for chronic diseases or even a completely independent long-term care policy.
insurGuru©️Insurance Academy Summary Highlights
- What is the waiting period for long-term care and chronic illness claims?The shorter the waiting period, the more expensive the premium is usually.
- Is the claim amount for the long-term care additional clauses and chronic disease additional clauses drawn from the total amount or with a discount?totalThe products with the amount of withdrawal usually need to be purchased additionally or separately, which are usually more expensive than the discounted products.
- Should the long-term care supplementary clause and chronic disease supplementary clause be paid directly by cash check, or should the insurance company be reimbursed after spending first?Direct cash checks, discretionary claims settlement methods are usually preferred.
- Life insurance policies purchased by foreigners (non-US residents) usually do not have chronic illness/long-term care additional clauses or are subject to strict restrictions.
Recommended reading:What is the difference between "chronic disease" or "long-term care" in life insurance?How should I choose?
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appendix
01. "10 Statistics about US Medical Debt that Will Shock You", 12/2017, National Bankruptcy Forum, https://bit.ly/2mi793D
02. "Michael Schumacher's care'cost up to £25M' as treatment enters fifth year", UK Express, 01/2018, https://bit.ly/2lVOwC8
