Mutual of Omaha Cancer, Heart attack Stroke insurance

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Cancer

Written by Brian Greenberg

Last updated: July 21st, 2022

Reviewed by Grant Desselle

Cancer, Heart attack & Stroke insurance

Mutual of Omaha is well-known for its life insurance products. But they also offer a unique product that pays while you are still alive.

These products are designed for one purpose. To ease your financial burdens while you are going through a tough time.

Mutual of Omaha offers this type of insurance in 3 plans:

  • Cancer insurance
  • Heart attack & stroke insurance
  • Cancer, heart attack & stroke, and critical illness insurance

Before we explain each one, let’s explain the basics of these plans first. The idea is that you get these plans before you get diagnosed. So, if you are already diagnosed with cancer, or suffered from a heart attack or stroke, it’s too late.

So you may be wondering, why pay for something that may never happen? Well, ultimately, that’s what insurance is for. It’s to protect you in case it does happen.

In 2020 alone, roughly 1.8 million people in the United States were diagnosed with a type of cancer. Luckily, survival rates have been steadily increasing for years. But cancer still takes a heavy toll on you and your loved ones nonetheless. Think about missed work, driving to doctor appointments, not to mention the emotional stress that comes with it.

And for that reason, Mutual of Omaha developed these unique plans. Upon diagnosis, you can receive up to $100,000 in instant benefits. Additionally, Mutual of Omaha will also pay for treatment including preventative screening costs.

Cancer insurance

If you are diagnosed with internal or skin cancer, you will qualify to receive your insurance plan’s benefits. This includes a lump-sum payment of $10,000 to $100,000 upon diagnosis. Also, Mutual of Omaha will pay for your treatment, as well as preventative screening costs.

What types of cancer are covered?

  • Internal cancer
  • Skin cancer

What expenses are covered?

  • Radiation therapy
  • Chemotherapy or immunotherapy
  • Inpatient hospital confinement
  • Surgery/anesthesia
  • Hospice care
  • Ambulatory transportation
  • Drugs and medications received while hospitalized
  • Follow-up visits by a doctor or surgeon
  • Preventative screening

How much does cancer insurance cost?

While the cost can be affected by personal situations, we ran a few sample prices.

Male/Female age 40: $24/month for $25,000 in cancer insurance coverage
Male/Female age 40: $49/month for $50,000 in cancer insurance coverage

Based on the samples above, a 40-year-old man or woman would pay $24/month for $25,000. That would accumulate to be $288 yearly. If you kept this coverage until age 80, the total cost would have been $11,520.

Is cancer insurance worth it?

While paying $11,520 in insurance that you hopefully never need may sound like a lot, it’s a small price to pay for the potential benefits.

Imagine you develop cancer within those 40 years of paying $24/month. You would receive $25,000 in a lump-sum payment. Also, Mutual of Omaha would pay for your treatment, surgery, drugs, among other things. The total cost for cancer treatment can be upwards of $1 million.

Even with insurance, you’ll be faced with out-of-pocket costs. Cancer patients paid $5.6B in out-of-pocket costs for cancer treatment in 2018 alone.

  • Applicants who have been diagnosed with or treated for Human Immunodeficiency Virus (HIV), Acquired Immune Deficiency Syndrome (AIDS), or Aids Related Complex (ARC), or AIDS-related condition.
  • Within the last 10 years, applicants have been diagnosed with, treated, or consulted with a medical professional for internal cancer, malignant tumors, lymphoma, leukemia, or melanoma.
  • Applicants who, within the past three years, have been advised by a medical professional to undergo treatment, testing or had tests performed where the results are pending, not been received, abnormal or inconclusive for which a medical professional has not ruled out cancer

Heart attack & stroke insurance

Similar to the cancer plan, if you suffer from a heart attack or stroke, you will qualify to receive your insurance plan’s benefits. This includes a lump-sum payment of $10,000 to $100,000 upon diagnosis. In addition, Mutual of Omaha will pay for your treatment, as well as preventative screening costs.

What is covered under the Heart attack & stroke plan?

  • Heart attack
  • Stroke conditions
  • Coronary Artery Bypass Surgery
  • Coronary Angioplasty Surgery

What expenses are covered?

  • Inpatient hospital confinement
  • Surgery/anesthesia
  • Hospice care
  • Ambulatory transportation
  • Drugs and medications received while hospitalized
  • Follow-up visits by a doctor or surgeon
  • Preventative screening

How much does heart attack & stroke insurance cost?

While the cost can be affected by personal situations, we ran a few sample prices.

Male/Female age 40: $22/month for $25,000 instant benefit
Male/Female age 40: $45/month for $50,000 instant benefit

Based on the samples above, a 40-year-old man or woman would pay $22/month for $25,000. That would be $264 per year. If you kept this coverage until age 80, the total cost would have been $10,560.

Is heart attack and stroke insurance worth it?

According to heart.org, about 735,000 people have a heart attack each year in the United States. 795,000 people suffer from a stroke each year as well.

This accumulates to over 1.5 million individuals suffering from a heart attack or stroke in the United States alone each year.

The median uninsured individual will pay $53,384 for a heart attack and $31,218 for a stroke. If you do have insurance, chances are likely the majority of costs will be covered. But that still leaves you with out-of-pocket costs, travel to hospitals, missed work, and other factors. These factors typically accumulate to thousands of dollars.

We believe that if $22/month adds peace of mind, it’s worth every penny. And if you do ever suffer from a heart attack or stroke, you’ll get a $25,000 lump-sum payment. Mutual of Omaha will cover treatment and surgeries as well.

  • Applicants who, within the past 10 years, have been diagnosed with, treated, been advised to have treatment, prescribed medication, hospitalized, or consulted with a medical professional for any disease, disorder, or abnormality of the heart or blood vessels, excluding high blood pressure or cholesterol which is considered controlled by a medical professional
  • Applicants who, within the past three years, have been advised by a medical professional to undergo treatment, testing or had tests performed where the results are pending, not been received, abnormal, or were inconclusive for which a medical professional has not ruled out a heart or blood vessel condition(s)
  • Applicants who have been diagnosed with diabetes? (Type 1, Type 2 diagnosed under the age of 30, A1C greater than 7.0 within the last 12 months, or with tobacco use.) (Except for Gestational Diabetes)
  • Applicants who fall outside height and weight guidelines

Complete critical illness insurance

If you want complete coverage against serious illnesses, Mutual of Omaha’s complete critical illness plan will provide that.

The critical illness plan combines the previously mentioned cancer and heart attack, and stroke plans. And it covers additional critical illnesses outside of those plans as well.

What is covered under the critical illness plan?

  • Internal Cancer
  • Malignant Melanoma
  • Heart Attack
  • Stroke
  • Alzheimer’s
  • Major Organ Transplant
  • Blindness
  • Paralysis
  • Deafness
  • Kidney Failure
  • CABG Surgery
  • PTCA Surgery

What expenses are covered?

  • Radiation therapy
  • Chemotherapy or immunotherapy
  • Inpatient hospital confinement
  • Surgery/anesthesia
  • Hospice care
  • Ambulatory transportation
  • Drugs and medications received while hospitalized
  • Follow-up visits by a doctor or surgeon
  • Preventative screening

How much does the Critical Illness plan cost?

The cost is slightly higher compared to buying cancer or heart attack and stroke insurance plans separately.
Male/Female age 40: $61/month for $25,000 instant benefit
Male/Female age 40: $123/month for $50,000 instant benefit

But, that increase in cost covers various other critical illnesses that the previous 2 plans lack.

Is Mutual of Omaha’s Critical Illness plan worth it?

The cost is definitely higher compared to the previous two plans. But it covers the most common critical illnesses people suffer from. So while the cost is higher, the chances of receiving the benefits are higher as well.

  • Applicants who have been diagnosed with or treated for Human Immunodeficiency Virus (HIV), AcquireImmune Deficiency Syndrome (AIDS), or Aids Related Complex (ARC), or any AIDS-related condition
  • Applicants who within the last 10 years, have been diagnosed with, treated, or consulted with a medical professional for internal cancer, malignant tumors, lymphoma, leukemia, or melanoma
  • Applicants who within the past three years have been advised by a medical professional to undergo treatment, testing or had tests performed where the results are pending, not been received, abnormal or inconclusive for which a medical professional has not ruled out cancer
  • Applicants who within the past 10 years, have been diagnosed with, treated, been advised to have treatment, prescribed medication, hospitalized, or consulted with a medical professional for any disease, disorder, or abnormality of the heart or blood vessels, excluding high blood pressure or cholesterol which is considered controlled by a medical professional
  • Applicants who within the past three years have been advised by a medical professional to undergo treatment, testing or had tests performed where the results are pending, not been received, abnormal, or were inconclusive for which a medical professional has not ruled out a heart or blood vessel condition(s)
  • Applicants who have been diagnosed with diabetes (Type 1, Type 2 diagnosed under the age of 30, A1C greater than 7.0 within the last 12 months, or with tobacco use.) (Except for Gestational Diabetes)
  • Applicants who within the last 10 years, have been diagnosed with or treated, prescribed medication, hospitalized or consulted with a medical professional for any of the following: Kidney Function, Alzheimer’s Disease/Dementia/Cognitive Impairments, Chronic Liver Disease (to include Cirrhosis, Hepatitis B & C), Eye or Ear Disorder/Disease, Neurological Condition (such as Multiple Sclerosis, Parkinson’s, Seizures, Muscular Dystrophy), Organ Transplant, Pulmonary Fibrosis, or Severe Chronic Lung Disease
  • Applicants who within the past three years, been advised by a medical professional to undergo treatment, testing, or had tests performed where the results are still pending or were inconclusive for any medical condition
  • Applicants who fall outside height and weight guidelines

Making a cancer, heart attack or stroke, or critical illness claim

Steps to filing a claim:

  1. Diagnosis
  2. Inform Mutual of Omaha of the diagnosis
  3. Mutual of Omaha sends you a check

Upon diagnosis, payment via check or direct deposit is sent directly to you, not the healthcare provider. No receipts or medical bills necessary. It’s that simple.

With the diagnosis of a covered condition comes the reality of medical bills, time off for treatments, monies for living expenses, and for many, the cost of high deductibles. Critical Advantage helps you to focus on your treatment, not your finances.

Get a cancer, heart attack or stroke, or critical illness insurance quote

This rate comes directly from Mutual of Omaha. You do not pay an additional fee for our service.

Besides providing you with a rate, we will be happy to speak with you to see if these insurance plans are a good fit. We’ll answer any questions you may have so you can make an informed decision.

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