What you need to know about critical illness insurance
Most health insurance plans require you to pay a fair amount of costs out of pocket, which can be a burden, especially if you face a serious illness such as cancer. A way to help pay for such a devastating health crisis is with a special kind of insurance that offers extra coverage if you are diagnosed with a critical illness.
What is it?
Critical illness insurance is a type of supplemental insurance that will pay you money if you are diagnosed with an illness that the policy covers. Critical illness policies usually cover cancer diagnoses, and they might also cover illnesses such as heart attack and stroke. Many businesses offer critical illness insurance as part of their suite of workplace benefits.
Who is it for?
A critical illness policy can be beneficial to anyone, because you never know when a catastrophic illness could strike. However, it makes sense for people who are older and those who would face a hardship if a serious illness left them out of work for an extended period of time.
How does it work?
If you have a critical illness policy and are diagnosed with an illness that is covered by the policy, you make a claim and then will receive a lump sum payment as laid out in the policy. You can then use the money for whatever you want, whether it’s to pay medical bills not covered by your health insurance or to pay living expenses.
Types of coverage
Critical illness policies are usually pretty standard, in that they cover specific diseases. There may be some variations in what conditions are covered, and some policies may also cover serious injuries as well.
The major benefit of a critical illness policy is the financial peace of mind it offers if you are diagnosed with a serious illness. Not only will you have extra money for bills, but you will be able to concentrate on your treatment and recovery without the need to worry about whether you can pay bills and when you need to get back to your job.
Good Critical illness Insurance
The typical health insurance plan will require you to pay a good amount of expenses out-of-pocket. Obviously this can be a hardship for many, especially when facing a serious illness, like cancer. A way to help cover the costs of such an overwhelming health crisis is with a specialized type of insurance coverage that provides extra protection if one is diagnosed with some kind of a covered critical malady.
Critical illness insurance is a kind of supplemental coverage that will compensate you should you be diagnosed with illnesses like cancer, heart attack and stroke. Many businesses will offer critical illness insurance as part and parcel to their workplace benefits packages.
Critical illness coverage can be beneficial to just about anyone. The fact is that one never knows when a horrific illness might happen. Though this is true, it certainly is a no-brainer that folks who are older and those who might be handicapped by a serious illness that keeps them from the all-important paycheck over an extended period could be greatly served by this coverage.
Should you fortunate enough to have a critical illness policy and are then diagnosed with a covered illness, you simply make a claim and then, should it be approved, you will receive a lump sum payout as indicated in the policy details. You can then utilize the money in any way you deem best, whether it’s to pay for medical costs not covered by your traditional health plan or to help with everyday living expenses.
Critical illness policies are generally pretty universal, in that they cover specific and itemized diseases. There will likely be some variations from policy to policy, with some even offering coverage for serious injuries too.
The big plus of a critical illness policy is really intangible, namely the financial peace of mind it provides in knowing that you are protected if diagnosed with a serious illness. You have extra funds for bills and you will be left to focus on your treatment and getting well without the stress of wondering if you can pay your bills and keep your family afloat.