Decide If You Need Critical Illness Insurance
Insurance is a necessary provision that everyone must have. With the rising costs of hospital stays and medications, it is not wise to avoid having insurance. Basic health insurance is not enough because the world of medicine is becoming more sophisticated. Critical illness insurance is one type designed to help people in need of coverage for serious illnesses.
What Is Critical Illness Insurance?
There is insurance designed for people who are critically ill. The insurer maintains a list of illnesses that are covered under the policy. If you develop one of these diseases, the insurance company gives you regular or lump sum payments.
Who Needs This Policy?
People who need the critical illness policy have severe health problems. These problems could develop gradually over time or appear suddenly. The elderly, cancer patients and people born with genetic disorders are typical recipients.
Some employers provide this type of insurance for their employees. However, not all employees are eligible to receive this policy and, even with coverage, some out-of-pocket expenses remain high.
How Does It Work?
Insurance for the critically ill is given based on medical history. The insurance company considers your current health status along with eating habits, weight and medical diagnoses.
Choose an insurance policy for basic or comprehensive coverage. Under a basic plan, cover one or more of the listed conditions.
There are some insurance plans that are based on age or number of coverage years. One type of plan is renewed every 10 years, and another type provides lifetime coverage. People within the ages of 60 and 80 are generally covered.
Everyone needs health insurance, but sometimes basic coverage is not enough. If you cannot afford the costs of a severe illness, a critical illness policy is an important supplement to your existing plan. With the costs in hospitals and doctor’s offices becoming more expensive, you will need supplemental insurance.