What is critical illness insurance? Critical illness is any illness for which the patient requires ongoing medical care in a timely manner. The medical care could be from a specialist such as a doctor, surgeon or psychiatrist, or it could be from a general practitioner such as a GP. This could be due to a severe accident or a serious illness like cancer. In such cases the patient may require surgery and may also be unable to eat or sleep properly.
Under normal circumstances, doctors or specialists will usually treat the patient with the best possible care, but sometimes, even then, a critical illness can occur. In such cases, the insurance plan may pay out a sum of money which will be highly advantageous to the family of the critically sick patient. The insurance plan may pay for the cost of all the relevant medical treatments from start to finish, so that the entire cost of hospital stay is met. At times, even critical illness insurance plans may pay for only part of the cost of the medical treatment.
Why should anyone need critical illness insurance? For people who are terminally ill, the medical expenses can add up to a huge sum of money, especially if they have to be treated in an out of country facility. If a person has to stay in a critical care unit, expenses may even exceed the monthly salary. Thus, a critical illness insurance plan may be the only way out for such people.
Where should you look for critical illness insurance? You should look for health savings accounts as they are a good option for many people. Health savings accounts do not have a cap on the amount that one can invest in, but the benefits are tax free and in most cases benefit the individual at the end of the year. The main advantage of this type of plan is the ability to make small monthly deposits that go directly into the health savings account. These plans often come with high-deductible coverage.
What sort of critical illness insurance are you looking for? You should look for low premiums that are based on your age and/or your medical history. There are several policies available that offer a combination of benefits, including health savings accounts and high-deductible insurance plans. Many of these policies also provide coverage for other types of serious illnesses, as well.
The major advantage of critical illness insurance over traditional policies for two reasons. First, when a person is diagnosed with a critical illness, the premiums for the policy will be substantially higher than the premiums for a non-medical plan. This ensures that the policyholder will be able to pay for the cost of medical bills and will get the level of protection desired.
Secondly, with some policies you can also choose to take out coverage for any injuries or illnesses that occur during the course of the policy. This is a great way for you to be covered in the event that an emergency occurs, but you may not be covered for serious illnesses. This can be particularly important if you have a job that pays well and your dependents depend on you for their care. A low cost life insurance policy that also offers benefits for the unexpected can help you provide better care for your family and reduce the financial impact of your death on them.
In addition to catastrophic coverages offered by traditional insurance carriers, you may also want to consider taking out critical illness insurance or other disability insurance. These types of policies will provide you with a steady income should you become seriously ill and require long-term treatment. They also provide peace of mind in case you have a major accident at work and need to be hospitalized. Disability insurance policies are generally very affordable and there are many options available.