There is nothing more important than one’s health. Many of us are fortunate enough that the worst illness we have to fend off is the flu. But for far too many, devastating, potentially life-threatening illness is the reality they must deal with everyday.
When fighting a serious illness, getting better is the number one priority, but the stress of how to pay for expensive treatments and long-term care can be overwhelming and detrimental to recovery. That’s why critical illness insurance is worth consideration. While we hope it will never need to be used, a critical illness health care policy can truly be a lifesaver in times of dire health situations.
What is critical illness insurance?
Critical illness insurance is a policy that requires the insurer to pay a lump sum cash payment to the policyholder if the insured is diagnosed with one of the illnesses listed in the policy.
The insurance payment can typically be used by the insured in any way they like – for medical bills, a wheelchair or other medical equipment, refurbishing the home for easier accessibility, mortgage or bills, home health care and more.
The goal behind a critical illness insurance policy is to provide additional income to those facing life-threatening disease so they can receive the care they need and still uphold their other financial responsibilities.
How can you purchase critical illness insurance?
- As an individual policy.
- Through an employer-provided policy. In this case, you will pay additional premiums for the critical illness coverage, which would be deducted from your paycheck.
- As a supplement to a health insurance or life insurance policy.
What types of illnesses are covered under critical illness insurance?
While coverage will vary based on the specific policy you purchase, generally policies will cover:
- Alzheimer’s disease
- Aortic surgery
- Cancers (both that have spread, and have not spread)
- Heart attacks
- HIV (coverage available for medical personnel only)
- Kidney failure
- Organ transplants
- Multiple sclerosis
- And more
Want to learn more about critical illness insurance? Ask questions, see answers and learn about health insurance on Health Insurance Central.