Although advances in medical care allow people to live longer and survive major health problems, it can still cost a great deal for treatment and ongoing care. Even with standard health insurance, there can be a large amount of medical debt that many people find difficult to afford. This is where a critical illness insurance policy is beneficial.
Critical illnesses are the conditions that are often dangerous and can lead to death. These illnesses include cancer, kidney failure, and heart attack or stroke. Many standard health insurance policies cover treatment for these conditions, but they impose maximum amounts of about 80 percent of expenses. The policyholder must handle the remainder of the costs. To help cover these expenses, include ongoing care, critical illness policies are available.
This particular insurance is a type of supplemental insurance, which means it can be purchased in addition to a standard health insurance policy. It is available for purchase in a few ways. Critical illness policies can be purchased through an insurance agency or offered as a supplement to life and health insurance. It may also be available as a workplace benefit, with a premium deducted from paychecks or as part of benefits paid by the employer.
A critical illness policy is designed to make a lump sum payment to the policyholder, usually without restrictions on how the money is disbursed. The amount received depends on the benefit amount purchased. Many insurance companies offer benefit amounts that range from ten thousand to thirty thousand dollars.
Critical illness insurance has a waiting period between diagnosis and payout, usually 14 to 30 days. When choosing a policy, compare important aspects such as illnesses that are not covered and any exclusion that may be included in the policy. For additional information on how you can benefit from this type of coverage, contact one of our agents today.