The financial burden of a critical illness can be too much for many families to bear. The high deductibles associated with many healthcare plans leave critical treatment out of reach for a large segment of the population. Having an insurance policy that covers critical illness might be the solution you are looking for.
What Is Critical Illness Insurance?
Insurance products for critical illness are available to help alleviate some of the costs associated with catastrophic health events, or illnesses. They will rarely pay for all of the expenses, but they help pay for high deductibles and unapproved treatments with traditional health insurance policies.
Who Does the Insurance Cover?
The insurance policy will cover the person that is the stated policyholder, or the designated person that the policy is purchased for.
What Types of Insurance Are Available for Critical Illness?
Lump Sum Direct
There are some policies that will pay a lump sum amount to the policyholder that can be spent on care at their discretion.
Direct Provider Pay
Some policies prefer to pay the provider directly, which helps the policyholder avoid skyrocketing late fees for bills, or having to wait for reimbursement.
There are some insurance policies that will pay for medical transport to another location where services might offer a better chance for survival. This can even include out-of-country care.
How Does Critical Illness Insurance Work?
The technical aspects of diagnosis can vary by policy. Some require that a diagnosis for one of the accepted major illnesses be assessed and done by the regular treating physician, while others demand that the diagnosis be confirmed through a specialist in that particular area of expertise. A claim can be made once the definitive diagnosis has been made by the desired medical professional and there is supporting medical documentation.
Benefits of Insurance to Cover Critical Illness
A catastrophic health problem can drain you financially in a hurry. Surviving one bout of serious cancer can set you back $500,000 to $1 million dollars in a flash. Having a policy that covers critical illness combined with a catastrophic healthcare policy might be all you need if you are a relatively healthy person.
Contact insurance professionals to find out what critical illness policies are available for you right now!