Is Critical Illness Insurance Right For You

It’s hard to think about having a serious health condition, but according to the Centers for Disease Control, every year, strokes, heart attacks, and even life threatening cancers become the diagnosis for millions. The conditions themselves are frightening enough, but what would you do if you couldn’t work after a heart attack? What if your spouse couldn’t keep a job as a result of a life-threatening cancer? Where would the money come from to make the copays and deductibles? How are you going to have enough to cover your rent or your mortgage payments? Critical illness insurance can help. A Supplemental Solution Unlike traditional health insurance, critical illness insurance doesn’t pay the doctors, the hospitals, or even the pharmacy. Instead, they offer a lump sum benefit directly to you. That money can then be used to take care of any additional bills, travel expenses, treatments, or even household expenses you may incur after your diagnosis. You can use the money as you best see fit. So whether your insurance company won’t pay for the treatment you think is right for you or you just need a little help with your rent payment, critical illness insurance is there to meet the financial needs you can’t right now. It’s important to note that critical illness insurance is not a replacement to traditional health coverage. Instead, it’s a product you’ll want to purchase in addition to your current health policy to help protect your assets should you ever be diagnosed with a serious illness. Understanding the Coverage Wondering what exactly a critical illness is? The definition can vary from policy to policy, but in most policies, stroke, heart attack, and life threatening cancer top the list. Additionally, Alzheimer’s disease and the need for a major organ transplant also trigger the payment. In some cases, paralysis, kidney failure, blindness, and deafness are covered. Before you choose a critical illness insurance plan that you think might be right for you, be sure to chat with a representative to ensure your concerns are covered under the policy. The cost of insurance like this is fairly minimal. In fact, there’s a plan to fit almost every budget. The simple reality is that if you’re ever diagnosed with a serious health condition, finances may be the last thing on your mind, but with critical illness insurance, you won’t have to worry about where the cash for your next doctor’s copay will come from.