Critical illness insurance companies offer policies designed to help protect you from unexpected health problems that may compromise your finances. Being responsible for out-of-pocket medical expenses on top of regular monthly bills can take a financial toll on any family. In the past, more than 60% of bankruptcies in the United States were due to medical bills, even when 78% of affected individuals had health insurance. Insurance companies with critical illness coverage can alleviate that burden.
Let’s examine the potential of critical illness insurance companies and see how they can help in the event of a diagnosis.
Critical illness insurance is a supplemental insurance plan purchased in addition to an existing health plan that helps protect you and your family in the event of a serious health diagnosis, such as cancer. These supplemental policies can enhance your regular insurance coverage. A lump-sum benefit is made for qualifying illnesses by your insurance provider upon your diagnosis to help cover the cost of your medical and living expenses. The type of expenses covered may include:
- Out-of-network specialists or doctors for tailored care
- Travel and lodging when treatment is far from home
- Child care and household help
- Everyday living expenses such as housing and utility bills
The lump-sum benefit depends on coverage level. Premiums must be paid on time, and the benefit amount is pre-arranged with a signed policy.
Critical Illness Coverage
Critical illness insurance is gaining popularity in the U.S., and the range of coverage has been developing and expanding. Today, some policies offer payouts in the event of death and riders for recurring illnesses.
With critical illness insurance, specific ailments may qualify for coverage, such as:
- Heart attack
- Certain types of cancer
- Kidney failure
- Coronary artery bypass surgery
- Major organ transplants
- ALS, or Lou Gehrig’s disease
Qualifying illnesses for critical illness insurance may vary by insurance company, but it could help keep you out of debt.
That’s why it is important to find a plan that will effectively cover your medical and personal expenses, especially if your current insurance does not meet all your needs. The supplemental policy price may vary depending on which critical illness insurance company you choose due to factors the company must take into account, including:
- The extent of coverage you need
- Your gender, age, and health
- Your family medical history
Let HealthMarkets Insurance Agency help you find a critical illness policy that works for your medical needs. Our licensed agents can help you compare between critical illness insurance companies to find the right plan to help protect your finances in the event of a critical illness diagnosis.