You’re fortunate you’ve more than likely never had to depend on affordable critical illness insurance, perhaps even never heard of it. But if a significant health emergency-say, cancer, a heart attack, or stroke-were to befall you, well, this insurance may be the only thing that arrives between you and financial ruin.
Many people believe they are protected with a standard health insurance policy. However, the outrageous costs associated with the treatment of life-threatening diseases are typically more than any plan will cover. If you’re interested in learning more about affordable critical illness insurance and whether or not it’s something you and your family should think about, read on.
What is Affordable Critical Illness Insurance
With the continued rise of lifelong illness in the United States, insurance is one of the most important things you must find in America. This insurance came because concerns about the patient’s survival of a heart attack or stroke were often only the start of high medical bills.
Even with outstanding medical insurance, one critical illness can be an exceptional financial burden. The insurance delivers a benefit if you experience one or more of the following medical troubles:
- Heart attack
- Stroke
- Organ transplants
- Cancer
- Coronary bypass
Because these illnesses often involve comprehensive medical care and treatment, their costs can quickly outstrip the resources of an excellent family medical insurance policy. Without an emergency fund or health savings account to dip into, you can have a hard time spending those bills out of pocket.
Why It Is Important
You could buy this coverage yourself or deliver it through your employer. Many employers make this insurance available as a voluntary benefit. You can add it to your existing life insurance policy as a rider; this can be a less expensive choice with the same advantage.
Companies have been willing to add these plans because they recognize employees are concerned about steep out-of-pocket costs with a high-deductible plan. Unlike other health advantages, here employees can pay the cost of the illness, which helps to save money for both firms and employees.
A big attraction of this insurance is the money can be used for several things, such as:
- The ability to pay for necessary medical services that might otherwise be inaccessible
- To pay for those treatments not concealed under a traditional policy
- To pay for daily living costs – enabling the critically ill to concentrate their time and energy on getting well rather than working to pay their bills
- Transportation costs, such as to and from remedy centers, transportation costs for revising vehicles to transport scooters or wheelchairs, and even adding lifts in homes for those who are not able to use the stairs anymore
- Terminally ill patients – or those who need a place to rest and recover – may use the funds to go on holiday with friends or family
How It Works
It is similar to health insurance plan where you need to pay premium. If you get diagnosed with a significant illness, the insurance pays you according to how much coverage the precise plan pays out and the type of illness. Other deciding factors may include the following:
- Your age
- Your known health and health-risk factors
- The number of diseases covered by the plan.
- Whether you have chosen an individual, couple, or family plan.
- If you smoke or use tobacco products.
Benefits to Reap
Unlike health insurance, which covers the costs of medical procedures, doctors, and hospitals, the benefits can be utilized for any expenses that may arise at those times.
Because the advantages are paid directly to you, they can be utilized for cost-of-living expenses while recovering, traveling to and from treatment, and in-home care. The benefits can be used for other medical costs not covered by your health insurance plan, deductibles and copayments, and childcare expenses while you recover.
Coverage Around You
Even with medical insurance, a severe illness can be costly. Plan deductibles, copays, and out-of-network costs can add up fast, not to mention costs outside of medical conditions like your mortgage, childcare expenses, transportation, and more. The coverage can help with costs while you recover:
- No waiting period for services: Advantages can be utilized once coverage starts.
- The ability to take your coverage with you if you switch jobs or retire3
- A simple and quick enrollment procedure, without health questions, takes only a few minutes.
Conclusion
Affordable Critical illness insurance delivers valuable assistance in dealing with the financial responsibility of severe health events. The Custom Benefit Consultants, Inc. (CBC) offers modified essential programs for illness to cover medical expenses. Whether one needs coverage for specialized treatments or just simple everyday living expenses, we are designed in such a way that they can increase your recovery. Get a quote now. The procedure is painless to ensure you can access much-needed funds as fast as possible, whether employed, self-insured, or retired.