Critical Illness Insurance
A critical illness can be difficult to endure. There may be pain, suffering and uncertainty about the outcome, and you may also have financial concerns. If you have cancer, a heart condition or another health concern, you may require surgeries, hospitalization, or in-home nursing care. Critical illness insurance may help you focus on getting better without significant financial concerns. Anyone can be diagnosed with a critical illness. This means you are never too young to prepare yourself for a devastating illness.
Critical illness insurance pays benefits only when you are diagnosed with a specific condition. Coverage typically has a limit, and it may pay up to 100 percent of your expenses up to that established limit. But the expenses must be outlined and specified in the policy.
If your expenses exceed the limit of your coverage, then you are responsible for paying the remainder out of your own pocket. You also have to pay a deductible before you file a claim.
Medical bills are expensive when a critical health condition develops. Medical costs drive some people to file for bankruptcy. This is stressful, and only makes the situation worse. An alternative is to prepare for the possibility of developing a critical illness. With critical illness insurance, you may receive benefits to pay for the majority of your medical expenses.