Senior Citizens and Critical Illness Plans| Jan142011
Senior citizens should seriously consider critical illness insurance. As our bodies age, our we fall prey to many health problems. Many of these health problems are critical illnesses and are covered by critical illness insurance. Life insurance and disability insurance may not cover all the medical bills and day-to-day living expenses and the payouts may be harder to receive. Critical illness insurance offers affordability, quicker payouts, complements any other insurance coverage you might have, and can be used in any way you see fit.
Critical illness insurance covers many health problems senior citizens face every day. Some of the common health problems covered are kidney failure, stroke, Alzheimer’s disease, blindness, deafness, various cancers, and heart attack and many other cardiovascular diseases. According to an article published by the National Institutes of Health, age plays a major role in the risk of heart-related illness and the incidence of heart disease and stroke increases sharply after 65. The Alzheimer Association states in their 2010 report that 5.1 million people aged 65 and over have Alzheimer’s disease. Senior citizens face many health concerns and it is imperative that as a senior citizen, you are financially prepared to cover yourself when critical illness strikes.
Standard health insurance covers many health concerns, but you may have co-insurance and high deductibles to contend with. In addition, your health insurance provider may not cover some of the treatments you require. Life insurance is a wonderful form of insurance to have, but does not usually cover critical illness unless you borrow against your policy and you can only do that under certain life insurance policy types. Disability insurance is helpful when your doctor diagnoses you as disabled, but you may have to wait extended periods of time before receiving a payout. Critical illness insurance can cover many of the bases that these other forms of insurance do not.
You might be wondering, “How can critical illness insurance help me?” That is a great question! Critical illness insurance provides you with a lump sum payment once you are diagnosed with a covered medical condition. Sometimes there are waiting periods of about a month, but this waiting period is substantially lower than what you may face with disability insurance. More importantly, you can use the lump sum payment any way you’d like. You have the freedom to pay medical bills, cover your daily and monthly expenses, cover the cost of experimental or otherwise non-covered treatments, or go on a vacation to relieve your stress while in recovery. Critical illness insurance secures your financial future and gives you peace of mind.
It is a fact that as we age, the risk of critical health problems increases. Do not allow that risk to take you by surprise! Prepare yourself and your family. Take control of your health and you finances! In your time of need, it is important to be covered financially and medically. Critical illness insurance protects you from financial disaster and gives you the freedom you need to recover completely from your illness stress-free.