Heart conditions, cancers, and many other illnesses plague our health care systems today. These conditions often require long-term, critical care. A vast number of people are aware of a family history of illness that may require critical care at some point later in life. The typical American lifestyle only adds to the numbers of people who will require critical care. Adding to the staggering numbers of people who require such care are those who suffer from accidents while driving, at work, or in other situations. The costs of this type of care are quite hefty, especially in a strained economy where many people are tightening their budgets every day just to survive as a healthy individual. Disability insurance and standard health insurance will only cover portions of critical illness care, if at all. That is why many people are now seeking critical illness insurance as a safety net to keep their financial house in line when critical illness strikes.
Critical illness insurance is a form of insurance that pays a lump-sum benefit upon diagnosis of a covered condition. This type of coverage allows you to not only keep up on your bills, but also leaves you open to try other forms of therapy and medical treatments that standard forms of insurance simply wouldn’t cover. These other forms of treatment include those termed as “experimental” by insurance carriers. As well as keeping creditors at bay and giving you the freedom to use various medical and experimental treatments that would not be covered under traditional insurance plans, critical illness insurance can be used for a vacation to relax and focus on healing. Overall, critical illness insurance is peace of mind.
Determining the amount of coverage one may need depends on one’s own lifestyle and personal and family medical history. You may think you have enough insurance coverage and savings to cover you in your time of need. It would be wise to take into account what standard health insurance, disability insurance, and savings you have to figure out how much coverage is needed for you to receive all necessary treatments, recover, and survive an illness. More often than not, those forms of insurance will not cover very much of the medical costs. Even if they do, there are usually deductibles and/or co-insurance to contend with. After medical costs are calculated, you must remember that you may have to leave work for an extended period of time resulting in loss of income and, possibly, unemployment and/or loss of your business. This leaves you struggling with dwindling savings, if you have any at all; mounting debt; and at risk for foreclosure or eviction.
If you think you cannot afford to spend precious, much-needed funds on critical illness insurance, think of what life would be like without it. Imagine cancer is found during a routine medical check-up. You require more testing, surgery to remove the tumor, and/or chemotherapy. You will be out of work for what could be months. How will you continue to provide for you and your family? Would your savings cover the costs of daily life for months out of work? Could you cover all of the medical bills? Sparing your family and yourself the aggravation and stress is a priceless investment. Critical care insurance is a sensible investment in your future, your family, your peace of mind, and most importantly, yourself.