Before reaching the age of 65, 1 out of every five American males and almost an equal percentage of females get diagnosed with critical illness. Having good health insurance coverage will help, but traditional health insurance policies still leave a tremendous financial burden on patients and their families.
In addition to out-of-pocket expenses like health insurance deductibles, copayment and coinsurance requirements, a critical illness can also prevent individuals from being able to work—and result in severe income loss. Critical illness insurance policies can provide the comfort, security and assurance patients needs during their most trying moments.
With so many insurance companies that offer a lot of different types of policies, you might have trouble trying to find one that would be best for you and your family. Getting good critical illness coverage needs a lot of thorough inspection of the policy that you choose. Insurers have what you call key features documents. These will enable you to compare the different policies easier. You have to inspect these documents carefully so you can tell which policy covers what particular illness, and which provides the best value for the money that you spend. You have to know exactly what is covered by your policy, as well as the ones it doesn’t cover. A lot of claims get rejected simply because of failure to do these, so you really have to understand the options that your insurance policy offers.
You may think that getting the cheapest available plan would be a good thing, but chances are, it would not offer much. The types of illness covered would be too little, and this won’t give you enough protection. However, the opposite of cheap is just as inconvenient. The most expensive policies cover too many kinds of illnesses, most of which are illnesses that you’re unlikely to get. That means you get to pay unnecessarily high premiums.
You should also think about which type of premium you are willing to pay for. Critical illness assurance plans can either be guaranteed or reviewable. With guaranteed policies, the insurance company promises that the premium will always remain the same, whereas reviewable policies get reviewed from time to time, and the premium can increase depending on the insurance company’s decision. Reviewable policies are cheaper than guaranteed policies, but in the long run, a reviewable policy’s premium might eventually cost twice more than that of a guaranteed policy.
There are also good policies out there that offer something extra such as coverage for your kids. Child-related illnesses are among one of the most common claims, and policies that include this option would be a great choice for people with children. You should also consider getting a life insurance together with your critical illness cover. Purchasing a combination of both policies would be a lot more cost-efficient than buying them separately, and the value is a lot better when you get them early, because you are eligible for more affordable premium rates.
Finding the right insurance plans to help your family handle medical emergencies and prepare for the future can be difficult and confusing. The good news is that you’re not alone. At CriticalillnessPolicies.com, we can help you explore your best options and tailor a plan to meet your needs. Call us now at 1-561-210-5822 and speak to our experienced and helpful agents to get the answers you deserve.