Dealing with critical illness, like cancer, major diseases or serious injuries, can damage your life in more ways than one. Aside from being difficult to bear physically, it can also take a toll on your mental health and emotions, as well as your family’s. Just as important, critical illness can create tremendous financial burdens, even if you have health insurance.
Basic health insurance only covers medical and hospital costs. But it doesn’t cover everything. Depending on your health insurance policy, you may be expected to pay a great deal of out-of-pocket expenses, including deductibles, co-payments, coinsurance and uncovered costs. In addition, critical illness often results in a loss of income, especially if your treatments and hospitalization require you to miss work… or lose your job.
This dilemma is why so many Americans who survive a critical illness are sometimes forced to file for bankruptcy. The mountain of unpaid bills and additional treatment expenses can quickly build up.
To protect yourself and your family from such difficulties, a critical illness insurance policy may be your best solution. When you have this kind of security blanket around yourself, you also protect your family from the risks of not being able to pay for your medical bills and everyday living expenses.
Studies show that people who have traditional insurance coverage often will not have enough money to cover medical expenses for a serious illness.
A critical illness insurance policy will give you a lump sum cash benefit if you are ever diagnosed with a covered illness. You are then free to use that money any way you wish. This enables you to use the money not only for your medical bills, but also for mortgage, utility bills, groceries and even for your children’s education.
Critical illness insurance, sometimes called critical care insurance, is not your basic health insurance. It is a complement to traditional health insurance, and in some ways it is more like disability insurance. Although it has just started to catch on in America, many Europeans and Canadians already rely on critical illness insurance policies to help them with the expenses that are not covered by their countries’ universal health insurance program.
As long as you can provide documentation or verification of your diagnosis for a covered illness, there are no questions asked. Your critical illness insurance provider will write you a check for the policy’s specified benefit amount. Some policies will continue to pay you for up to a year or more, while you continue to receive treatment.
You can even qualify for coverage even if you have already received treatment for a covered illness in the past. As long as your treatments have been successful, many critical illness insurance policies will still provide coverage. This can be extremely beneficial for cancer survivors who are now enjoying a prolonged period of remission.
Who would benefit from critical illness insurance? If you have a history of critical illness on either side of your family tree, you automatically have an increased chance for potentially suffering a critical illness in the future. And if you have mortgage loans payments and a family to support, the need for critical illness coverage becomes even greater.
Understandably, 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 Critical Illness Policies, 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.