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31 Jan 2019

Critical Illness Insurance: What Is It and Who Needs It?

Critical Illness Insurance: What Is It and Who Needs It? - Asura

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If you are lucky, you may never have to use critical illness insurance. You might not even have heard of it. But if there is a health emergency that costs a lot, such as cancer, heart attack or stroke, critical illness insurance can be the only thing that will protect you from the financial burden brought about by serious illnesses.

Many people assume that they are fully protected by a standard health insurance plan. However, the very high cost of treating life-threatening diseases usually costs more than any plan will cover. Read on to find out more about critical illness insurance and why it is something that you and your family should consider.

Critical Illness Insurance

Even in advanced countries like the United States, the average life expectancy also continues to increase. As a result, insurance brokers are looking for more ways to ensure Americans are able to get the privilege of staying healthy once they enter old age. Critical illness insurance was first developed in 1996. It was a time when people realized surviving a heart attack or a stroke can leave patients with medical bills that are difficult to overcome.

"Even with excellent health insurance, only one critical illness can be a tremendous financial burden," said CFP Jeff Rossi of Peak Wealth Advisors, LLC. Critical illness insurance provides coverage if you experience one or more of the following medical emergencies: a heart attack, organ transplantation, cancer, and a coronary bypass.

Because these diseases require extensive medical care and treatment, the costs can go beyond any family health insurance policies quickly. If you do not have an emergency fund or health savings account (HSA), expect to have a harder time paying the medical bills at no cost.

Is Critical Illness Insurance for You?

Nowadays, many people choose a high-deductible health plan, which can be a double-edged sword: Consumers benefit from relatively affordable monthly premiums but find themselves unprepared if any serious disease strikes.

Critical illness insurance can pay for costs not covered by traditional health insurance. For instance, the coverage can also be used for non-medical expenses related to illness, including transportation, child care, etc. Usually, the insured will receive a lump sum to cover these costs. Meanwhile, coverage limits vary. For example, you may qualify for several hundreds of million rupiahs, depending on your policy. Policy pricing is influenced by a number of factors, including the number and scope of coverage, gender, age and health of the insured, and family health history.

On the other hand, there are exceptions to critical illness insurance coverage. Some types of cancer may not be included while a number of chronic disease cases are released. You may not be able to receive payment if an illness returns or if you suffer a stroke or a second heart attack. Additionally, some coverage may end after the insured reaches a certain age. So, like all forms of insurance, be sure to read the policy carefully. The last thing you want to worry about is your emergency plan.

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