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critical illness policy
  • Critical Health Insurance: Benefits and How to Choose the Right One?

  • Published By:
  • Category: Insurance
  • Published Date: March 14, 2021
  • Modified Date: March 14, 2021
  • Reading Time: 5 Minutes

Featured Image Caption: Critical Illness Policy

A family health insurance is an insurance policy that will help you pay for your family’s medical expenses in the events of critical illness or injury, and prevent you from facing financial ruin. The unfortunate truth is that without a health insurance policy of any sort, you may end up spending lakhs on hospital bills and medical care.

How does critical illness coverage work?

When a patient becomes critically ill, they are diagnosed with a pre-existing condition. Now, to be deemed “critical,” a patient must have been experiencing the condition for a minimum of six months without a break in coverage. This is known as the six-month rule and it has been the standard for all of the critical illness insurance policies.

The reason that these health insurance policies are so important is that if you have ever suffered a major illness, then you know that nothing is more frightening and life-changing. When you go to the hospital for treatment, you know that you will have a long road ahead of you. You also know without a doubt that you will be unable to work while you are receiving intensive medical care. When you consider how expensive medicine is today and compare that to the cost of treating a major illness, you will understand why you need critical Illness Insurance. You must get the right amount of coverage so that you are protected against the financial burdens that a major illness could bring in.

Why is critical illness insurance important?

Health insurance in India is getting tougher since the market has been greatly affected by the recession. One of the many factors that make health insurance more expensive is the fact that once you fall ill and need hospitalization, your health insurance will not cover all the costs. Moreover, when you are critically ill, insurance companies tend to deny coverage since they do not want to put themselves into a position where they have to pay out for something that they did not expect.

A critical illness plan can prove to be very beneficial because it is meant to cover all expenses associated with hospitalization, treatment, and surgery. These plans were specifically designed to cover unexpected illnesses and medical emergencies but this does not mean that all health insurance is like this. There are a lot of different plans out there that will suit every individual depending on what their requirements are. Different companies offer different types of plans that will help you in choosing plans that are best for you.

The most important thing to know before choosing a critical illness plan is that you have to read and understand the terms and conditions associated with the insurance.

Why should you consider buying the critical illness policy?

Critical illness policy stands out as a superhero of this modern era. But there are several reasons why you must consider purchasing this particular policy. Look below!

  1. The time required for you to make a full recovery might be much more than your allotted leaves. This means, there will be a loss within your regular income. During that time, when the outflows reach the manifold, your income comes to a stop. This will become pretty difficult for you when it comes to paying for your child’s education, house cases, and everyday amenities. For such reasons, critical illness plans are highly crucial. It will not save you money but will also prevent you from losing your business if you are a self-employed individual.
  2. When you are cured of the illness you were suffering, you might not have the strength or the energy to put in the same working hours at your workplace. It might affect your future earnings heavily. After surviving an exhausting medication and going through the stage of rehabilitation, you will finally return to your normal routine. But the financial mess you have left behind will make you feel that shouldn’t have survived at all. This is where you need the critical illness policy. The entire policy will cover all the costs of the treatment and procedures of your illness. Doing so will enable you to recover properly and lessen the burden of the financial remnants.

Things to consider when choosing a plan

Given below are some of the things you must put under your consideration when choosing a critical illness plan.

  • Make sure to understand how many illnesses or diseases are covered under the plan.
  • Take a look at the things that are not covered under the plan.
  • Check the claim processing time and the survival treatment for each of the illnesses.
  • Be sure to check whether there are discounts provided within claim-free renewals.
  • Do not forget to check the numerous sum portions available.

Conclusion

Some insurance companies will not offer critical illness plans. This means that if you fall critically ill and that disease is not covered under the critical illness plan, then your treatment will not be covered or you will not get the financial help that you require to deal with the medical expenses. So, you must check out a company that provides critical health insurance.

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