How To Battle Serious Health Issues With Critical Illness Insurance?
Critical health problems are generally not covered under ordinary or group insurance policies. Due to its intense nature leading to hefty medical bills tremendously straining an individual financially, critical illness insurance is the alternative. Such health insurance plans provide coverage for only serious health problems like stroke, organ failure, cardiac issues and paralysis.
Diseases like these come with a substantial financial burden and can gravely affect an individual’s finances in the absence of insurance. As the person is critically sick, his inability to work creates higher financial stress on both the patient and their family.
Features of a critical illness insurance plan are-
- Covers all significant life-threatening diseases which are potentially fatal.
- This policy generally bears the entire financial burden as it provides 100% coverage policy
- Making a claim on a critical illness health insurance policy is hassle-free as it requires minimal documentation, reducing the load on the family members. You do not need to submit hospital bills and other medical documents while claiming the coverage amount.
- You can opt for a specific critical insurance policy which covers the various extensions of a particular ailment. This type of insurance policy is generally tailor-made for the person choosing it.
- It reduces the mental strain on an individual as he/she does not have to worry about cumbersome financial payments while being physically ill and unable to work. It also relieves the family members of the same.
- Critical insurance policies generally offer a one-time lump sum payment during the time frame of the illness.
This type of health insurance plans usually come at affordable premiums, due to the low probability of the illness. Only covering specific ailments, the primary reason behind its popularity is the considerable reduction in the financial burden of the sick people and their families. It reduces the monetary burden of the patient considerably, giving him/her enough time to recover.
