Critical illnesses such as cancer, heart attack or a stroke, etc. are life-threatening. It could last lifelong and make one miserable or even limit their life if not treated at the correct moment. Therefore, you definitely need to think about such critical moments that could arise out of nowhere and render you helpless in such situations.
However, these critical illness treatments are too expensive these days and most people affected by critical illnesses belonging to middle-income groups cannot afford to spend such a huge amount of medication and hospitalisation expenses since they do not have such huge means or savings to spend on.
Therefore, here comes a rescuer for those in need of financial help. It is none other than health insurance companies with critical illness policy. You may have not heard of it or even not encountered a situation to make use of it but in this article, we will discuss a critical illness policy and its terms of uses and conditions.
Let us first understand what a critical illness policy implies. It is also known as catastrophic illness insurance that aims to provide additional financial coverage in a serious medical emergency where a policyholder or any member of that policyholder’s family has undergone a serious medical issue and needs medical assistance in the form of hospitalisation immediately.
Many people are under the impression that getting a health insurance policy is an end to their worries but they are totally wrong as many health insurance plans do not cover critical. Treatments including hospitalisation and medication expenses of such critical illnesses are quite expensive than any other diseases.
A critical illness policy comes with a relatively low cost but you have to check the list of illnesses it covers since a critical illness policy is often limited to financial coverage for certain illnesses only like a heart attack, stroke, organ transplant, cancer and coronary bypass.
You can easily get a critical illness policy by an employer or you can sign up for one by yourself. You can even include it under your on-going health insurance plan. These plans come with a benefit of low premiums and it is even more affordable if you buy a policy under an employer.
Many people disagree to this policy because with this policy they can only claim their reimbursement if in case there is a serious medical emergency related to the number of illnesses enlisted in the policy’s terms and conditions. If a medical emergency or a situation of a critical illness like that does not come then the amount you pay every month as premium would all go in vain.
However, once you get a chance to claim your reimbursement, a critical illness policy covers medical expenses starting from transportation expenses to the hospitals, daily hospitalisation expenses, also pre-hospitalisation and post-discharge medication expenditures.
Those patients who are fatally ill and require a calm place to live in can also use their fund to go on a vacation with their family and friends. Therefore, it has numerous advantages with a few drawbacks but most importantly it gives financial support at a time of need and hence you should definitely look up and get a critical illness policy for yourself and your family.