All You Need to Know About Critical Illness Insurance Cover

Life has its ups and downs. While you should always hope for the best, you must prepare for unexpected illnesses along the way. You never know when a life-threatening emergency can knock on your door and cripple your health. Chronic illnesses, especially critical diseases like cancer and stroke need immense medical and financial support.

As things stand, you may not feel the need for any additional coverage for critical illnesses. You may assume that your standard health insurance can cover your medical needs. However, you must be realistic and consider the possibility that a standard health cover might not help adequately if you contract a chronic health condition. For instance, serious illnesses like organ failure require specialized treatment and intensive care. Basic health plans do not extend coverage for such conditions.

Let’s learn more about how and why critical illness covers are essential for people from all walks of life.

What is critical health insurance?

A critical illness plan is a benefit-based health insurance policy that extends financial help if you are diagnosed with any of the critical illnesses listed in the policy. When the need arises, this policy will pay you a lump sum amount, if you have completed the initial waiting period. With such a policy, you do not necessairly have to use the lump sum amount only to meet medical expenses; you can choose to spend it at your convenience on medical or any other discretionary expenses.

Who should buy a critical illness plan?

Ideally, anyone who is concerned about contracting chronic diseases as their age progresses or has specific health conditions should buy critical illness cover. People with a family history of severe illnesses may have a higher risk of contracting those health conditions. They should strongly consider purchasing one of the best critical illness insurance coverage. Further, people who work in high-pressure environments should opt for a critical illness policy as stress could trigger or contribute to such illnesses. Typically, individuals above the age of 40 are more prone to developing critical illnesses. Accordingly, while you are in your early forties, getting a policy that covers chronic illnesses is advisable.

You can buy a critical illness cover by Care Health Insurance that lowers your financial loss during life-threatening situations. Their critical illness policy covers 32 chronic illnesses requiring expensive and prolonged treatment.

What does critical illness insurance cover?

Critical illness insurance covers various chronic diseases that are becoming common among Indians. You get coverage for the following medical emergencies:

– Heart attack

– Coronary artery bypass surgery

– Angioplasty

– Stroke

– Invasive or non-invasive cancer

– Kidney (renal) failure

– Major organ transplant

– Advanced Alzheimer’s disease

– Paralysis

Advantages of critical illness insurance

– Helps you bear expensive medical treatment associated with a specific set of diseases.

– Shares your medical bills and burden by paying out a lump-sum amount.

– Provides comprehensive coverage at an affordable cost as it covers limited critical illnesses.

– Offers tax-saving under section 80D of the Income Tax Act that exempts critical illness premium from taxation.

The costs involved in treating critical illnesses can exhaust your entire savings. That’s why a separate critical illness insurance plan is essential to back your financial preparation for some of life’s most challenging emergencies.