Critical Illness Insurance
Critical health conditions can often be very costly to deal with. It is not uncommon that people can actually go bankrupt as a result of medical expenses. Critical health insurance is designed to help families and individuals who would otherwise struggle or be unable to pay for medical care.
Should one experience a heart attack, get a stroke, and should cancer strike, critical illness insurance is what provides protection financially. This insurance can also cover other items depending on the details of the policy. Conditions such as paralysis, kidney failure, and organ transplants can also be included. Critical illness coverage is a form of supplemental insurance that adds to normal health insurance. Those who file for bankruptcy due to unpaid medical expenses often have health insurance, so a supplemental policy could mean the difference between solvency and financial struggle.
Should a covered person be diagnosed with an illness that is covered by the policy, then the insurer will pay a lump sum amount to the policyholder. This money is tax free, however the plan will generally mandate that the policyholder survive a certain number of days following the diagnosis before compensation begins.
Policies can offer lump sums ranging from $5,000 up to $50,000. Some policies can pay more with an obvious corresponding increase in premiums. Some plans’ coverage is portable and some offer coverage for one’s spouse.
This coverage is invaluable as it helps pay for a variety of costs due to a serious illness. Also, one’s family can be kept from going bankrupt as a result of an inability to pay exhorbitant medical expenses.