Do I need Critical Illness Insurance?
Depending on your age and circumstances, a critical illness policy could be right for you. Healthcare premiums, deductibles, and treatment costs are all increasing, which means there's a greater chance for unforeseen out-of-pocket expenses that won't be covered. This gap between what's covered by your existing insurance and what's not could be filled by a critical illness policy. If you are diagnosed with a covered illness, a check is sent directly to you, not the healthcare provider. This means you can use it to pay for expenses that aren't covered. Plus, no receipts or medical bills are necessary.
If you are diagnosed with a serious health condition covered by a critical illness policy, here are some costs to consider that aren't typically covered by health/disability insurance:
- Lost income while you or a family member is not working
- Keeping up with ongoing living expenses
- Paying deductibles and copayments
- Hiring home healthcare or child care services
- Traveling to treatment facilities
Luckily, with a critical illness policy, these costs could be covered.
What's covered under a Critical Illness policy?
What's covered under a Critical Illness policy?