How to Choose the Best Critical Illness Insurance Plan?
The risk of getting ill can haunt anyone, but you need to prepare yourself to face any kind of medical complications. In such a scenario, a health insurance policy can be a very effective tool as it takes care of the hospitalization charges with regard to your treatment. However, there are ailments that go beyond the scope and coverage of a comprehensive health insurance plan.
Why Do You Need an Extra Cover?
Having a health insurance policy minimizes your challenges on the financial front. However, there are certain critical ailments with expenses other than hospitalization charges, which are covered under a health insurance policy. So, what would you do in such situations? Critical illness insurance policy can assist you financially during such times of distress. There are several expenses, such as specialized care, consultation with doctorsetc.involved in critical illnesses, unlike regular diseases. So, with a general insurance policy, it would be very tough to manage your medical expenses as well as your routine expenditures. This is where critical illness insurance policies come to your rescue, as these policies are specifically devised to help you deal with serious ailments. That is why it is important to have both comprehensive insurance and critical illness insurance policies at tandem.
Now, let us get into the basics of critical illnesses.
What Constitutes Critical Illness?
This is basically a critical medical condition that renders an individual disabled to even manage routine chores. In order to treat such an illness, you might have foregone an astronomical sum from your savings. As said earlier, the severity of the illness can incapacitate you totally, which means no job and income as well. There are certain critical ailments such as tumors and strokes that come to the fore without prior warning, and these can drain you physically, emotionally and financially. So, opt for a critical insurance cover to deal with such serious medical conditions.
Dynamics of Critical Illness Plan
Dissimilar to a health plan, the acritical illness insurance policy doesn't warrant hospitalization for you to avail benefits under the plan. Under a critical insurance plan, you are given a lump sum amount in case you are diagnosed with a critical illness, irrespective of the fact whether you undergo any treatment or not. But, the insurance provider will only pay you the amount if the illness you are suffering from is pre-specified under the terms and conditions of the policy.
Some Examples of Critical Illnesses
3. Heart attack
4. Coronary artery bypass graft (CABG)
5. Transplant of organs like pancreas, liver, heart, and lungs
7. Kidney failure
Ways to Choose an Ideal Critical Illness Cover
Like health insurance plans, critical illness insurance should also be chosen wisely after considering certain factors. There are so many plans offered by various insurers, and the selection should solely be based on your requirements. So,it is ideal to go through various critical illness policies just the way you go through health insurance plans via online sources. Some factors to be considered are:
Budget for the Treatment
First figure out the budget you require for the purpose of treatment. For this, you can rely on the opinions of others. If any of your family members or friends suffered from a critical illness, then try to find out the amount that particular individual shelled out for the treatment. What all miscellaneous expenses are there apart from the diagnosis, treatment, and post-treatment care costs in critical illness? The idea is to prepare a rough estimate to make an informed choice while selecting a critical illness plan.
Check the Illnesses Covered Under the Policy
The premium should not be a concern while selecting the policy. It is to be noted that the critical illness plan offers coverage only if a particularly serious disease or condition is listed in the policy. So, it is vital to check whether the diseases that you consider important come under the ambit of the policy or not. It is also of huge importance to know the number of diseases covered.
The Waiting Period Involved
There is a waiting period involved in critical illness plans. This starts from the date of the policy purchase until the time policy benefits kick in. Mostly, the critical illness insurance plans have a waiting period of three months to four years, after which a pre-specified illness is covered. So, try to select a critical illness cover as early as possible.
Life is unpredictable, and a medical emergency can come out of the blue. So, it makes sense to opt for a critical illness insurance plan in the long run. It makes sure that you do not feel the pinch in case of such a medical emergency. Also, by having both health insurance and critical illness insurance plans at your disposal, you can get the best out of both the policies. That said, it is advisable to choose a critical illness policy only after carefully analyzing your medical history and the existing health plan, if any.
**To understand exactly about the policy coverage, exclusions, etc read the Policy Wordings carefully.**
Find out the steps on how to choose the right health insurance plan