Today, due to the tremendous expenses involved in treatments and medical check ups, people are unable to afford the same. But is there any way to deal with such expensive treatments? Medical insurance is the answer. When it becomes impossible to carry the financial burden of treatments, a health insurance policy can be of great help. This article tells you about the critical illness insurance policy. Read on to know more.
These days, even health insurance policy is not enough to meet the needs because the deductibles along with the out-of-pocket expense seem to rise each passing year. Due to these facts, supplemental insurance plans and critical illness insurance have emerged as great policies that can offer financial protection to your family's health. With the rising medical expenses, the need for extra support and protection is increasing day by day.
Critical illness policy pays for an individual upon the diagnosis of some specific diseases like heart attack, stroke, cancer, kidney failure, the need for transplantation of an organ, terminal illness, and many more.
In such policy, the insurance company will make payments in one-lump sum upon diagnosis. The benefits are not included to any reimbursement of expenses, like health insurance, and the money can be used in your own way, for instance, to pay for experimental treatment, to replace lost income, pay off debts such as mortgages and other ongoing expenses. In other words, there are no limitations on the use of money.
Some of the critical illness plans makes direct payment to the provider on the other hand some plans pays the lump sum amount to the insured. This lump sum amount can be received irrespective of what your health insurance policy pays. Sometimes the employers are seen to take out such insurance plans for their employees and the same is done as a group contract and each employee can get benefits from the same.
The process followed in individual critical illness insurance is somewhat similar to life insurance. Like life insurance here the underwriters consider factors like past medical history, weight, smoking status, and other things. In case you already had the critical diseases in the past, it will possibly be excluded from the policy.
Nowadays, you can purchase such policies online as there are plenty of online insurance companies offering interesting plans. All you need to do is to choose a reputed policy provider before making any purchase.