HOSPITALIZATION, ACCIDENT, AND CRITICAL ILLNESS
Sometimes traditional health insurance isn’t enough to fend off the financial strain that can be caused by a critical health condition, hospitalization, or accident. For this reason, insurance companies offer critical illness insurance and accident insurance plans that pay out a substantial benefit if you happen to be critically injured or diagnosed with a critical illness.
HOW DO CRITICAL ILLNESS POLICIES WORK?
Critical illness and accident insurance policies work in a very simple way. If you purchase the policy, you have protection that will pay out a benefit if you are diagnosed with an eligible condition or injured in a qualifying accident. If your plan has a $30,000 maximum lifetime benefit, you will begin collecting that amount once you are diagnosed or injured. As you are rehabilitated, you can spend this money to pay your health and living expenses. You may also have access to an emergency fund that can be used to cover other financial obligations during the recovery process.
WHAT IS COVERED UNDER CRITICAL ILLNESS AND ACCIDENT INSURANCE?
The events that are covered by your critical illness and accident insurance policy will vary based on the plan, but these are some common illnesses and conditions that can lead to a benefit payout:
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Loss of hearing
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Loss of speech
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Loss of vision
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Major organ transplant
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Life-threatening cancer
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Paralysis
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Coma
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Renal Failure
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Stroke
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Carcinoma in situ
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Coronary artery bypass graft
HOW CAN I USE MY CASH BENEFIT?
If you receive a cash benefit from your Critical Illness Maximum Lifetime benefit, you can use it to pay for anything. Some examples of expenditures that you may need to pay include mortgage and rent payments, groceries, out-of-pocket medical costs, prescriptions, and specialist treatment that is not covered by your insurance policy. You can also use your benefit to pay for your transportation to and from treatment appointments.
These types of insurance plans can prove essential in your recovery. It can also help your family maintain their lifestyle while you are unable to work due to an injury or illness. To start comparing plans in your area