When buying health insurance, it is important to think about whether your coverage would be better enhanced with the help of add-ons. These days, insurers offer a range of add-ons that can really enhance the protection your coverage has for you. One such add-on that is truly worth considering is the ‘critical illness cover’. This add-on can prove to be immensely helpful no matter your age. Let’s dive bit deeper and explore this add-on in detail.
What is the critical illness cover?
The critical illness cover is an add-on that you can opt in for when you buy health insurance. This cover pays you – the policyholder – a lump sum amount if you get diagnosed with any of the critical illnesses included in the plan by the insurer.
These days, critical illnesses like cancer are on the rise. Moreover, critical illnesses require a lot more treatment due to the general prolonged and serious nature of the illness. This can lead to heavy medical bills that can drain out your hard-earned money and put a strain on your household finances. A critical illness cover can save you from such a situation.
What types of illnesses will generally get covered?
A critical illness cover will usually include coverage for illnesses such as cancer of certain severity, aorta surgery, heart attack of specified severity, major burns, loss of sight, end stage liver disease, end stage lung disease, and others. Do note that the number of diseases covered can vary between insurance companies.
What are the benefits of the critical illness cover?
A critical illness does not just bring along heavy medical bills but also often makes you take time off work. In the midst of your treatment, you may have to completely take a break from your regular routine as you know it. During such trying times, a critical illness cover in your health insurance plan can offer the following benefits –
- Protects your savings in the bank
The payout from your critical illness cover will prevent you from dipping into your hard-earned savings during an illness.
- Helps you run your household
You can use the lump sum you receive to pay for your bills, house rent, child’s school fees, and even all kinds of debt and loans if you have to stop working while you receive treatment. In essence, this cover keeps your roof over your head.
- Supplements your health insurance
You can use a portion of the payout to afford any co-payment required in your health insurance plan.
A critical illness rider can truly add to the value of your health insurance plan. So, make sure to add this cover the next time you buy or renew coverage. Finally, make sure to always select a good health insurance policy that will truly support you in tough times. Search online for words like ‘health insurance plans’ or simply ‘health insurance’ to find suitable plans. Take care.