Critical Illness Protection « Health Insurance Advisory

Critical Illness Protection

Author: Administrator | May 14 2011 | Critical Illness Protection

The chance of surviving a critical illness before age 65 is almost twice as great as dying, according to the National Center for Health Statistics. In 2007, illness and healthcare expenses contributed to 62% of personal bankruptcies. Of these, 60% were individuals who had some form of medical insurance. While advancements in modern medicine have resulted in increased survival rates, 9 out of 20 patients suffering frοm severe injury mау nοt return tο work.  Chances are you probably know someone who has suffered a critical illness and survived.

Critical illness protection is supplemental health insurance specifically designed to protect individuals and families from the major financial challenges that are often associated with the survival of a critical illness.  Common types of critical illnesses include:

  • Cancer
  • Coronary Bypass Surgery
  • Heart Valve Replacement/ Repair Surgery
  • Aortic Surgery
  • Angioplasty
  • Heart Attack
  • End Stage Renal Failure
  • Major Organ Transplant
  • Terminal Illness
  • Advanced Alzheimer’s Disease
  • Loss of Independent Living
  • Loss of Limbs
  • Major Burns
  • Paralysis

Although medical insurance plans cover healthcare expenses relating to a critical illness, such as medical services and supplies, hospitalization and surgery, there are many other expenses that are not covered, such as:

  • Medical insurance copayments, deductible and prescription drugs
  • Out-of-network treatments
  • Non-covered “experimental” treatments
  • Home health care
  • Cost of caregivers
  • Travel to treatment centers
  • Lost income or wages
  • Mortgage or rent payments
  • Utility payments and other household bills
  • Dependent care expenses

A critical illness insurance plan pays a “living benefit” upon the first diagnosis of a covered condition. This living benefit is based on the face amount of the critical illness insurance plan. Generally, only one living benefit is paid for each insured person.

Since critical illness protection compliments an individual medical insurance plan, it is sometimes referred to as gap medical insurance, cancer insurance or heart attack insurance. Critical illness protection is most frequently used in conjunction with a high deductible medical insurance plan. The premium savings associated with a higher deductible is typically used to purchase a critical illness protection. The cash benefit paid by the critical illness policy can then used to help pay for the out-of-pocket medical expenses associated with the higher deductible. A critical illness plan is not intended to replace major medical insurance.

Get an online critical illness protection quote today. It can help you save money, give you peace of mind and ensure you and your family are adequately protected.

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