Importance of Critical Illness Protection Insurance « Health Insurance Advisory

Importance of Critical Illness Protection Insurance

Author: Administrator | Aug 14 2011 | Critical Illness Protection

Although medical insurance plans cover healthcare expenses relating to a critical illness, there are still 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, such as heart attack, stroke, cancer or organ transplant. This living benefit is based on the face amount of the critical illness protection insurance plan.

Since critical illness protection insurance complements your existing medical insurance plan, it is sometimes referred to as gap medical insurance, cancer insurance or heart attack insurance.

Critical illness protection insurance 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 insurance plan. Generally, only one living benefit is paid for each insured person. 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. Critical illness protection insurance is not intended to replace major medical insurance.

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