How Crucial Is Having A Critical Illness Insurance Policy?

There are millions of people in the world who are right now fighting serious battles on the health front. It is extremely hard to predict life given the fact that illnesses strike suddenly and can change one’s life drastically. Cancer, kidney failure and cardiovascular diseases are some life-threatening medical conditions that require constant medical care. This could mean a lot of expenditure and subsequent financial burden on a family.

Hence, taking an early decision to be financially prepared by opting for critical illness insurance cover is a must, particularly when the healthcare costs are rising steadily. Having the support of a health insurance plan is necessary in today’s times. And, when it is about getting long-term medical care for serious ailments without any financial worry, then buying a critical illness health cover is a wise decision.

Here is all about critical illness plans.

About Critical Illness Health Cover

Critical illness cover is an insurance cover wherein the treatment expenses for life-threatening ailments are borne by the insurer in return, subject to policy terms and conditions, for the yearly premium paid by the policyholder. The ailments that are covered under the insurance plan are specified by the insurer in the policy document. For instance, Care Health Insurance offers a cover for 32 critical diseases that include Cancer, End-Stage Renal Failure, Cardiomyopathy, Stroke, Paralysis, Multiple Sclerosis, Alzheimer's disease, etc.

The treatment for such diseases usually spans over a longer time period which results in huge expenses for the family. Therefore having a critical illness health cover is important.

Reasons to Opt for Critical Illness Health Cover

Specialized Cover:

Among the various kinds of health insurance plans, a critical illness cover is suitable for the family which has a medical history of such illnesses. If you wish to ensure protection against critical illness for the entire family, you can also opt for the family floater plans.These plans are designed to meet the exorbitant treatment costs for such serious ailments.

High Coverage:

Critical illness policy offers cover to meet the huge medical expenses involving pre-and-post hospitalization medical expenses, in-patient hospitalization, OPD costs, etc. It also offers treatment cover for chemotherapy and radiotherapy, organ donor as well as an international second opinion.

Saves Expenses:

Availing medical treatment involving regular doctor visits, frequent medical tests and hospitalization for critical ailments in today’s times can drain out a family’s hard-earning money as the costs are extremely high. The premium one pays for such insurance plans are quite affordable for the coverage one receives.

Tax Savings:

For the policyholders, the premium one pays towards any health insurance policy, including critical illness cover, is eligible for tax deductions under Section 80D of the Income Tax Act, 1961. 

Cashless Treatment:

Paying the medical bills can add to the stress when dealing with an ailment. If a person avails treatment at any of the network hospitals of the insurer, the payment becomes a hassle-free process as the insurer directly settles the bills with the hospital, subject to policy terms and conditions. Care Health Insurance offers cashless treatment at over 11400+ network hospitals. 

Conclusion

In India, the number of people suffering from critical illness is rising steadily. The treatment process for such ailments is quite elaborate involving surgeries, organ transplantation, chemotherapy, etc. Naturally, the expenses are bound to be higher because of which many middle-class families face difficulty as they are unable to meet the costs. The major reason why the survival rate in such illnesses is low is the fact that people are unable to afford the high treatment costs. Buying a critical illness policy is essential as it reduces the cost burden and getting proper treatment becomes possible, thereby increasing the chances of recovery.