Critical illness is a life-threatening condition. The severity and seriousness of the critical diseases are high, and it requires prolonged medical treatment. As medical treatment costs are very high, most people end up draining their entire budget to fulfil hospitalization and treatment expenses. Under such a scenario, if you have a critical illness policy, it will provide you coverage for some of the most common critical illnesses such as heart disease, cancer, kidney problem, liver failure, etc.
Suffering these diseases does not only affect physical health but mental well-being too. On top of that, if it burns a hole in your pocket and eats up all your savings, it is another source of distress. The people who have bought insurance policies covering critical illness are able to keep themselves away from financial agony.
Since the treatment involved in these diseases is prolonged and expensive, it is wise to add a critical illness policy to your health insurance coverage. This way, you can always keep yourself financially ready against these disabling and serious ailments.
When is the Critical Illness Policy needed?
It is not a hidden fact that the occurrence of critical illnesses has been rising in India. According to the Indian Council of Medical Research or ICMR, between 2018 and 2040, the number of patients requiring first-course chemotherapy annually will increase from 9.8 million to 15 million. Also, there was a record increase in heart diseases and stroke cases, which had risen by more than 50% between the years 1990 and 2016.
Hence, it becomes imperative to have a critical illness policy so that you are able to manage the exuberant cost of treatment and medication. If you think that a critical illness policy is not needed, you must reconsider and explore more facts related to critical illness.
Many people keep wondering about the right time to get the critical illness policy. Young people think it is not the right time for them to go for a critical illness cover. But they must know that critical illness is hardly about age. Medical emergencies can occur at any age. Previously, most older people were exposed to such diseases, but now due to the change in lifestyle, work stress, unhealthy eating habits, even the younger generation is recording many critical illness cases and deaths. Therefore, a health insurance policy must include a critical illness insurance cover plan too.
Though critical illness policy is a must for all, if you have a family history of any critical illnesses, it becomes even more vital for you to get a critical illness insurance cover. This will also protect you and alleviate your financial worry when you are too sick to work.
When you are diagnosed with critical ailments such as heart attack, cancer, liver ailment, kidney failure, etc., your critical illness insurance company will provide you with a lump sum amount as per your insurance policy to equip you to meet your treatment expenses and hospitalization expenditure.
Plan for Your Health-Related Expenses
This is the time to contemplate more about it and explore to shop for the policy that can meet your needs and situation. Once you plan to buy a Critical Illness Policy, do read the document carefully to make yourself aware of all the coverages, terms, and conditions, including those under the policy. You must know the diseases mentioned in the policy document. The critical illness may vary from insurer to insurer. While some insurance companies cover 15-20 critical diseases, many reputed and big companies like Care insurance offer coverage for about 32 diseases.
Also, make sure your read about the claim settlement procedure and duration of the insurer. You must prioritize an insurer that has a consistent track record of claim settlement ratio. If you are looking for a critical illness policy covering the later stages of the illnesses or a pre-existing medical condition, then many insurers can provide you with that kind of coverage too at a higher premium.
If you think that a critical illness insurance policy will cost you a lot, then it is not so. Research and dedicate some time to compare plans and coverage. Then, select the one that provides you with the best critical illness policy deal. Be sure to get a policy from a trusted insurance provider like Care Health Insurance to avoid any disappointments in the future.