In dynamic times, the lifestyle of people gets completely changed. People tend to suffer from critical diseases because of a sedentary lifestyle while working from home and shooting stress levels. If you have a bit of hard luck and get hold of any such disease, it might get difficult for your family to handle the financial burden,including your treatment cost and sustenance.
It would be best to stay prepared for such uncertain critical diseases with medical insurance. People usually choose health insurance for a variety of reasons. But getting adequate coverage under medical insurance is often ignored, which can incur a hefty cost.
What is Critical Illness Insurance?
It is a type of health insurance that covers various major diseases like cancer, stroke, renal failure, kidney failure, and major organ transplant. It gives a lump sum amount of benefit whenever the disease is diagnosed and provides end-to-end coverage to reduce the financial burden and stress to the minimum at the time of illness.
To better understand why you should opt for critical illness coverage, read through the following reasons.
- Substitute To Your Income
When you suffer from any critical illness, you may run into physical and financial distress. Getting health insurance covered might not allow you to spend a lot of money on the necessary treatment and medical expenses. By opting for medical insurance that covers critical diseases, you get financial coverage from the insurer.The amount need not necessarily be used for the treatment solely; rather, it can also be used for other household expenses.
- Lump-Sum Amount Available
Depending on the type of policy you choose and its specific terms, the insurer pays the sum insured at one go or pays the bills directly to the network hospitals. Also,the waiting period is less with medical insurance covering critical illnesses. Make sure you check the details of the policy and its inclusion terms before you buy one.
- Protection Against High Healthcare Cost
With time, the healthcare cost is increasing, especially when it comes to private hospitals. It is expected to increase further in the future. In case of a critical illness diagnosis, all your savings might get wiped away in the very first installment of your treatment cost. Therefore, you should act in a planned way to survive through such uncertain situations and choose a medical insurance plan at the earliest.
- Coverage Available in Foreign Lands
As soon as you get diagnosed with a critical disease, you are eligible to get the assured sum of the medical insurance amount that you’ve signed up for. This mainly depends on the terms of your medical insurance plan for health cover in foreign countries.
While you can get the amount irrespective of the country where you’re getting treatment, it is important to check such details.This amount proves to be a great financial help in tough times when you need to manage other expenses alongside.
Act Wisely By Choosing The Right Medical Insurance Plan
Earlier, with the increasing age,people used to suffer from various kinds of critical diseases. But nowadays, age is no bar for the same.People in their 20s and 30s also tend to get caught in such conditions. These can be due to increasing stress levels and an inactive lifestyle.
If you have a family history of dreadful diseases, and you are the sole bread earner of your family, you must choose a critical illness insurance plan right away. Many reputed insurance companies like Tata AIG offer comprehensive medical insurance plans with maximum benefits. With their plans, you can stay prepared for unexpected financial difficulties while facing a health crisis.
