Considering the fast-paced life we are living; people have become more vulnerable to falling ill to many diseases. And the treatment costs of these diseases can burn a hole in your pocket. This is why a comprehensive health insurance plan is imperative. Critical illness insurance is one of the most common types of medical insurance policies, and in this article, we are helping you find the best critical illness plan. But before that, let’s understand what exactly this insurance plan is.
Critical Illness Insurance – An Overview
Contrary to other medical insurance plans that offer coverage for hospitalization expenses, critical illness insurance plans extend a predetermined amount if you are diagnosed with the critical illness mentioned in the documents. The amount can be used to treat the ailments as well as household expenses.
Tips to Buy a Critical Illness Insurance Plan
1. Consider the Maximum Coverage
When you are looking for different health insurance plans, check the maximum coverage that they provide. Treatment costs of critical illnesses are considerably more than the standard diseases; therefore, you will need substantial coverage. Along with the primary treatment cost, you also have to consider expenses related to post-hospitalization, day-care treatment, ambulance, cover, dialysis, organ donor, etc.
2. The Way the Policy Works
Another important thing that you should consider while buying critical illness insurance is how the plan actually works. Typically, a critical insurance plan offers you a lump sum amount post the diagnosis of the illness. This amount can be used to pay for the treatment, hospitalization, doctor’s fees, and medicines. The insured sum remains fixed; therefore, you should get all the important details regarding the policy before signing the documents.
3. Premium You Will Pay
Premium is the amount that you have to pay monthly, quarterly, or annually. The insurance policy calculates the premium based on different factors that include age, gender, coverage, health condition, family health history, etc. Basically, the greater the risk, the higher will be the premium.
4. Consider the Waiting Period
It is referred to as the stipulated period under which your insurance plan becomes payable. It is recommended that you ask for the waiting period before investing in a critical illness insurance plan. Typically, there is a 90 days waiting period after the start of the policy and 30 to 48 days of diagnosis of the disease. Although some insurance plans do not have any waiting period, ensure to read the terms and conditions properly.
5. Look For Exclusions
Before investing in a critical illness insurance plan, you must check what the factors excluded from the plan are. These are situations that the insurance company does not cover. Understand the conditions where you will be unable to get the claim. Consider investing in critical illness plans with maximum coverage and minimal exclusions.
Critical illness insurance plan is especially beneficial for senior citizens, bread earners, people with a history of critical illnesses in the family, individuals over the age of 40 years, and people in high-pressure professions. When taking this health insurance plan, the above are important factors that you should consider.
Article Submitted By Community Writer