Critical illness insurance can protect you and your family in the event of a life-threatening illness or an accident. It can also help pay for things like a hospital stay, doctor visits, medication, and travel expenses if you are unable to work. The money will usually come from a savings or insurance policy, but some plans require that you have an existing health condition. The money is intended to help you during a sudden illness or accident and is not meant to replace your regular health insurance.
When choosing critical care illness insurance, it’s important to understand what the plan covers and what it doesn’t. The main difference between a standard health insurance policy and a critical illness insurance plan is that the former will typically cover medical expenses like doctor visits, prescription medications, and hospitalizations, while the latter will typically pay for a set amount of lost wages if you’re unable to work due to an illness or injury. Some critical illness insurance plans will also provide transportation to and from medical appointments, as well as money for babysitting, meals, and other incidental expenses.
Thus, you need to choose the plan wisely. Thus, below are some of the tips to choose a critical illness insurance policy.
- Find out the covered illness– The first thing you have to do is to find out the illness and condition that is covered under the insurance policy. Most of the critical illness insurance plans will have a list of illnesses and conditions that are covered under the policy. You have to find out if the illness you are suffering from is included in the list or not.
- Check the cover amount– The cover amount of critical illness insurance is the amount of money you would receive if you experienced a sudden illness or accident and you were unable to work for a certain amount of time. It is very important to look at the cover amount in the insurance policy. Some plans may cover 60% or 70% of your daily wages while others could cover upto 90% of your earnings. The difference is huge so you have to look at the details of the policy.
- Waiting Period– The waiting period is the amount of time you have to be covered by a critical illness insurance plan before you start receiving benefits. It usually ranges from a few days to a few months, depending on the plan. Most plans have a minimum waiting period of 30 days, but it is advisable to go for a shorter waiting period if possible.
- Claim Process– The claim process is generally easy. You should give your details to the insurance company, and they will settle your claim and send you the amount you are entitled to claim. If there are any extra benefits that you are eligible for, you will be notified and the insurance company will settle the extra benefits later. Sometimes, you may need to give a small extra contribution, depending on the plan.
- Renewability and Age– Critical illness insurance is a long-term investment. The plan you choose needs to provide benefits for the rest of your life. Depending on the plan you decide on, the waiting period and premium may change accordingly. Some plans offer benefits for 10 years, while others offer benefits for 15 years.
- Calculate Premium Rates– You need to have a rough idea of how much money you require to cover your expenses such as the cover amount and waiting period. You can use a premium calculator available online to help calculate the premium amount. You may need to have a rough idea of your salary and the daily expenses in case of an emergency. After calculating the amount, you should compare it with the prices listed in the plan’s description.
- The Perfect Cover– You can have a perfect cover if you want to, but, if you are looking for a plan that provides an instant cash-like benefit with a low premium, you can choose a critical illness plan that gives you benefits after a short waiting period. The waiting period is the amount of time you need to be covered by a critical illness plan after you undergo a critical illness.
The above-discussed points will help you in choosing the best critical illness insurance plan that will provide you with the financial security you need in case of an illness or an accident. You can compare the policies and choose the best one that suits your needs. The best thing about critical illness insurance is that it is a long-term investment. So, after comparing the policies, you can choose the best one and then save money every month for the future.
It is vital to have a financial backup in case of an illness or an accident. The best way to achieve this is to buy critical illness insurance. You can choose Care Insurance as a critical illness insurance provider and they will provide you with amazing insurance plans that will provide you with the financial security you need.