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Critical Illnesses Insurance

Health care is expensive anyway and, due to recent changes as a result of the Affordable Care Act, it seems to still get more costly for some in a few circumstances. When some form of critical illness strikes the expenses can skyrocket and this is why critical illness insurance can be such a life-saver.

Many employers still do offer some form of health care to their employees. Employers often also make available additional coverage for critical illnesses, which is then added to the existing health insurance coverage. Costs do vary, so it is important for any employee to enquire with his or her benefits administrator or human resources department to be fully informed regarding the kinds of coverage available and for the costs of each option.

Critical illness insurance is designed for people who are facing costly illnesses and who may need expensive treatment over time. Those who are challenged by such things as an organ transplant and/or Kidney failure would be good candidates as would anyone who suffers from paralysis, brain damage, cancer, or a stroke.

If one is covered by this type of insurance and is diagnosed with such a critical illness, he or she would normally receive a lump sum benefit payment. Usually one would not be working during such an illness, so the payout would be helpful in paying for some living expenses and any medical bills not normally covered. Some of these policies pay the providers directly while others offer perks such as travel expenses and accommodations that are necessary for a patient who is undergoing treatment.

Coverage is available for a permanent or temporary basis. Plans do vary, running the gamut from 10 to 20 year schedules with policy premium increases at specific times. Some plans even offer coverage until the ripe old age of 100.

This insurance can be bought as critical insurance coverage but it can be also be combined with life insurance and there is even coverage available for mortgage protection.
Having a critical illness policy through your employer provides many benefits. A big one is the protection one can be afforded to avoid the threat of bankruptcy. If one obtains a plan that offers mortgage protection, one can feel the peace of mind in knowing that the mortgage is paid and the home is secure.