Is Critical Illness Insurance Important?
Updated On Oct 19, 2021
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Health insurance plays a crucial role when it comes to medical emergencies. It provides the much needed financial support to the policyholders so that they can receive quality treatment at the time of an emergency without worrying about the monetary constraints. Policyholders can receive cashless claims at the network hospital linked with the insurer to get hassle free and quick claims. Apart from the hospitalization expenses, it also compensates for other medical expenses like the medication costs, room rents, ambulance charges, domiciliary expenses, etc. Certain medical conditions like critical illnesses cannot be covered by the regular health insurance plans as the cost of treatment of chronic diseases is very high and it can drain the savings of the policyholders
To help the policyholders during the treatment of a critical disease, the health insurance providers have rolled out critical illness plans. These are indemnity insurance plans that offer lump sum payments to the policyholders for their treatment. The claim amount can also be used to compensate the income loss incurred due to the treatment. Critical illness plans offer complete coverage to the policyholders at the time of the treatment of diseases like diabetes, stroke, cancer, etc.
About Critical Illness Insurance Covers
Critical illness health insurance policies are specific types of health insurance plans that are indemnity based and offer lump sum payment of their claim amount to the policyholders. It offers sufficient claim amounts to the policyholders so that they can receive quality treatment and compensate for their income loss incurred due to the treatment. These plans not only look after the medical expenses but also compensate for other expenditures like room rents, medications, ambulance charges, etc. Let us look at some of the prominent features of critical illness plans:
Must Read: Difference Between Health Insurance and Critical Illness cover
- A wide range of critical illnesses like cancer, stroke, sclerosis, etc. are included under the critical illness covers.
- Under critical illness plans, the claim amount is provided to the policyholders in lump sum, thus offering them a sufficient amount to spend on their treatment.
- On the mere basis of the diagnosis report, the insurer offers the claim coverage to the policyholders under a critical illness plan.
- Critical illness plans, like any other health insurance plans, come with a waiting period which is specified by the insurer on the basis of the medical condition.
- The loss of income incurred due to the treatment of a critical disease can be compensated by using the claim amount of your critical illness plan.
Is Critical Illness Insurance Important?
Critical illness health insurance plans are of immense importance for people who have a medical history, pre-existing critical disorder, etc. The policyholders must analyze their requirements and based on it they can invest in a suitable health insurance policy. Let us look at some of the key points that signify the importance of a critical illness plan for the policyholders:
- The critical illness plans come with a short waiting period of 3 months, after which the policyholders can avail their benefits under the plan.
- Hospitalization is not a necessary condition to avail the benefits of a critical illness plan. You can get the claim amount based on the diagnostic reports of your chronic disease, which is to be issued by an authorized doctor or hospital.
- Under section 80D of the Income Tax Act, you can avail the tax saving perks as a policyholder who is also a taxpayer.
- Additional covers can be bought to enhance the existing health insurance plan.
Conclusion
Critical illness plans have been uniquely curated to deal with the requirements of the policyholders at the time of the treatment of a critical illness plan. While investing in a critical illness plan, it is important for the policyholders to go through the policy terms to understand the inclusions and exclusions of their plan.
Also Read: Best Critical Illness Plans For Stroke
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
