Critical Illness Insurance and the Benefits
Unexpected medical expenses can ruin your finances. People find themselves in bankruptcy because they’re uninsured, and can’t pay their medical bills. Unexpected expenses can use up all of your savings or require you to apply for a loan, which leads to more debt. These expenses can cause difficulty, but you’ll feel better if you have critical illness insurance.
What would happen if you were stricken with cancer, a heart attack or stroke? Would your savings, equity or credit be enough for you to foot the bill? Could you manage daily expenses if you were unable to work, but also needed to pay for medical expenses
Critical illness insurance helps pay for expenses above what is covered by traditional medical insurance. If you become ill with a serious malady, then insurance pays a benefit. It can pay expenses for several things, such as mortgage or bills, travel expenses for out-of-state treatment, home alterations such as a wheelchair ramp or medical treatments not covered by your insurance.
Your employer might offer disability coverage, but that typically only covers a maximum of 60% of your income. When you figure in the co-pays, deductibles and exclusions of traditional insurance, then you’ll see how critical illness coverage is a benefit. Even if you can recover from the illness, you are still eligible for the benefits. In some cases, a policy will offer an additional payout if you suffer more health setbacks. Like, for example, if you have cancer then suffer a stroke.
Medical bills add up and can strip you of all your money. If you believe you might experience a critical illness, then considering the insurance is worth your time. For instance, if you have a family history of cancer or stroke, then you might be at higher risk.
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