In today’s age, with medical expenses hitting the roof, one should always opt for a critical illness policy for oneself as well as for all the other members of the family. Almost everyone has a mediclaim these days and it is good idea as well, but there are those who still feel that paying the premiums could be an utter waste, just in case any illness does not strike. Here are some reasons to convince you to opt for such a policy, and how it could be lifesaver in times of crisis.
Health insurance plans, if wisely chosen, can also be used to secure one’s financial welfare. A good health insurance can be used to meet almost all the medical expenses of the elderly in the family. However, a critical illness insurance is a kind of plan where a fixed amount is provided to the policy holder when a pre- specified critical illness has been diagnosed during the policy term. The bulk amount could be used by the policy holder to meet the expenditure of treatment and anything associated with it, as he deems fit. When such an illness is diagnosed, a lot of expenses have to be incurred in terms of tests, hospitalization, doctor consultations and medicines and treatments, and a regular health insurance or cashless mediclaim may not cover all of them. Hence, in spite of paying regular premiums, one still has to shell out money from their own savings, when they need the money the most. A critical illness policy would not require you to do that.
Paying money out of your own pocket while meeting the expenses of a critical illness could also mean that you could fall short on payments of your EMIs on home loans; your child’s education; utility bills or you may have to cut down on your own expenses. Defaulting on such payments could also adversely impact your credit score. With the money you receive from your critical illness policy, you would be free of such liabilities. One would also be considerably free from undergoing any kind of emotional stress that occurs when there is a sudden financial burden to be borne, along with the trauma of seeing a loved one ill. Again, in cases like a Coronary Artery Bypass Graft, the patient might have to travel as the procedure might not be possible at the local hospital. A regular health insurance hardly ever covers such expenses but a critical illness policy would.
Moreover, claiming the amount for a critical illness plan is far easier than making a claim for a regular mediclaim, because once the test reports confirm that the policy holder has any of the pre mentioned critical illnesses, the process of disbursement starts. Mediclaim companies often try to stall the payment and also try to settle the claim at a lower cost which is just not what one needs when one is in dire need of money. Likewise, it is far easier to recuperate when one knows that the medical expenses are being taken care of.
Hence, it can be said that once over thirty five years of age, it is a wise decision to opt for a critical illness policy, and this would ensure the financial stability of the family in case of an unfortunate incident of being diagnosed with a major disease.