Critical Illness Cover - Critical Illness

Simply put, a critical care policy is an additional financial cover. What it primarily does is take care of those gaps that are left out in medical insurance policies. When you are diagnosed with a long term illness, your insurance provider will not pay individual bills. What they will do instead in a critical care policy is release funds into your bank account and you can use it the way you see fit. You could use it to pay pending mortgage bills if your primary bread-winner is ill. You could also use it to tide over expenses at a hospital. It is understood that the coverage cannot be taken for a pre-existing illness.

Critical care insurance works in a simple manner. Once you are diagnosed with an illness that is covered as part of the policy and cross the survival period, the provider will release an amount into your account on a regular basis to help you pay for the care of your illness. A survival period is determined by each provider based on the illness and can vary anywhere between 2 weeks to two months.  All of this will be elaborated on as part of the policy. Critical care policies begin paying when you have started treatment for your illness or when you have been diagnosed with it. Some of the illnesses covered are having and surviving a heart attack or a stroke or possible kidney failure. Procedures such as organ transplants are also covered in this. Suffering from paralysis as well as long term treatment procedures for burns are also covered. Depending on the insurance provider there are several common long term illnesses that come under the purview of critical care policies. Blindness is one of them, as is Alzheimer’s disease. Multiple sclerosis, transplant of vital organs, renal failure, paralysis due to stroke etc are some of them. 

Critical care policies are flexible in the sense that you can pre-determine your premium based on the kind of returns you are expecting. A yardstick to do this would be to be set your premiums in such a way that you receive the equivalent of a year’s pay. There is also the benefit of being able to change policy premiums depending on your needs.  A clause that often proves useful is the policy rider. There are several that you can choose from. One is the paid-up rider. This is where you stop making your premium payments after having availed of the policy for a while. Another useful rider is the return of premium. If the premium is free of clauses they can be returned to the policy holder at the end of specific period.

A major advantage with a critical care policy is that it is automatically eligible for renewal each year. Once you have been diagnosed with a critical care illness included in your policy, you can renew each year and this is guaranteed. There is nothing to worry about even if your medical bills are constantly rising. The next thought is on making a claim. You can make your claim when you have a certified specialist dealing with your illness say that you have the disease covered. This is when you can make a claim. However, read the fine print in your policy, many a times, release of payment is done on the severity of the illness. Even with an illness like cancer, if the chances of remission are high in a very short period of time, you may not be able to make the claim. A claim is honored in approximately 30 days of having been made. You have to remember that once you make a claim your policy ceases to exist. There are also chances that you may pass on from an illness or incident that is not related or covered in the policy. In such cases, you will have to check on the policy of the provider. In some cases, the amount is returned to the beneficiary in whole. In other cases, a partial return of the premiums is done.

So how do you determine which critical care insurance policy is best suited for you. The first step is to look into the family medical history. Have a number of members in your immediate family suffered from heart diseases or have developed cancer? If you are planning for the critical care policy for cancer, keep in mind that several providers actually have a separate policy to deal with it and it is not always clubbed with other illnesses. The policy then helps as it is more focused in its approach. If you have a history of chronic illnesses in the family, then it would be a good idea to pick up a critical care policy.

The second step is to assess your finances. A critical care policy requires a sense of dedication in setting aside funds for the premium. When you do this you have to make sure that it does not cut into your present lifestyle and needs. Try and calculate the possible areas that will need to be covered – nursing homes, nursing care etc. All of these can be very expensive and the setting aside of a premium will be based on this. Generally the younger you are, the cheaper the premiums. However, how much you put aside now will determine how much you receive when you need it.

The final step is to get a quote from more than three service providers. Analyze each one of them before you finalize on one. Your age also plays an important factor in getting yourself the right deal. Get additional opinions from family members before you sign on the dotted line. Assess your financial status the way it would look 5 years down the line. What are your liabilities? It is based on these details that you will be able to make a better decision on the premium you can afford. The FAQs provided are a comprehensive starting point for you search. It will explain to you the fact that there are basically options in the premiums for critical care policies. Each of them have their own advantages and disadvantages, each of which is clearly spelled out. It gives you a broad idea on the illnesses covered should you decide to take a policy of this nature.

There are various options that can be applied to each policy of critical care. This can be based on the premiums paid, the waivers involved and further complication of medical cases. You will also be explained to that policies can be flexible to a certain extent. Understanding your policy well is what will help you get the best out of it. As with any such policies there are certain conditions or criteria that need to be fulfilled in the event of a claim. The FAQs will explain you the conditions under which you cannot file a claim. Choosing a critical care plan for a large variety of illnesses is simple enough. There are several that pride themselves at having the largest roster of illnesses.

Simple advantages of critical care policies like the addition of a spouse is an added advantage. You will also understand the application of rated premium and the circumstances under which your premium can be hiked. You can also consider adding term life insurance to your policies, where there will be a payout to your beneficiary in the eventuality of your death in a specified period. You can also consider taking out life insurance in addition as this will provide added benefits to your dependents.

The FAQs will tell you in detail about the underwriting process. This is the stage at which you write out your application to a provider. You have to do this with a great attention to detail. You also have to be truthful about all ailment related questions.

Critical care policies are well-rounded ones that ensure you don’t shoulder too much of a financial burden when faced with an illness. Choosing the right policy will take a certain amount of planning and thought. But once you have it in place, you can be rest assured that you and the family are well taken care of.