Anyone can have a medical emergency at any time. A valid health cover plan comes to your rescue during such times. The lack of a proper exercise regime leads to lifestyle diseases and the ensuing medical costs pose a great threat as the amount of money required for treating these diseases is exorbitant. At a time when someone in your family needs immediate treatment, your financial burden is reduced by Critical Illness plans, so that you can provide the best healthcare facilities to safeguard your family patient.
What do you understand by a Critical Illness Plan?
Critical illness plans are made available by different companies to cover the cost of all major life-threatening diseases that are already listed in the policy. The cost of medical care and treatment of some critical diseases like Cancer, Open heart surgery, Kidney failure and many more is pretty high and may deplete all your savings within no time.
Benefits of buying a Critical Illness Plan:
Everyone wants the best health treatment, but sometimes you might have to compromise because of financial issues. To avoid such a situation in future, you need to act in the present and take wise decisions in favour of your loved ones. Besides covering the cost of the treatment, an ideal critical illness plan also covers the counselling costs. The costs incurred during the treatment are also covered and the claims are cleared quickly. Some companies provide easy EMI options for payment of high premium and round the clock support is ensured for any assistance that may be required. Cashless claim facility proves very helpful in emergencies.
Unlike a normal health policy which requires mandatory hospitalization for at least 24 hours before you become eligible for an insurance claim, the insurance amount is released whenever the disease is diagnosed if you have a critical illness plan. This amount is handy for further use.
Things to keep in mind while buying a Critical Care plan?
A Critical care plan should be chosen wisely keeping all pros and cons in mind so that you are stress-free at the crucial time. Make sure you check out these important points before finalizing a plan.
- Customized plans – You should assess your healthcare needs carefully before selecting a critical care plan. Life-threatening diseases often require long term treatment. Depending on the particular disease or ailment, go for the plan that will be beneficial for you in the long run.
- Check whether the specific illness is included in the plan. This is necessary to avoid any confusion or inconvenience later. Do a little research, shortlist a few plans that seem to fit your requirement and compare them keeping in mind your specific needs.
- Sum Insured – The sum insured should be proportionate to the estimated cost of treatment.
- Waiting period – As a rule, an insurance claim cannot be made immediately after buying a policy. You have to wait for some time before you can ask for a claim. Choose a policy that has a short waiting period so that your insurance starts quickly.
- Standalone Critical Illness –Although life-threatening diseases are generally covered under any kind of health insurance, it is advisable to go for a Standalone critical illness plan as the coverage amount is considerably higher in critical illness plans. You may have to shell out a higher premium, but it is worth buying as the treatment cost of these diseases is huge and your savings are used up very quickly
- Sub Limits – Critical illness plans have certain sub-limits that should be understood clearly. Read the insurance document carefully before finalizing.
- Renewability age – Ask about the renewability age of your policy. Is it valid lifelong or is there an age limit? The plan that offers coverage for a longer time will be more beneficial for you.
- Additional Benefits – There are critical illness plans that are accompanied by other benefits like accidental death coverage and settlement of a claim in a single day.
- Claim Settlement Ratio – While selecting an insurance provider, don’t forget to check data regarding its claim settlement ratio.
Care Health Insurance is a reputed brand name that offers critical Illness plans to suit every need. Besides taking care of the basic treatment cost they provide additional benefits such as organ donor cover and the cost of an alternate treatment if required. You must have noticed that the cost of treatment is sky-high. Buying for a critical illness plan well in advance for your family is a foolproof method of safeguarding your future against unforeseen medical issues. However much you save, it may not be enough to cover the required medical costs. Remember, your life is precious and deserves all the time and attention that may be needed at all times.Therefore buy a Critical insurance plan today and be prepared for any eventuality.