Critical Illness Insurance Policies
Health care already is expensive and, due to recent changes as a result of the Affordable Care Act, it seems to still get more costly in certain circumstances. When a critical illness strikes, the costs can skyrocket and this is exactly why critical illness insurance was created.
Many employers still provide some form of health care to their employees. Employers often also make available additional coverage for critical illnesses, which is then added to the existing health insurance policy. Costs do vary, so it would be wise for any employee to enquire with his or her benefits administrator or human resources person to be informed regarding the types of coverage available and the respective costs of each.
Critical illness insurance is tailor made for people who are facing costly illnesses and who may need expensive treatment regimens. Those who are challenged by such things as an organ transplant and/or Kidney failure would be prime candidates as would be people suffering from paralysis, brain damage, cancer, or a stroke.
If one is covered by this kind of insurance for critical illness and is diagnosed with such a critical illness, normally he or she will receive a lump sum payment benefit. Normally one would not be working during such an illness, so the payout would be utilized to help pay for living expenses and any medical bills not normally covered. Some of these policies pay the providers directly while others offer extras such as travel expenses and accommodations that are necessary for a patient undergoing treatment.
This insurance can be bought as critical insurance coverage only or it can be combined with life insurance and there is even coverage available for mortgage protection.
Having a critical illness policy through your employer provides a myriad of benefits. A big plus is the protection one can be afforded from ever having to go into bankruptcy. If one obtains a plan that offers mortgage protection, one can feel the peace of mind in knowing that the mortgage would be paid and his or home is protected.
Speak with your employer today to discover the types of plans that would best benefit you in the event of a critical illness.