Critical Illness Insurance

When a chronic/critical illness strikes unexpectedly, it becomes almost impossible to pay your bills. Critical illness insurance, also called Critical Care Insurance, does not bear your medical bills. Rather, it provides you money to help pay expenses related to a qualifying serious illness. However, you can choose to spend the money on whatever you want.

A typical health insurance plan might cover some health care costs, but the patient often faces other challenges like paying day-to-day expenses while being unable to work. This is when a Critical Illness Insurance plan comes into action. You can use the cash benefits in whatever way you find appropriate, such as for mortgage or rent bills, groceries, prescriptions, treatment by a specialist, out-of-pocket medical costs and transportation.

What is Covered?

Critical illness insurance plans can widely differ. Some may cover a single/specific diagnosis, while others may provide coverage for a wide range of possible diagnoses, such as the following:

  • Blindness
  • Cancer
  • Coma
  • Coronary artery bypass graft
  • Deafness
  • End-stage renal failure
  • Heart attack
  • Loss of hearing
  • Loss of speech
  • Loss of vision
  • Major organ transplant
  • Paralysis
  • Severe Burns
  • Stroke

Critical illness insurance plans allow you to choose the level of coverage that you would like to receive, e.g. between $10k and $100k. The extent of payout for critical conditions depends on the plan you choose.

The Cost of Critical Illness Insurance

Your age and how much coverage you desire determines the cost of a critical illness insurance plan. Typically, you may be required to pay somewhere between $50 and $150 per month.

A Note About Obamacare Requirements

You must note that accident insurance as well as critical illness insurance plans are not major medical health insurance products. This means that these plans do not protect you from federal tax penalties for failing to have health insurance as specified under the Affordable Care Act (ACA). In fact, accident and critical illness coverage plans do not carry the minimum required health benefits that major medical health insurance products have.

Additional Details

You often have to go through a waiting period before critical illness insurance can take effect. You may receive benefits for covered conditions only if they are diagnosed 60 days after you purchased the plan. In addition, some plans may also limit your insurance based on age, e.g. plans may become ineffective after the age of 70.

Find Affordable Critical Illness Plans

Insurance Advisors of Florida can get you the best Critical Insurance Illness plans according to your individual needs, circumstances and budget. Contact one of our licensed agents today to ensure that you are covered for critical illnesses such as a heart attack and cancer.

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