Choosing the Right Critical Illness Policy
You never know when the unexpected can happen. That’s where critical illness insurance comes in. By understanding what it is and what it covers, you can help provide financial protection for yourself and your loved ones, in the event of a future emergency or illness.
What is Critical Illness Insurance?
Critical illness insurance is an insurance policy that operates under a state’s Insurance Department. It can help provide supplemental insurance benefits for medical emergencies like heart attack, stroke, organ transplants, cancer, or coronary bypass.3 Additionally, its benefits help pay for non-medical related costs, including transportation, child care, etc.3
Since these emergencies or illnesses often have high medical costs and require extensive medical care, some policies have a lump sum benefit to help cover costs where traditional health insurance might not.3
This is when choosing the right critical illness policy becomes important.
Choosing the Right Insurance Policy
Since there are numerous critical illness policies to choose from, you’ll want to carefully review each one to determine which is most suitable for you and your loved ones.
Fortunately, the costs of these policies are typically low.3 However, coverage limits can vary, and not everything you’re looking for may be offered. Therefore, it’s important to discuss your options and any questions you may have with your insurance company or a licensed insurance agent.
It’s important to note that pre-existing conditions generally aren’t covered, and medical underwriting is used to determine an applicant’s eligibility for coverage.3
Furthermore, premiums are based on the benefit amount and the age of the applicant.1
Why Get Critical Illness Insurance?
Ultimately, having a critical illness insurance policy can help alleviate some of the worry associated with medical costs. Also, it provides flexibility, as the money paid out can typically be used as you wish, to cover a wide range of needs.3
As with any type of insurance, there can be drawbacks as well, so it’s beneficial to discuss your needs with your insurance company or a licensed insurance agent before making a final decision.
It is important to note critical illness insurance cannot be a substitute or alternative to comprehensive major medical coverage, such as an ACA policy.
Would your major medical plan cover all your expenses if you became critically ill?
Critical Illness insurance can help cover unpaid medical bills, travel expenses, lost income and more.
1 healthinsurance.org, Critical Illness Plan, 2020
2 healthinsurance.org, FAQs, 2018
3 investopedia.com, Critical Illness Insurance: What Is It and Who Needs It?, 2019
The purpose of this communication is the solicitation of insurance. United American Insurance Company is not connected with, endorsed by, or sponsored by the U.S. government, federal Medicare program, Social Security Administration, or the Department of Health and Human Services. Policies and benefits may vary by state and have some limitations and exclusions. Individual Medicare Supplement insurance policy forms MSA10, MSB10, MSC10, MSD10, MSF10, MSHDF10, MSG10, MSHDG, MSK06R, MSL06R, MSN10 and in WI, MC4810 and MC4810HD, MC4810HDG are available from our Company where state-approved. Some states require these plans be available to persons under age 65 eligible for Medicare due to disability or End Stage Renal disease (ESRD). You may be contacted by an agent or producer representing United American Insurance Company, PO Box 8080, McKinney, TX 75070-8080. OUTLINE OF COVERAGE PROVIDED UPON REQUEST.
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