No one is exempt from experiencing a serious or sudden illness. According to the Centers for Disease Control and Prevention, more than 795,000 people in the United States have a stroke every year.1 The diagnosis of a critical illness such as stroke, heart attack, or cancer can cause an immediate financial strain on any family.
Health insurance policies don’t always cover all expenses associated with critical illnesses, leaving individuals with the responsibility to pay the difference or entire cost of treatment. Critical illness insurance policies are insurance policies that may be able to reduce the weight of any financial burdens resulting from the diagnosis of a serious illness by providing a cash payout to help cover medical and other expenses after diagnosis.
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.
Critical illness insurance policies provide benefits in addition to any existing major medical coverage you already have. In the event of a heart attack, stroke, cancer, or other serious illness the insured can receive a lump-sum cash or specified payment amount to help manage expenses. The choice on how you’d like to use this assistance is yours. This benefit can assist with covering costs such as:
- Out-of-pocket medical expenses such as co-pays and deductibles that medical insurance may not cover
- Experimental procedures
- Daily living expenses including mortgage or rent payments while you’re recovering
- Transportation expenses, such as traveling to and from treatment facilities, installing in-home ramps, or retrofitting vehicles to carry wheelchairs or scooters
- Other non-medical costs related to the illness
Source:
1. CDC,
Stroke Facts, 2021