Critical illness, as the name suggests, is any illness or health issue that is life-threatening. The treatment costs of various critical illnesses, which includes cancer, kidney failure, heart issues, brain damage, nervous system issues and major organ failures can cost a huge chunk of money. It can be overwhelming for many to manage exorbitant medical expenses arising out of critical illness. However, with health insurance, you can effectively manage your financial well-being and focus completely on recovering from the illness.
Significance of critical illness health insurance plans
Many health insurance plans, including individual and family health insurance, indemnify the actual expenses incurred on hospitalisation due to critical illnesses. Some medical insurance plans also extend coverage for organ transplantation as well. But will such basic coverage be enough to cover the hefty medical bills due to life-threatening critical illnesses?
Let us just take a look at some research insights.
According to the Indian Council of Medical Research (ICMR), cancer has become one of the major reasons for the death of people in India, with 2.69 crore fatalities in 2021. It is projected to rise in the coming years. In a similar study done by Global Burden of Disease Research, fatalities in India due to heart diseases and stroke touched 2.5 million in 2019. This is not to instill fear, but to point out an increasing trend in the rise of serious critical illnesses in the country.
The treatment of critical illnesses will usually be lengthy and costly. With medical inflation soaring, it is hard to manage medical expenses without a dedicated Critical Illness Health Insurance plan. Unlike a regular health insurance policy which indemnifies the incurred medical expenses, a critical illness policy provides a lump sum in the event of diagnosing with any listed critical illness. Moreover, some basic health insurance plans do not cover some critical illnesses as they may come under the ambit of waiting periods. However, critical illness plans offer coverage for all the illnesses mentioned under them if the insured person is diagnosed with them.
It is imperative to choose critical illness cover in addition to having a basic health insurance policy to secure your future and financial stability.
Here are some key reasons why you should opt for a critical illness cover:
Covers Life-Threatening Illnesses
Critical illness health insurance plans are exclusively designed to offer coverage for major life-threatening critical illnesses. Some examples include brain tumour, stroke, cancer, kidney failure, open heart surgery, Alzheimer’s disease, third-degree burns and many more. These are illnesses that require a long time to treat, and the expenses will be exorbitant. In such tough times, a critical illness plan extends necessary financial support by providing a lump sum on the diagnosis of the listed critical illness.
Lump Sum Benefit
One of the major perks of critical illness plans is that many of them provide coverage in the form of a lump sum. Life-threatening health situations can shatter one’s financial stability and hinder their earnings during the treatment phase. Considering this, critical illness insurance offers a lump sum cover on the diagnosis of the listed critical illness under the policy. This can be used for medical treatments and other expenses. It will also supplement people’s loss of income during their tough times.
Additional Support
In the current rate of medical inflation, having a separate critical illness plan ensures a firm layer of financial protection over and above your basic health insurance coverage. You can couple the benefits of both health insurance plans. You can use the basic medical insurance policy to cover the incurred treatment expenses due to critical illness (if it does not have or already passed the waiting period). Simultaneously, you can avail yourself of the lump sum cover from your critical illness plan and use it to cover your overall expenses.
Affordable Premium
As against the common misconception that the premium of critical illness health insurance plans is costly, you can avail one at an affordable premium, thanks to the flexibility the insurers offer and the regulations by IRDAI. You can opt for critical illness coverage either as an optional cover or rider to your existing basic health insurance plan or as a separate plan. Research thoroughly and compare various plans before opting for one to avail this at an affordable premium. Moreover, the premium paid towards a critical illness health insurance plan can be exempted from income tax as per Section 80D of the Income Tax Act, 1961.
To address the needs of people diagnosed with life-threatening critical illnesses, Star Health and Allied Insurance offers a specially curated health plan named Star Critical Illness Multipay Insurance Policy. It provides wide coverage against a list of thirty-seven major critical illnesses including brain tumour, stroke, cancer, kidney diseases, etc., grouped under four categories.
Ensuring optimal coverage during these challenging times is paramount. While basic health insurance plans protect you and your family from unforeseen medical emergencies and other health issues, you need dedicated coverage to tackle the humongous expenses arising out of critical illnesses.
This is a Partnered Post.
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