A Critical Illness Could Be Financially Devastating
Most of us know someone who has been affected by a critical illness and understands the financial toll that it can take on a household. However, few of us have considered how we would keep our own ships afloat if we were to face a serious illness. Fortunately, critical illness health insurance is available to help you financially through difficult times.
What Is Critical Illness Insurance?
Critical illness insurance, which may also be called critical care insurance or critical illness coverage, pays out a lump-sum, tax-free cash benefit, that can help you take care of any expenses that are associated with a qualifying illness. In addition to helping you pay for health insurance deductibles and copays, this coverage can help you keep your mortgage payments current, pay for groceries, cover utilities, and pay for car payments, etc. Which illnesses qualify for coverage depend widely on the policy, qualifying illnesses generally includes:
- Coma
- Stroke
- Cancer
- Paralysis
- Heart attack
- Angioplasty
- Loss of sight
- Kidney failure
- Loss of hearing
- Loss of speech
- Coronary bypass surgery
- Major organ or heart transplant
Who Needs Critical Illness Insurance?
Different people may choose to purchase critical illness insurance for a variety of reasons. If you’re single or you are the primary breadwinner in a single-income household, you may choose to purchase this type of coverage to ensure that you don’t lose your home or are unable to keep up with bills and household expenses in the event of a major illness. Even if you have a two-income household, you may discover that there are unexpected costs associated with recovering from a major illness, such as necessary alterations to your home or vehicle. Critical illness coverage provides peace of mind that the stress of your major illness won’t be coupled with the stress of financial hardships.
Critical illness policies are not available through the “Marketplace” (Nevada Health Link). They must be purchase outside of Nevada Health link. Your broker can assist you with a Critical Illness policy. You may also be able to get critical illness insurance through your employer. This coverage is not subsidized by your employer, meaning that you’ll pay the full amount, and it is usually offered on a voluntary basis. You may also have the option of adding critical illness coverage as a rider to your existing health insurance policy. Generally speaking, critical illness policies are “stand alone” policies, meaning, they are purchased separately. So, they aren’t attached to any other policy. They are independent of any other coverages you may have. There is great value in these relatively inexpensive plans.
Wondering How Much A Critical Illness Insurance Plan Costs?
Let Nevada Insurance Enrollment Quote You Today!
As with all insurance, the cost of critical illness insurance is largely based on your unique personal factors and how much of a financial risk you are to the insurer. Your health insurance agent can guide you in the process of choosing a plan that is right for you.
Recent Posts
Are Fertility Services Covered by Health Insurance?
Even if you live in a state that requires health insurance coverage for fertility treatments, there may be certain requirements that you have to meet to have services covered. For example, if you have unexplained infertility, you might only qualify for in vitro fertilization after a period of time or a specified number of in-vitro cycles.
Affordable Care Act Pros and Cons: Will It Last?
While a lot of good has come from the law, there have been serious downsides as well, leaving many to wonder whether the ACA will stand the test of time or be repealed and replaced.
What is Covered By Obamacare?
Preventive services are covered under the Affordable Care Act at no cost to the insured. This means there is no co-payment or deductible. There are specific services provided for all adults and specific benefits provided to women and children.
Related Articles:
♦ Have You Recently Lost Medicaid Health Insurance?
♦ What To Do If Your Doctor Leaves Your Health Plan
♦ Health Insurance For Snowbirds
♦ Qualifying Life Event
Read More: Individual & Family Health Insurance
Search This Website
Most Popular Pages
By page visits (this month)
#1) Health Insurance Subsidy Chart
#2) Health Insurance
#3) Health Insurance WITH a Subsidy
#4) Insurance Blog
#5) Request a Quote
Top 5 Most Popular
By page visits (this month)
#1) Health Insurance Subsidy Chart
#2) Health Insurance
#3) Health Insurance WITH a Subsidy
#4) Insurance Blog Posts
#5) Request a Quote
Recent Posts
Telemedicine Benefits
Telemedicine puts healthcare within reach of those who would otherwise have a difficult time visiting a doctor. If you have a severe sinus infection, the last thing you want to do is spend the afternoon in the doctor’s office.
Health Insurance: What is a Single Payer System?
A single-payer health care system is one in which there is one party that collects all healthcare fees and covers all health care costs. In theory, this could reduce medical costs because there would be significantly fewer entities involved in the system, thus cutting down on administrative costs.
What Is A State Based Health Insurance Exchange?
In most cases, when someone is talking about state-based health insurance, they’re referring to a health insurance plan that is regulated by the Department of Insurance in that state. These plans are sold through state health insurance exchanges.
Health Insurance Options For Laid-Off Workers
If you rely on employer-based health insurance and you lose your job, you may wonder what happens if you need medical care before you are able to get new coverage. Fortunately, there is COBRA, a law passed in 1986 gives many workers and their families the right to retain their health insurance even if they quit or lose their jobs.