Critical illness plans, critical care, cancer plans – call them what you will. Because while they clearly go by many names, the financial protection they provide when dealing with a life-threatening disease or serious illness is undeniably universal. Still, there seems to be a great deal of confusion when it comes to understanding what it entails. In this article we will take a closer look at Critical Illness plans while answering some of the most common questions.
Critical Illness Insurance, at a Glance
Critical illness coverage, or a critical illness plan, is a unique type of supplemental health insurance that provides cash benefits after being are diagnosed with a serious or life-threatening disease, such as cancer, stroke, coronary artery disease or heart attack. Unlike most conventional health insurance policies, a Critical Illness Plan sends the money directly to you – not the hospital or medical facility.
Because these plans are designed to help cover your expenses while recovering, the cash you receive can be used in any way that you decide. This can include day-to-day expenses incurred during your recovery, mortgage payments, rent, utilities, car payments, groceries, child care, tuition and more. In cases where a person's employer does not pay for their time off work, Critical Illness insurance can help make up for lost income wages. If you or someone you know has been through a serious illness, you know that it is incredibly important to minimize stress during recovery. Critical illness plans provide more than just a cash benefit; they provide the peace of mind you need to get well and on with your life.
As with any new health insurance policy, it is understandable that there will always be questions. Let's review some of the most frequently asked questions, while addressing a few of the most common misconceptions about cancer plans and critical illness coverage.
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