Health insurance is such a crucial financial tool. You need to be equipped with adequate health insurance plans because life is so unpredictable. You never know when a medical emergency may arise and turn your finances upside down.
Having a sufficient sum insured helps you tackle the massive medical expenses but general health insurance policies do not cover critical illnesses. Don’t fret though. You can purchase critical illness riders to protect your family and yourself from those unforeseen circumstances.
What are considered critical illnesses?
Critical illnesses come in many varieties. They can be problems that develop over time due to changes in habits and lifestyle. They can also be underlying health issues that develop due to your habits and lifestyle such as:
1. Smoking
One of the primary information you need to furnish for your insurance provider is if you are a smoker. Smoking can greatly affect your health in the long run and you may develop several types of chronic illnesses as you age.
You may develop critical health issues related to the lungs and esophagus if you have a history of smoking. You may require emergency surgery or severe treatments for diseases such as bronchitis, lung cancer, gastroenteritis, or even organ transplant to heal yourself of the repercussions of smoking.
2. Consumption of alcohol
Another lifestyle choice that may negatively impact your health is the consumption of alcohol. It can lead to liver failure or other kidney-related diseases. It can also cause problems with your kidneys and heart.
Heart attack, kidney failure, liver disease, etc. are some of the critical illnesses that you may develop if you consume a lot of alcohol.
3. Consumption of fatty foods
Fatty consumables such as fast foods, oily delicacies, etc. can cause congestion in your arteries. These are the primary causes of strokes, heart attacks, Pulmonary Arterial Hypertension, and other major health problems. All of these are considered critical illnesses since the treatment can be quite severe and costly.
There are also other illnesses that are classified critical such as cancers, tumors, paralysis, Parkinson’s disease, Multiple Sclerosis, Alzheimer’s Disease, and pulmonary heart diseases that may develop despite leading healthy lifestyles.
Why is critical illness insurance so important?
Critical illness coverage with your health insurance plans should be a priority in this day and age. No matter how much you try, the foods are no longer as nutritious, you may be reliant on dining out more often due to busy lifestyles, and the atmosphere can lead to critical illnesses as well.
Here are some of the major benefits of having critical illness coverage with health insurance plans:
1. Saves money in the long run
The costs of treatment for critical illnesses can be astronomical. Even with good investments and financial planning, the bills rolling in for the diagnostics, hospitalisation, and pre and post-hospitalisation care can leave your bank account drained.
Investing in critical illness insurance provides an extra coating of protection for you and your family. If you develop any issues pertaining to critical disorders and ailments, you can seek medical attention immediately without having to raise funds or wait for the right time.
Furthermore, over the years, you may pay a little extra premium but the amount of money you save in the long run on hospital bills, more than makes up for the expenses.
2. Preparing for medical emergencies
Some critical illnesses such as heart attacks, strokes, paralysis, etc. do not give you time to prepare. You will need to seek immediate medical attention and your basic health insurance plans may not suffice.
Having adequate critical illness coverage will help you pay for these emergency medical procedures so you can have a second chance at living a long and healthy life.
3. Small price to pay for unhealthy lifestyles
If you frequently smoke, drink, consume fatty foods, or partake in any of the unhealthy life choices, you need critical illness coverage for protection. It may not be a choice. You may have to eat frozen dinners or fast foods or eat out frequently at business dinners lunches, or social gatherings.
Additionally, these days dealing with one medical condition could result in another as a by-product of pharmaceuticals, increasing levels of pollution, etc. Even if you do your best ti live a healthy life, the circumstances around you may not allow it.
Critical illness coverage provides that extra layer of protection. That way, if you do succumb to the consequences of an unhealthy lifestyle, you can get the necessary treatments without having to pay massive medical bills.
4. Hereditary health issues
Sometimes, you may have genetic health issues that develop with age, no matter how careful a life you live. These critical illnesses sneak up on you even though you expect it and the treatments can cost you a monumental amount of money.
Critical illness insurance along with your basic health insurance plans helps you prepare for these expected circumstances.
Critical illnesses are hardly predictable. A small bump on your head can result in a brain tumour or excessive exercise to live healthily can cause a heart attack. It is best to be prepared for the worst-case scenario rather than be caught unprepared at a time of medical emergency.
Conclusion
Critical illnesses such as heart disease, stroke, paralysis, etc. tend to sneak up when you least expect it. They may also be a cause of underlying, dormant health problems. It is crucial to be prepared for such illnesses from the start, so you don’t end up paying huge sums of money from your pocket or incurring massive loans in cases of emergencies.
FAQ
Can I add critical illness coverage to my existing health insurance plans?
Yes. If you already have a health insurance policy, you can speak to your insurance provider about adding the critical illness insurance rider. You will need to pay an additional premium for the same in the running tenure and you can renew your health insurance plans with the rider in the future.
Does my premium increase for critical illness coverage?
Yes. Critical illness insurance must be added as a rider to your health insurance plan. Your basic premium amount covers the policy for your sum insured. In order to add riders to your health insurance plans, you will need to pay an additional premium. However, given the expenses associated with the diagnosis and treatment of critical illnesses, a higher rate of premium is a bargain.
Will critical illness insurance pay for Organ transplants?
It depends on the type of health insurance plan or critical illness insurance rider that you select. Usually, paying for organ transplants is one of the many benefits of critical illness insurance.
Can I get critical illness insurance after being diagnosed with one?
Sadly, no. You must have critical illness coverage beforehand. The policy will help pay for the treatments of your critical illness if you are equipped with the health insurance plans’ rider already and then get diagnosed with the problem.
Are cancers and tumours considered critical illnesses?
Yes. Cancers and benign tumours are critical illnesses and if you have critical illness insurance, your policy will help pay for the diagnosis and treatments.
Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.
Disclaimer: This is a syndicated feed. The article is not edited by the FPJ editorial team.
