Many people in
Trinidad and Tobago are not prepared financially when faced with a serious
illness, despite having good medical coverage. When faced with a critical
illness usually your income reduces but your expenses increase significantly.
Expenses in this case not only includes the cost of health care, surgery, medication
and medical consultants but those expenses you had before becoming ill.
Critical illness insurance can help lessen the burden of increased
out-of-pocket expenses so that you can focus on recovery instead of these
expenses.
What is critical
illness insurance?
Evolution in modern
medicine has increased the survival rate for conditions such as cancer, stroke
and other major diseases. Unfortunately, this has not reduced the growing rate
of persons affected by these critical diseases who are usually unprepared
financially for the cost associated with recovery. The purpose of critical illness insurance is to help
supplement the benefits of traditional medical coverage and address the
financial consequences of certain covered conditions.
What conditions
constitute a critical illness?
The conditions that
qualify as a critical illness can vary among insurance carriers, but examples
of what might be covered include:
- Heart attack
- Certain cancers
- Stroke
- Kidney failure
- Alzheimer’s Disease
- Major organ transplant
What expenses does
critical illness insurance cover?
Critical illness
coverage allows you to prioritize the expenses that should be paid first. For instance,
you may decide to pay off your mortgage, medical treatment or clear off a
credit card bill.
How is critical
illness insurance benefit paid?
Most insurance
companies pay a onetime lump sum payment for the full value of the coverage to
the policyholder upon diagnosis of the covered condition.
Should I buy
critical illness insurance?
Everyone knows
someone who has become critically ill a friend, a co- worker or a parent. If you were faced with a similar illness, are
you financially prepared?
Excellent read!
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