Lifestyle

Five Benefits of Purchasing Critical Illness Insurance

You never know when you might face a critical illness. At any point, a sickness may strike and change your life forever. Over 795,000 U.S. residents have strokes every year, reports the Centers for Disease Control and Prevention (CDC). According to the Alzheimer’s Association, as many as sixteen million Americans could be living with Alzheimer’s disease by the year 2050. At the moment, more than five million Americans are dealing with Alzheimer’s daily. These are scary statistics, but luckily, there are options that can help you prepare for such scenarios.

Just as scary can be substance abuse. The National Institutes of Health states that 10 percent of Americans will have a drug abuse problem at some point in their lives. 75 percent of them state they never receive any treatment whatsoever for the problem. Those struggling might need to consider Aetna substance abuse providers. They may need help to get better from their difficulties. Critical illness, though, can be a very tough thing to deal with.

You might consider purchasing critical illness insurance, for example. This type of insurance allows the policyholder to receive a lump sum from the insurer should they be diagnosed with a critical medical condition such as a stroke or Alzheimer’s disease. Some of the many benefits that such insurance could provide are that it can

1.) Provide regular income. Your policy can provide regular payments while you undergo medical treatment. This allows you to receive income even if you are unable to work.

2.) Prevent income reduction. Living on a reduced income is difficult. Critical care insurance can provide money to prevent that from happening. This might be a huge benefit to a family who has two working parents or relies on one parent for the family’s financial stability.

3.) Pay for travel-related treatment expenses. If you need treatment and need to travel, critical illness insurance can help to subsidize those costs. You might need to go to another U.S. state or even another country to undergo an operation or other procedure, and such insurance can help you alleviate worries related to the cost of such travel.

4.) Pay for medications. Often times, people can find medication very expensive. Due to the cost of medication, some people are not able to pay for the medications they need and other vital things, such as food, rent, or utilities. Critical care insurance might help defray their costs.

5.) Cover incidental expenses. Should you have to pay more expenses, such insurance can help you remain confident that you can cover them.

As with other types of insurance such as Aetna substance abuse providers, people can purchase different amounts of coverage, depending on their lifestyles and anticipated needs. You will need to be assessed for risk during the underwriting. Your risk level will be determined by things such as your past medical history, family history, smoking status, gender, and age.

You can purchase different amounts of critical illness coverage, from $5,000 to around $1 million. Having such coverage might provide a nice cushion of financial support and peace of mind.

More than 600,000 Americans have critical illness insurance that can provide $11.5 billion of benefits. People are usually worried more about insuring things such as their homes and cars. Yet, they may sometimes forget to take care of their own health.

Today, a family who had private health insurance but lost it may face medical expenses of around $22,000. Even if they have medical insurance, several families have found themselves underinsured and have had to pay many thousands of dollars in out-of-pocket expenses.

Critical care insurance is standard in countries such as Ireland, the United Kingdom, New Zealand, and South Africa. It is gaining acceptance in the United States. Whether you choose to purchase this is completely up to you, but it may allow you to worry less about getting sick.

About the author: Tommy Zimmer is a writer whose work has appeared online and in print. His work covers a variety of topics, including politics, economics, health and wellness, addiction and recovery, and the entertainment industry.

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