The healthcare industry and voluntary insurance industry can be incredibly confusing for both employers and employees. Unfortunately, this leads to many people missing out on policies that would be a great help in their situation and provide them with much-needed security in the event that an accident or surprise occurs. Critical illness insurance is one of the most misunderstood policies. What are some of the most commonly believed myths about critical illness insurance?
Only Older People Need Critical Illness Insurance
This is one of the most common myths about critical illness insurance, and it leaves many younger people exposed to serious financial distress in the event that they develop a covered disease or condition. Just like people of every age should maintain an active health insurance policy, everyone should also consider a critical illness insurance policy.
You Don’t Need Critical Illness Insurance If You Have Health Insurance
Another common misconception about this insurance is that you do not need it if you already have coverage through a health insurance policy. In reality, critical illness insurance works differently. Your health insurance coverage will take care of things like hospital expenses, doctor’s appointments, and more. However, it cannot take care of your co-pays, missed wages, or other expenses that you might incur due to your diagnosis. This insurance provides you with a lump sum cash payment after your diagnosis that you can use to cover any expenses that you have.
Critical Illness Insurance Covers Pre-Existing Illness
Unfortunately, critical illness insurance policies are designed to cover a set list of diseases and diagnoses. As a result, you cannot purchase a policy after getting your diagnosis of a critical illness that is covered to receive a payment. However, depending on the policy that you choose, you can still be eligible for coverage even if you have a pre-existing condition. You may be expected to pay increased premiums or have a certain waiting period before your coverage will begin. It is always worth exploring your options!
Find the Right Critical Illness Insurance Solutions for Your Needs
Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter, Facebook, and Linkedin.