Critical illness is a form of insurance that serves to offer financial support and protection to individuals who are diagnosed with a serious health condition. Like many other forms of insurance, critical illness is an excellent measure of financial protection when you are faced with an inability to work. As you consider which forms of insurance are the right fit for your plan, consider these four benefits of investing in critical illness insurance for your family.
You are Investing in Coverage for Health Insurance Expenses
One of the many ways in which critical illness insurance can offer you and your family financial support is by covering deductibles, copays, and additional out-of-pocket expenses for your care. As deductibles and out-of-pocket costs seem to be increasing, critical illness insurance can make a significant difference for your coverage.
You are Investing in Coverage Beyond Health Insurance
For additional expenses that are not covered by health insurance, such as travel for treatments, critical illness insurance can assist you. Even with an excellent health insurance plan, your coverage may not extend to additional expenses required for your treatment. If your doctor recommends a treatment option that is further away, it is important to have coverage for any necessary accommodations.
You are Investing in a Form of Income Protection
Income protection is an especially crucial form of coverage offered by critical illness insurance. Mainly if an individual is self-employed, the financial coverage provided by critical illness insurance can significantly lessen the effects of absences from work. This advantage may also allow individuals with a critical illness or recovery period to have more flexibility with their time and schedules as needed for treatment.
You are Investing in a Type of Mortgage Protection
Similar to the investment of life insurance, critical illness insurance may also help to financially cover mortgage payments so that you can keep your expenses on track during treatments. This is just one of the many ways that critical illness insurance can cover a variety of financial needs during treatment or recovery that exceed the coverage of health insurance.
Partner with Malden Solutions Today
Malden Solutions has a wealth of expertise 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, Google+, and Linkedin.