What Is Critical Illness Insurance, and Do You Need It?

malden solutions critical illness insurance

Critical illness insurance can help you when serious injuries or illnesses strike.

Medical expenses are higher than ever for many families, and they can be overwhelming in the wake of severe illness. Unfortunately, even if someone has a health insurance policy, they may be dealing with insurmountable bills. When you are sick, the only thing you should focus on is healing, not worrying about invoices. Critical illness insurance is one way to help protect you and your family against the unwanted financial impact of unexpected illness.

What Is Critical Illness Insurance?

Critical illness insurance is a type of benefit that can provide you with the money you need to cover the expenses associated with treating a specific list of serious illnesses. It is designed to supplement your existing health insurance and provide you with the money necessary to pay for a variety of things, whether it is everyday living expenses while you cannot work or the cost of medication that is not covered by your insurance. 

What Does Critical Illness Insurance Cover?

Critical illness insurance is designed to help financially protect you from various situations involving severe illness and the potential for extremely high medical bills. Some of these health incidents include:

  • Cancer
  • Renal failure
  • Major organ transplant
  • Stroke
  • Cardiac arrest
  • Heart attack
  • And more

How Does Critical Illness Insurance Work?

Suppose you take out a critical illness insurance policy with a $30,000 lifetime benefit. A year or two after taking out this policy, you suffer from a heart attack and need to seek medical care. Once you have received your diagnosis, you will submit documentation and receive the $30,000 benefit of your policy. As you complete the rehabilitation process, you will be able to access that money to cover the various expenses that you have. Unlike some other types of insurance, critical illness insurance provides you with cash that can be used as you see fit when you recover.

How Much Coverage Do You Need?

The right amount of coverage is different for everyone, as your living expenses may be higher or lower than someone else’s. In general, it is a good idea to purchase enough coverage so that you can cover your mortgage payment for two years. Because your critical illness insurance pays out as a lump sum, you should also consider what types of things you may need to purchase during the recovery period, as you may be out of work for a while.

We Can Be Your Maryland Health Insurance Broker for Voluntary Benefits

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.

This entry was posted on Wednesday, May 24th, 2023 at 11:57 am. Both comments and pings are currently closed.