Critical illness insurance affects those who have cancer, have experienced a heart attack, a stroke, or any other debilitating health issues. Critical illness insurance can protect the insurance holder from financial ruin. A common misconception is that standard health insurance provides full protection. However, the expense of treating life-threatening illness can pile up, and normally exceed what standard health insurance will cover. Today we’ll discuss more details about critical illness insurance, who should consider purchasing it, and its benefits.
The Primary Points
- This type of insurance provides additional coverage for medical emergencies such as heart attacks, strokes, or cancer
- If traditional healthcare falls short, these policies pay out cash to help offset the greater-than-average medical costs
- These policies are relatively affordable but only cover a few emergencies or illnesses
Background Information on Critical Illness Insurance
The life expectancy in the U.S., on average, is 78 years. Backtrack to 50 years ago and the expectancy was 70 years. What this means is that people are living longer. With this being the case, insurance brokers are trying to ensure that Americans can afford the privilege of getting older. In 1996, critical illness insurance came to be because people realized that people with a stroke or who survived a heart attack swam in medical bills. Just one medical illness is enough to cause a financial burden. Other treatments that qualify for this type of insurance include organ transplants and coronary bypass.
The Benefits to Critical Illness Insurance
By now, it’s apparent that critical illness insurance takes care of outstanding medical bills. However, there are many other reasons why this type of health insurance is appealing. These reasons include:
- This type of health insurance covers what traditional health insurance won’t e.g., bills
- Having access to a few thousand dollars to 100,000 when needed
- Transportation expense coverage
- Using payouts to modify a home, e.g., stairlifts, wheelchair lifts, etc.
- Some terminally ill people decide to use the payouts to recuperate on vacation with family and friends.
Who Needs Critical Illness Insurance?
In a nutshell, critical illness insurance will benefit you if:
- You’re terminally ill
- You’re terminally ill, and working has become too much of a burden
- You’re terminally ill, and medical bills have become increasingly difficult to pay off
- You’re an employer who wants to ensure that your employees have access to a wide variety of benefits
- If disability insurance isn’t the best solution for you because returning to work isn’t a possibility
Partner with Malden Solutions Today
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.