Sunday, July 21

Why You Should Include Critical Illness Insurance in your Health Insurance Portfolio

If you are really interested in ensuring your health expenses, then insurance is the best option for you. There are different types of insurance like maid insurance coverage etc. which will cover your expenses of health and make sure that you do not have to pay 100%. If you’re new to the insurance field, then here are several things which should be known to you. It becomes very easy for you to get financial assistance from an insurance company when it is secured.

We live in a world where nothing and certain and anytime your life can be taken away from you. Looking at the current pandemic, it becomes mandatory to get critical insurance for you. In such cases, any expensive treatments are not completed without paying the required money. Health insurance has become a necessity which cannot be avoided. There are many questions and queries which arise about health insurance. This is because there are different aspects of life which are not covered by Health insurance. As we all know, critics’ health crisis is not far behind us, and we have to be prepared for it. Critical illness cannot be taken lightly, and for it, and insurance is available for you. You can opt for Critical illness Insurance which will make sure that every health crisis is financed by the company. There are certain doubts and queries about should you include this type of health insurance in your portfolio. We would like to state that there are many reasons due to which you must include Critical illness insurance in your portfolio.

First of all, you need to know how does critical illness insurance workIt covers all the major illnesses which a human suffers. This includes heatstroke, Cancer etc. The insurance company will pay a lump sum amount of money which will be for the treatment. It can also be used for expenses related to medical illness like transportation, accommodation etc. Therefore, in this article, we will take a look at four possible reasons you must include Critical Illness Insurance In your health insurance portfolio.

4 Reasons to Include Critical illness Insurance

 The risk of Critical Illness is high

  • If you are not aware of the fact that critical illness is not certain at all, then this one’s for you. You should know that old-age is the most popular age for people opting for health insurance. It is never guaranteed that you will face a major critical illness in your life. There is nothing you can do about this except planning your future by ensuring health safety. In Singapore 30-50 is the ideal time where you must opt for Critical Illness insurance.
  • This is because the chances of getting hit by any major critical illness during this age are high. Under critical illness insurance, almost 37 cases are reported, and it will compensate for the expense. Moreover, this is a major reason why you should have critical illness insurance in your health insurance portfolio.

Limit on the Expense

  • There is no assurance that you will not get hit by an unexpected health emergency. We all know that the hospital claim and medicine for Medicare will not cover the total expense for your treatment. This is a major misconception that these two will cover every health issue and finance the treatment. If you are still in the view that this too will save your life by paying the expense, then it is completely wrong. There is a justified limit on the expenses which will be covered by the Normal Health Insurance.
  • In this case, the therapy is like chemotherapy etcetera will be covered by critical health insurance without any complications. If you want to stay in an upper class which is more than B-class, then health insurance won’t be helpful. In these cases, critical health insurance is the best option for you which will help you to cover all types of expenses and also transportation services if required.

Private hospitals will not cover 100%

  • Private hospitals are great for treatment but not a reliable option when an urgent need for money arises. Private hospital insurance makes sure that the expenses for therapy test and stay is covered for the patient. This means there is no need for the patient to pay the staying expense, test and treatment expenses. If you want to finance the entire treatment of any critical illness, then this insurance is the best for you.
  • It will make sure that you do not have to pay a single penny from your pockets in case of any emergency. Normal hospital insurance will not cover the total expense due to their profit motive. In this case, the medical insurance will make up for the expenses which are not covered by hospital insurance. Therefore, this is also a major reason why critical insurance should be added in your insurance portfolio.

In the case of Critical illness, savings won’t help

  • Even if you are saving for years to meet any health emergency, it is not enough. This is because, at a point in time, your money will not be enough. This is because of the unexpected critical illness which can arise at any point in time. The critical investment will require a high amount of money which is more than the average health expense. It can leave a deep impact on your life if not treated in time. These illnesses can also cost you your life in the worst-case scenario.
  • If your income is not enough to save for health expenses, there is a need for Critical health insurance. You badly need critical insurance for the illness which can be a threat to your life. In this case, Critical Illness insurance is the best option for you to finance any emergency need for money. The treatment, stay, and the test will be covered totally under this insurance. In this way, you will be spared from bearing the burden of heavy expenses.