Insurance is a topic that is never getting off from the global health conversation any time soon. Considering the rising cases of new infectious and critical diseases, it is certain that healthcare stakeholders and other institutions such as the government will continue championing health care plans with insurance topping the list.
Over time the insurance industry has witnessed a growth in several bands. New methods are now available, including the specified disease insurance covers to combat critical illnesses such as cancer.
Talking of catastrophic diseases, many will not understand the benefits insurance has brought towards supporting the world’s quest to eradicate such conditions as stroke and heart attacks, among others.
Ordinarily, a standard conventional insurance cover is enough for most people who take note of protecting their health and that of their loved ones. Many have no idea if such healthcare plans as critical illness insurance exist, and vigorous awareness campaigns are needed.
Though any traditional insurance cover can help to a given extent treat acute diseases, the fact remains the cost is too high to be covered by such plans. For this reason, the healthcare industry came up with such a unique strategy to exorbitantly help patients with this complication effectively cover for their cost of treatment.
Specified Disease Insurance 101
Old age is admired by many Americans even as life expectancy continues to increase. However, it is not easy considering the inflation of medical care and the rise of terrible diseases, impacting the old population and even the younger generation.
As such, the insurance industry is continually coming up with ways to help people afford quality healthcare and later the privilege of getting to the much desired older age.
It was in the year 1996 when health practitioners and the public, in general, acknowledged how treating diseases such as stroke left the patients with unbearable bills to pay when they decided to develop the catastrophic illnesses insurance plan.
Some advisors still claim that no amount of insurance cover could completely deal with the enormous financial burden after treating a critical condition. TO some extent, this is true, but the fact is this type of insurance has helped patients immensely.
What can a Critical Illness Insurance Do?
Unlike conventional insurance covers, critical disease insurance can cover a range of expenses, including those indirectly related to treatment. For instance, the transport money for patients travels from home to hospitals every time they go for treatment and get catered for by the insurance plan.
Other expenses, such as food and childcare, are also part of the program. However, just like any insurance cover, there is a limit on how much one can get in coverage to treat a particular disease; the limits could vary from a few dollars to over a hundred dollars.
Some of the factors that would determine what a given person gets include the sex of the person, age, family medical history, and health of the insured.
Exceptions to Catastrophic Illness Insurance
Though this healthcare plan covers a range of critical complications, there are other types of diseases that critical illness insurance cannot cover. Not all cancers are eligible for coverage by this type of healthcare plan.
Additionally, the insurance on many occasions does not cover costs incurred in dealing with chronic diseases. It is also essential not that when one suffers the same critical illness, for example, stroke, they will not get coverage from the catastrophic illness insurance for the second time.
In some cases, the insurance plan seizes to protect a person once they have reached a given age. It is essential to understand the terms and conditions set for such insurance covers before purchasing them.
Importance of this Insurance Plan
Today companies acknowledge the benefits of adding this insurance plan to their healthcare plans. Many employers recognize how burdensome it is to always pay for medical bills through out-of-pocket funds and have opted to introduce critical illnesses insurance to employees.
As much as it is helpful to the workers, the company also saves on health plans because the employees are the cost bearers. Some of the ways this type of insurance have proven helpful include.
- Sorting out medical bills for extensive and critical medical treatment.
- It covers all sorts of transportation linked to the treatment schedule. Some patients will have to retrofit their cars and provide ease in movement. All this is catered for by the insurance cover.
- All the daily living expenses are taken care of by the insurance cover to allow them to focus their strength and mind towards getting healed.
- Recuperating patients can use funds from the cover to go on a vacation with family to a restful place that would hasten their recovery.
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