The Importance of Having Critical Insurance
Critical illness insurance covers medical emergencies such a heart attack, stroke, or cancer and pay out cash to help cover overruns where ordinary health insurance may fall short.
What is Critical Illness Insurance?
Critical illness insurance is a type of insurance that covers you should you fall seriously ill or injured unexpectedly. It offers protection for various medical emergencies, such as stroke, heart attack, and cancer. Since these conditions frequently result in a high medical cost, traditional health insurance may not cover them. With critical illness insurance, you will receive a payout to help cover out-of-pocket expenses resulting from the treatment of a severe illness. It will help in reducing the financial burden of ongoing treatments and other recovery-related costs of the patient.
Most people believe that life insurance will cover their family’s needs if they die suddenly, but suffering from a critical illness or long-term disability can be just as financially devastating. If you have dependents who rely on your income, you might want to consider getting critical illness insurance.
Key points
- Critical illness insurance protects you against the financial burden of serious illnesses.
- With critical illness insurance, you will receive a payout to help cover out-of-pocket expenses resulting from the treatment of a severe illness.
- One of the major benefits of critical illness insurance is that you can fully recover without having to worry about the consequences of being unable to work.
What Conditions Does Critical Illness Insurance Cover?
The medical conditions that critical illness insurance cover varies from one policy to another and between insurance companies. Some insurance companies include 30 ailments. Others may include more than 60 ailments.
Below are some of the major ailments covered under most policies:
- Heart attack
- Stroke
- Cancer
- Paralysis
- Major organ transplantation
- Primary pulmonary arterial hypertension
- Aorta graft surgery
- Alzheimer’s disease
- Benign brain tumour
- End-stage liver disease
- Multiple sclerosis.
It is important to remember that even if your illness is on the list, the severity or permanency of the condition determines whether or not you get a payout. For example, some insurers won’t cover certain forms of cancer since they are easily treatable, thus not seen as a significant threat. Some insurers won’t pay a claim for cancer until it has reached a specific stage as well.
What Are the Benefits of Critical Illness Insurance?
Critical illness insurance offers several important benefits. Financial stability can be ensured if you suffer from severe health conditions. Sudden illnesses like cancer, heart diseases, and organ failure can lead to high medical costs. This insurance protects against such financial burdens.
Financial Security
A lump sum payout is provided upon diagnosis of a covered illness. This payment can be used for various expenses, such as medical bills, home modifications, or everyday living costs. With Cigna’s policy, tailored solutions are offered to meet individual needs.
Peace of Mind
Knowing you’re covered by critical illness insurance brings peace of mind. You can focus on recovery without worrying about finances. Cigna covers a wide array of serious diseases, including neurological disorders and major surgeries.
Coverage for a Range of Illnesses
Critical illness insurance covers a range of serious health conditions. Cigna’s policies include cancer, heart conditions, and organ failure. With extensive protection, you can feel secure.
Tailored Solutions for Residents in Thailand
Cigna offers policies that are specifically designed for residents in Thailand. These plans ensure financial support during challenging times. Tailored solutions are available to meet your specific needs.
“Each health insurance policy has different coverage, which may or may not cover treatments for serious illnesses. Critical illness insurance will provide you with a lump sum payment to cover your expenses.”
Why Is Critical Illness Insurance Important?
Critical illness insurance ensures you remain financially stable during severe health conditions. Cancer, heart diseases, and organ failure have substantial costs. Policies from Cigna offer a lump sum payout upon diagnosis, which covers medical bills and home modifications.
Financial worries should not impede your recovery. Cigna’s plans are tailored to your needs, giving you peace of mind. Focus on your recovery without the burden of financial stress. Extensive coverage is provided for a range of serious illnesses, including neurological disorders and major surgeries.
Rehabilitation and counselling services from Cigna aid your emotional and physical recovery. This thorough protection ensures you receive full assistance during challenging times. Residents in Thailand benefit from specific solutions designed to address their unique needs.
One of the most important aspects of critical illness insurance is that the funds can be used for a number of purposes, including:
-
- To cover the cost of essential medical care that would sometimes not be available.
- To cover treatments that aren’t covered by a regular insurance policy.
- To cover everyday living costs, allowing chronically ill patients to devote their time and energy to getting better rather than struggling to pay their bills.
- Transportation costs such as travelling to care facilities, redesigning cars to transport motorbikes or wheelchairs and installing lifts in homes for chronically ill patients who are unable to climb staircases.
- The funds may be used to take a holiday with friends or family for terminally ill patients or others who simply need a relaxing place to recover.
If you can’t afford the costs of daily life and medical bills without assistance, critical illness insurance is a must.
Do I Need Critical Illness Insurance?
As mentioned before, most traditional health insurance won’t cover the treatment costs of severe illnesses. Besides, it will not replace your income if you got sick unexpectedly and you cannot work because of long-term illness or disability.
You should definitely consider getting critical illness insurance if:
- You don’t have enough savings to pay for living expenses and medical costs if you become seriously ill or disabled.
- Your employer doesn’t provide an employee benefit to cover a long time off work due to illness.
How Much Sum Insured Should I Take?
In determining how much sum insured to take, three factors are typically considered – income, medical costs, and existing coverage. This ensures appropriate coverage for your needs, particularly in Thailand, where healthcare expenses may vary.
Income Protection
Calculating the sum insured begins with income. A common recommendation is to cover 2 to 5 years of annual income. This period allows recovery without financial strain.
Medical Costs
Consider expected medical costs for critical illnesses. For instance, in Thailand, treatment for cancer or heart diseases, which are covered by Cigna, can be expensive. Research shows that costs can range from THB 100,000 to several million per year.
Existing Insurance Coverage
Evaluate any existing insurance policies. If you already have some coverage through another health plan, ensure that Cigna’s critical illness insurance complements these policies for thorough protection.