Treatment of serious diseases is expensive; success depends on the timeliness and quality of care. Many insurance companies offer programs that, upon diagnosis, will cover the cost of treatment and provide access to the best doctors and clinics. But what are the nuances and exceptions of this type of insurance, how much do they cost, and are they suitable for everyone?
What is Critical Illness Insurance? What does it include?
A traditional critical illness cover, also known as dreaded disease cover, is an insurance product in which the insurance company pays the insured a pre-determined lump sum cash payment if he is diagnosed with a critical illness or undergoes any of the procedures covered by critical illness insurance Edmonton.
Most critical illness insurance programs cover cancer, stroke, myocardial infarction, paralysis, organ transplants, coronary artery bypass grafting, neurosurgery, and other serious illnesses. At the request of the insured, you can choose a policy covering treatment in your country or abroad. In the second case, the cost of the policy will be higher since treatment abroad costs, on average, two to five times higher.
As for the volume of services under the critical illness plan Edmonton, they can be conditionally divided into two types:
- Policies with the payment of a one-time monetary compensation upon diagnosis (within the insurance limit);
- Policies that include payment for necessary assistance when an illness is detected: medical consultations, payment for medicines, tests, treatment, surgery, transportation to a clinic, accommodation in another region or country, visa assistance, psychological services, and repatriation of the body. In addition, during the entire treatment, the insured person is allocated a curator who selects the best therapy option;
- There are also programs that combine both types of coverage.
Why take a Critical Illness Cover?
Critical illness insurance is nothing short of a modern-day superhero. Here’s why…
If you are diagnosed with early-stage cancer, you will face three primary consequences:
- One: Your treatment expenditures are likely to reach a ceiling, and your health insurance (if you have one) may be insufficient to pay them. Furthermore, many health insurance policies expressly exclude coverage for serious conditions. In certain situations, a single therapy procedure might wipe away an entire life’s worth of money.
- Two: The period necessary for recovery may be much longer than your permitted paid absence from work, resulting in a loss of regular earnings. So, at a time when your outflows are increasing dramatically, your income almost stops. This may make it impossible to pay monthly costs such as your mortgage or your child’s education fees or, in the worst-case scenario, even basic necessities. Worse, if you were laid off from your job owing to your sickness, your income is unlikely to resume very soon. A self-employed person may lose his whole business during this period unless he is covered by a critical illness policy.
- Three: Even if you are treated and cured (which is highly possible nowadays due to advances in modern medicine), you may be unable to put in the same working hours or energy into work, impacting your future earnings.
So you survive the painful treatment, then the lengthy recovery time, and ultimately, when you try to resume your life, the financial disaster left behind makes you wish you hadn’t survived at all. This is when your critical illness plan in Edmonton comes into play.
Also Read: The Coverage of Critical Illness Insurance
In a world where health uncertainties can disrupt lives and livelihoods, critical illness insurance emerges as a vital shield against the dual assault of medical crises and financial upheaval. By covering an array of severe conditions, treatments, and recovery needs, this insurance type offers not just monetary relief but a chance for individuals to focus on their health and well-being without the constant burden of economic worries. Embracing critical illness insurance Edmonton is a proactive step toward building a resilient and secure future where health challenges can be faced with confidence and financial stability.