It’s a heavy subject but let’s talk critical illness coverage.
The ones like:
- Heart attack
- Kidney failure
- Organ transplant
… and the others that can disrupt all aspects of your life.
Those lucky to prosper aren’t done with the fight. The operations and treatments associated with these illnesses bring about a new challenge. It’s ruining to those that do no have critical illness coverage.
Haven’t heard of it?
Critical Illness Coverage: What to Know
It’s morbid but smart to think about the possibilities of one’s health. These illnesses and ailments may spring about at any given time. To be caught off guard places you in a literal life and death situation.
CI coverage goes beyond health insurance.
It’s used to cover expenses associated with deductibles, copays, and prescription drugs needed for the treatment of these terrible afflictions.
Let’s take a look at the two important items that come to mind:
How It Works
Health care deductibles from your existing coverage are high. They can be thousands of dollars. These work well for your average conditions but a critical illness can top tens of thousands (even hundreds of thousands) of dollars.
Critical illness coverage goes above-and-beyond. Cash payments range from $10,000 to over a $1 million. This accounts for the treatment and ongoing wellness.
This coverage can be used to support bills which could be troublesome during your outages. Such as the mortgage, car payments, insurance, and utilities.
The up-front payment creates peace of mind. This coverage is not well-known but is available through most health care providers. Just ask.
What It Costs
Okay, so what’s it going to cost?
The rule of thumb is to think of a “2-year” mark. Take what you pay, on average, for the mortgage of your home and other expenses, multiply it by 24 months and you have a rough figure of the amount of coverage you’ll need.
Rates depend on:
- Current health
- Tobacco use (expect to pay double)
Policies through MetLife can be under $30 a month for $15,000 in coverage. Those between 40-60 (without tobacco use) can expect an average of $1,000-$1,700 in annual costs for $50,000 in a lump-sum cash benefit.
In need of benefits over $50,000? That would be something you’d need to talk about with your professional health care providers. Give them a call!
Do You Need Critical Illness Coverage?
This coverage is one that’s not known by many individuals. Yet, our society and its people are living longer, prosperous lives. Advancements in technology and medical science have made surviving major, critical illnesses possible.
Considering that most bankruptcies in the United States are the result of catastrophic medical bills. It makes sense to consider the coverage.
The CI coverage pays a lump-sum toward medical bills if you’re covered by the policy. This payment covers if you make a full recovery. It will continue to pay during if problems arrive in the future.
That alone makes for peace of mind.
Prosperity awaits. We are living longer. We are detecting ailments ahead of time. We’re finding it to be common the older we get.
Wouldn’t it make sense to have coverage in this case?