Critical illness insurance: Key factors to consider while buying a policy

Uncertainties are a part of life, and it is always practical to stay prepared for such times. Hospital bills can be skyrocketing, and health care has become unaffordable for many. For conditions which require highly specialized techniques, taking critical illness insurance will help the patient get the best treatment without agonizing about the finances.

What are critical illness plans
Critical illness plans are specialized health insurance plans that cover a list of life-threatening critical illnesses like heart attack, stroke, cancer, etc. Any severe and long-term illnesses that require expensive medical treatment will be covered under critical illness plans. Most insurers offer coverage of up to 36 critical illnesses in their critical illness plans.

Why should one buy critical illness insurance?
Critical illness plans are a boon to people who may not have enough savings to meet the rising healthcare costs. A critical health insurance plan is a fail-safe way to securing your today and tomorrow without worrying about the future.

Key factors
Choosing a plan that suits your needs particularly will help you get the best out of it. Let’s check out a few points to ponder before picking critical illness plans,

Claim Procedure
Look for insurers who offer the highest claim settlement ratio. If your insurer has the highest claim settlement ratio, then the chances of your claim’s approval are better. Choose the insurers who ensure hassle-free claim settlement, not with lesser paperwork.

Illness Covered
Not all can decipher the clauses in the insurance document. Consult your family doctor to understand the terms and conditions in the policy document. You could also seek an unbiased entity like an insurance arbitrary to help you understand the clauses from your side.

Exclusions
Many insurance providers do not cover pre-existing conditions during the waiting period. This coverage could be available for a higher premium. Keep a check on the medical conditions excluded from your insurance policy to know if the policy will be helpful to you in the long run.

Look out for sub-limits
It is imperative to look out for sub-limits if there are any, as Most insurance companies tend to levy sub-limits for diverse medical conditions. The sum assured might decrease by the sub-limit amount. Hence choose a policy with fewer sub-limits

Waiting Period
Purchase the insurance as early as possible, especially if you have a family history. If a primary earning member of the family contracts an illness and cannot work, medical bills could drain the savings. Hence buy the insurance as early as possible to get the cheapest plans with maximum benefits.

Premium Cost
Comprehensive coverages are always expensive. Procuring a customized solution to suit your personal needs and health conditions will prove effective.

Buying critical illness insurance that offers the best inclusive coverage and high-quality health care services that meet the changing needs of their patients is imperative in today’s times.

Let’s stay prepared for the present and future!

(The author is founder and CEO at eExpedise Healthcare)