Critical insurance is a must-have shield during health-related financial emergencies. Thus, it is a must that you undergo medical tests before getting one.
Statistics show that one among every four Indians faces the risk of death from a life-style disease. And that too, according to them, will happen before he/she is 70. Cancer, cardiac issues and cancer may prove to be the main villains, they point out.
The depressing truth is that the cost of treatments for these diseases may go up to millions. And it is sure to destroy the financial future of both the patients and their families. A critical illness policy comes to assist you here. It helps you navigate through such financial emergencies. The critical illness policy, as an ad-on with the existing policy or if taken separately is highly recommended, even if you have general health insurance coverage.
How it functions
A critical illness insurance policy works slightly different from its general variant. Here, the insurer gives a lump sum amount if the person acquires an ailment like cancer. The amount is equal to the total sum insured. This covers all your hospital expenses and repays all debts you may happen to take during the time. Thus, a critical insurance plan is called “benefit plan.” It pays a fixed amount when you fall critically ill. You may go for multiple CI policies, apart from your standard health insurance policy. Whatever it is, the amount you receive remains the same. Your general health cover, on the other hand, is a policy meant to reimburse your in-hospital expenditure.
What is included in a critical insurance (CI) plan?
Your critical illness (CI) insurance plan may come either as a standalone policy or as part of your health insurance protection. A critical insurance plan covers the insured with life threatening diseases like: heart attack, cancer, renal failure etc. The cover starts from the very first day the disease is diagnosed and go uptill the treatment expenses. Cost of the coverage plan varies from company to company. Commonly covered diseases are: stroke, paralysis, bypass surgery of a coronary artery, cancer and failure of a major organ like liver or kidney. Consumers are entitled to use it during a health emergency. And it will add up to your financial security when calamity strikes.
Why is a medical test important?
Almost all reputed insurers require that their customers undergo specified medical tests. The extent and type of tests may vary based on the provider you choose. Some may ask you to undergo a complete body check-up under the doctors they recommend. Some may specify the screening one must endure while taking a critical illness plan. Still, others may require medical tests based on your declaration. For instance, you declare that you are a diabetic patient. In such a scenario, your Critical Insurance provider may ask you to test the sugar levels in your blood. The result enables the company for a sneak peek into your health. Henceforth, it determines your premium based on the risk factor you present. Following are the tests critical insurance plans generally recommend:
- Urine tests to determine the presence of infections or any other related issue
- Smoker test to determine the overall health of the smoker
- Blood tests to check for high cholesterol, AIDS or any other disease
- ECG (Electro Cardiogram) to evaluate the possibility of cardiac issues
The kind of financial protection you can expect may depend on the critical illness cover you have. Whatever it is, Critical Illness plans provide the much-needed income replacement your family needs in your absence.