Critical Care Insurance: What You Need to Know

Alli Walsh, Social Media Strategist

Critical Care Insurance: What You Need to Know

Most of us say, “It will never happen to me.” But each year, over 720,000 Americans will have a heart attack1 and more than 795,000 will suffer a stroke.2 Half of American men and one third of American women will develop cancer sometime in their lives3.

Thanks to modern medicine, more people than ever survive critical conditions like these. But there are often high costs associated with treatment that put a strain on a family’s budget. Approximately three in five bankruptcies are due to medical bills, and 56 million Americans will have trouble paying their medical bills.4 And what about all the non-medical bills that still have to be paid?

What if it happens to me?

Critical illnesses can negatively impact the financial health of individuals and families—even those with health insurance. That’s what makes critical illness insurance a popular form of supplemental coverage.

Read on to learn the basics.

Critical care insurance provides benefits for a number of critical illnesses

The “big three” illnesses covered by critical care plans are heart attacks, strokes and cancer. Many policies cover a wide range of other serious illnesses such as kidney failure, multiple sclerosis and even blindness. Depending on the type of policy, critical illness insurance provides a lump-sum cash benefit which can be used however the insured desires.  If diagnosed and treated for a covered condition, the benefit could be used to help cover medical costs not covered by major medical insurance.

A critical illness can greatly affect your livelihood

Developing a critical condition can result in sudden, unexpected out-of-pocket medical and non-medical expenses that may often include:

  • Deductibles, coinsurance and co-payments
  • Treatments not covered by medical insurance
  • Transportation to and from the care facility
  • Childcare and pet care
  • Lost income due to time off work to recover or care for a family member

In addition to managing these costs, people still have to pay their regular household bills, like mortgage or rent, health insurance premiums, car payments, school tuition and utilities. It can all add up to a significant drain on the budget, not to mention any savings set aside for emergencies.

It’s for this reason people consider critical care insurance to help them meet their obligations and get the care they need—   so they can focus on recovery instead of worrying about bills.

Are you at risk?

There’s no simple way to assess risk because many factors go into the equation, including lifestyle, family history and the presence of certain health conditions. It’s a great idea to talk with your insurance agent for help determining your “fit” for a critical illness plan and answering all of your questions. Find an agent today!

Policy contains exclusions and limitations. See policy for complete details for policy features, benefits, options, rates, definitions, & limitations and exclusions.

Critical Illness policies underwritten by Combined Insurance Company of America (Chicago, IL) in all states, except New York. In New York, Critical Illness policies underwritten by Combined Life Insurance Company of New York (Latham, NY). Combined Insurance Company of America is not licensed and does not solicit business in New York.

References:

“American Association for Critical Illness Insurance.” What Does Critical Illness Insurance Cover - how much does it cost,

1 Heart Disease Facts. (n.d.). Retrieved September 01, 2017, from https://www.theheartfoundation.org/heart-disease-facts/heart-disease-statistics/

2 Stroke. (2017, August 24). Retrieved September 01, 2017, from https://www.cdc.gov/stroke/facts.htm

3 Who gets cancer? (n.d.). Retrieved September 01, 2017, from https://www.cancer.org/treatment/understanding-your-diagnosis/after-diagnosis/who-gets-cancer.html

4 LaMontagne, C. (2017, August 07). NerdWallet Health Finds Medical Bankruptcy Accounts for Majority of Personal Bankruptcies. Retrieved September 01, 2017, from https://www.nerdwallet.com/blog/health/medical-bankruptcy/

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