Critical Illnesses: A Common Catastrophe
In 2016, there were 1,658,712 new cancer cases in the United
States. That’s 436 cases for every 100,000 people. Approximately 735,000
Americans have a heart attack every year, and 525,000 of these are the person’s
first heart attack. More than 795,000 people in the United States have a stroke
each year.
We all like to think of ourselves as healthy – until we’re
not. Unfortunately, even our best efforts to eat well and exercise right do not
make us immune to critical illnesses.
These illnesses are devastating in many ways: physically,
emotionally and financially. The financial problems can become a source of
stress that makes the physical and emotional problems worse.
Even with health insurance, a major illness can leave people
with major medical bills. At the same time, people who are suffering from poor
health often have to take time off from work. The combination of hospital bills
and lost wages can easily drain a family’s savings.
According to the Kaiser Family Foundation, medical bill
problems force Americans to make significant sacrifices, with 59 percent saying
they used up all or most of their savings, 41 percent saying someone in the
household had to work more, and 70 percent saying they had to cut back on food,
clothing and basic household items.
Critical Illness Insurance
Critical illness insurance provides a payout if the insured
is diagnosed with a covered illness. It is different from health insurance, and
it does not replace your health plan. However, it can provide necessary funds
in a different time.
The benefit is generally given as a lumpsum payout. The
money can be used however the insured wants. It could be used to pay of medical
debt, for example, or it could be used to make up for lost paychecks, allowing
the insured to take time off to recover without worrying about money.
The payout amount varies depending on the policy and how
much the insured wishes to buy, but it is generally a significant amount. On
the low end, it could be about $10,000. On the high end, it could be $1
million.
In order to receive the payout, the insured must be
diagnosed with one of the critical illnesses listed on the policy. This list
will typically include cancer, organ transplant, heart attack and stroke. It
may include additional illnesses, as well. However, illnesses not specifically
listed will not be covered, and pre-existing conditions will likely be excluded
for a period of time, as well.
To obtain a critical illness insurance policy, you may need
to a medical exam. However, this is not always required. Some critical illness
insurance policies are available without a medical exam.
Want to see how affordable a critical illness insurance
policy can be? Get
an online quote now.
Sources:
·
https://www.cdc.gov/cancer/uscs/about/data-briefs/no8-USCS-highlights-2016-incidence.htm
·
https://www.cdc.gov/heartdisease/facts.htm