A patient was recently diagnosed with end-stage breast cancer. Severe pain, a list of expensive medicines, and doctors’ fees are not enough to cover at their own expense. Health insurance looks like a helper deity from this dark cloud. But, unfortunately, he was surprised when his health insurance agent told him that his policy did not cover such critical illness.
That’s when he realized that all the premiums he paid to be safe against health problems would be in vain when he needed safety protection from critical illness, apparently his health insurance could only cover the costs of hospitalization but not for the costs of treating critical illness.
Here are some things you need to know about health insurance.
Basic Features of Critical Illness Insurance
Health insurance reimburses medical costs and your costs during hospitalization. May not cover all diseases and generally have a longer waiting period. Meanwhile, critical illness policies cover life-threatening diseases such as cancer, multiple sclerosis, kidney failure, bypass surgery, etc.
The insured gets the sum insured as soon as he is diagnosed with one of the listed critical illnesses. This policy has no relationship or problems with the cost of hospitalization.
Critical Illness Insurance Coverage
Both health insurance policies and critical illness plans have different coverage scopes. The health insurance policy covers accidents and overall illness.
After a specified period of time, even includes preexisting diseases and the health of labor. Whereas, the critical illness policy includes a list of certain critical illnesses; the amount can vary from 6 to 12 depending on the insurance company.
According to the policy documentation, if mentioned, it also includes conditions such as temporary travel and boarding, postoperative care and salary loss.
Benefits of Critical Illness Insurance
Benefits of medical or health insurance programs include reimbursement of inpatient fees. When hospitalized in a network hospital, the insured person can take advantage of a cashless facility where bills are paid directly by the insurance company to the hospital.
After submitting a claim, your health insurance policy may continue until the entire amount of your cover is used up. Furthermore, it can be updated every year.
Although the coverage value varies from one insurance company to another, there are some limits that are set for all. In the case of a health insurance policy, the limits are set including the coverage of critical illness policies.
Medical policies and critical illnesses follow the concept of the waiting period. In addition to accident-related losses, the health insurance policy has a waiting period of the first 30 days and contracted illnesses during this duration from the start of the policy are not included.
In cases of preexisting diseases, there is generally a waiting period of 1 to 4 years. Whereas in the case of a critical illness policy, there is a 3-month general waiting period and illness diagnosed in this period unfortunately is not covered.