Medical treatments can cause several emotional and financial setbacks in a family, especially without a backup plan. In such cases, the expenses of treatment for a member can affect the life of every other member. It is because of the grave measure people take to protect a family member from diseases or accidents. They even deplete savings or sell off assets to meet the expenses. But all this worry and waste of resources is avoidable through a simple plan: Health Insurance.
Health insurance, particularly critical illness health insurance, can provide much higher benefits. Read on to know how critical illness insurance is different from common health insurance and why you need one.
7 Reasons to Have a Critical Illness Health Insurance
In 2021 about 500 million Indians had health insurance. As per the population in 2021, it is only around 36% of people, which means about 64% don’t have health insurance. Proper knowledge of plans and their benefits can increase people’s interest in health insurance. The major difference between critical illness and basic health insurance is the claim amount. The funds from basic health insurance are too inadequate to meet the high expenses of critical illness treatments.
In critical illness health insurance, you get several benefits for many diseases and extended healthcare services. Below are some of the features that show the importance of having critical illness health insurance.
Higher Sum Insured
The sum insured or the claim amount of critical illness health insurance is much higher than any regular health insurance. These benefits are mainly to accommodate the high costs involved in treating these diseases. There is also a feature called unlimited plan recharge, mostly seen in critical illness health insurance. With the help of this feature, if a policyholder depletes the entire funds on a particular disease, the funds get replenished within the same term to meet the expenses of any other occasion of hospitalization. Thus the final sum insured becomes much more than the pre-decided amount. This feature is a huge relief to people who remain affected by a disease over a long time.
Heightened Cover for Almost Similar Price of Basic Health Insurance
A higher insurance cover will always seem to have a higher premium rate. But the costs of critical illness and regular health insurance are almost similar. The changes won’t be more than a few thousand Indian rupees. But when compared to the high returns, they seem much negligible.
To Bear Costs of Expensive Terminal Illness Treatments
Most critical illnesses are terminal diseases and will require expensive treatment methods. These include the high costs of medicines, surgeries, implants, hospitalization, and repetitive consultations and reports. Sometimes regular health insurance cannot pay for such expenses due to cost restraints. But critical illness insurance can cover any such costs related to terminal illness or even fatal accidents.
Extensive Hospitalization
Most critical illnesses will require more hospitalization due to the slow effects of treatment. Usually, health insurance only provides around one-month pre-hospitalization and two months post-hospitalization, subject to various conditions. But critical illness health insurance can provide more extended stay at the hospital for treatments. It also pays for hospitalization costs, such as room rent, bystander charges, canteen charges, ambulance, and regular day-care treatments.
Better Homecare Treatments
Critical illness health insurance is also useful for home care treatments. Some medical procedures are over within a few days and don’t require constant doctor supervision. So the hospital discharges the patient, and they can continue the healing and recovery at home. Critical health insurance provides funds for home treatments, equipment, test kits, and doctor visitations during such situations.
Tax Savings
The tax savings on critical illness health insurance are as much as any regular health insurance. So, investing in critical illness insurance also has the same tax deductions in income tax.
Conclusion
These reasons are why most people prefer critical illness health insurance over common health insurance policies. If you too want to increase the scope of your insurance policy, then you must look at critical illness insurance. And what better way to increase the returns other than through plans from one of the most popular insurance companies, Max Life Insurance. They have several critical illness plans and even regular plans with critical illness cover, so you don’t need to worry about the increased costs of a separate plan. Max Life Insurance also has one of the highest claim settlement ratios above 99% for the past few years. So invest in these great plans to protect yourself or your family against any critical illnesses as early as possible.
