Steering Clear Of Medical Debt With Critical Illness Insurance
One in five adults is still paying off debt thanks to recent medical bills according to a recent survey by the Commonwealth Fund
. If you had a heart attack or a stroke, would you fall into that category? Critical illness insurance is the ideal way to stay out of medical debt and protect your familys financial future.Critical Illness Insurance 101
If you"re not familiar with this type of insurance policy, that may be because its only just gaining in popularity. Initially developed in the early eighties in South Africa, many people are looking to this type of policy to help protect their finances in the event of an emergency. Its not a major medical policy. Instead, it is supplemental coverage designed to pay you a lump sum benefit should you ever suffer one of the covered illnesses. While each critical illness insurance policy varies as far as the coverage options, most cover stroke, heart attack, cancer, and even paralysis. In some cases, they cover the need for an organ transplant or blindness.
Understanding Medical Debt
Most major insurance policies cover the bulk of the costs associated with a serious health problem. Keep in mind, though, that you still have co-pays on all of the follow-up doctor"s visits as well as deductibles to meet for your hospital stay. If you require ongoing prescription drugs, you need out of pocket funds to cover those too. Also, in some cases, you get a bill from everyone you deal with. The ambulance you used will send you one bill. The anesthesiologist who put you under for surgery will send you another. The lab service that processed your blood work will send you still another bill.
As if those costs weren"t enough to deal with, you may not be working as you recover from your health condition. That could mean one less income in your household, which could be devastating. As the bills begin to mount, overdue payments will start stacking up, and that could mean thousands in late fees.
Critical illness insurance is often the answer. On the single worst day of your life, the day you suffer that heart attack or stroke, you file a claim and get a lump sum of cash sent directly to you to use as you wish. Critical illness insurance policies are built with the understanding that not everyone has an emergency fund to help tackle the medical debt that comes from a serious illness, and whether you can work or not, the money will be there to help you through the rough times.
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