While medical treatment costs are rising daily, we often think that having the right health insurance is a safeguard against unexpected expenses. But is health insurance enough to protect you financially in case of critical illness? When facing severe conditions like organ failure, cancer, or heart disease, health insurance may not provide you with the support you are looking for. This is where critical illness insurance is needed to add extra security to your medical finances.
This article will explore why buying these two insurances separately is necessary and provide tips on choosing the right policies.
Understanding the Health Insurance and Critical Illness insurance
Before knowing the reasons, let’s learn about the meaning of both types for better understanding:
- Health Insurance: The policy is designed to cover a wide range of medical expenses, including hospitalisation, regular doctor check-ups, surgeries and medications. As per the coverage limit, it directly pays or reimburses for the treatment costs.
- Critical Illness Insurance: If you are diagnosed with a critical illness such as organ failure, cancer, or heart disease, this policy provides a lump-sum payout for medical treatments and even for other financial needs, such as home care or job loss.
Why Buy Critical Illness and Health Insurance Separately?
If you buy both insurances separately, it offers several advantages, including:
- Coverage: When regular health insurance provides financial coverage for hospitalisation, regular checkups for specific illnesses, and accident treatments, a critical illness plan is made to offer financial assistance for severe diseases and protection for other financial needs. When taking both, you can ensure your health is fully protected and stress-free.
- Lump-Sum Payout: Health insurance generally covers only the medical expenses and the costs incurred during the treatments. At the same time, a critical illness plan offers a lump sum payout when you are treated for the disease mentioned in the policy. This helps to cover additional costs, such as home care, lost income or any other financial commitment.
- Cost-Effective: Taking both insurances separately can save money and help you avoid relying on one plan. You can tailor the policies and choose the coverage amount that best suits your needs.
- Waiting Period: Whether you buy health insurance, cancer insurance, or any other illness plan, you are required to follow a waiting period. In health insurance, the period differs depending on the disease or if you have had an accident to avail of reimbursement. On the other hand, the waiting period is less when a critical illness plan is taken.
- Financial Support for Long-Term Illness: With medical costs for severe diseases rising daily, it is becoming more necessary for individuals to take out a critical illness plan. The coverage gives financial support for long-term illnesses and non-medical costs, giving peace of mind and making the treatment stress-free.
Tips for Choosing the Right Policies
Choosing the right insurance plan, whether health insurance, cancer insurance policy or critical illness plan, is necessary to ensure it doesn’t become a financial burden in the future. Here are some tips:
- Assess your health needs, including age, family medical history, lifestyle, and potential health risk, to determine the type of coverage you need.
- Compare premium and coverage plans offered by different platforms and choose the one that best suits you.
- Read the terms and conditions mentioned in the documents with the exclusions in the policy.
- Check the network of hospitals in the plan to ensure you get the treatment you need.
Conclusion
To sum up, it is evident that while health insurance is necessary to cover your medical costs or specific illnesses, it may not be enough to support you in case of critical diseases. By purchasing a critical illness plan, you can get financial coverage for long-term diseases.
Stashfin’s critical illness insurance offers a comprehensive plan, including coverage of up to ₹1,00,000 for a 12-month tenure at an affordable premium of ₹464. The policy provides protection of your outstanding loan when diagnosed with a critical disease and coverage for illnesses including cancer, heart attack, stroke, and more.
Remember to compare plans, read the terms, know the exclusions, and tailor the policy to your needs to get the most and financial support in tough times.
