Critical Illness Cover: All That You Need to Know

• Written by Care Health Insurance

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How Does a Critical Mediclaim Policy Help You? 

Leading a peaceful and enriching life is the goal of most individuals. Good health of oneself and one’s family members is one of the requisites of a peaceful life, and rightly so. It is because nobody wants themselves or their loved ones to suffer from any health-related issues, and in case something unfortunate occurs, prior planning to face the worst-case scenario is a wise choice. The most secure way you can do so is by taking up a comprehensive critical mediclaim policy that keeps you and your family members covered in case of any critical illnesses. Moreover, it not only offers financial assistance but also provides tax benefits for all policyholders. 

Benefits of Having a Critical Illness Cover in a Mediclaim Policy:

1. Provides Cashless Treatment: One of the most important benefits of a critical illness policy is the instant treatment provided to the patient without any delays. That is, the insured person can avail cashless treatment at any network hospital. With this facility, there is no necessity for making cash payments in an emergency. 

2. Covers Expensive Medical Treatments: A critical illness policy will provide adequate coverage for various treatments. It will cover expenses related to in-patient care, pre and post hospitalization medical expenses, OPD expenses, ambulance, day care treatment, organ donor cover, chemotherapy, and radiotherapy. 

4. Guarantees Financial Protection: With a critical illness cover in place, an individual can stay financially strong if diagnosed with a critical ailment. The policy will help the person bear the high medical expenses incurred due to long-term treatment of such illnesses, thus, averting any financial implication. 
5. Allows Tax Benefit: The policyholder can look forward to saving tax under Section 80D on the premium paid on such a policy. One can avail maximum deduction up to Rs 1 lakh if the proposer and insured are aged above 60.

Check: 7 Things to Consider Before Buying a Critical Illness Policy

5. Second Opinion: The feature of the second opinion protects the medical interests of every policyholder. There are times when an individual might not be sure or confident about her/his diagnosis and wants to seek another doctor’s opinion. In such cases, this benefit can be easily utilised. 
6. Annual Health Check-Up: A health check-up once during the policy year is provided at a network hospital or medical facility empanelled with the health insurance company. As a feature, this is quite beneficial as it helps the insured keep a regular check on his/her health condition. 

Critical Illnesses and Medical Events That are Covered:

Critical illness cover helps an individual tackle the financial impact of unforeseen events – that is, being diagnosed with a critical ailment. Such a policy will provide coverage for any emergency or planned hospitalization for the treatment. Serious health conditions such as cancer, end-stage renal failure, aplastic anaemia, multiple sclerosis, heart valve replacement, stroke, and paralysis are covered under a comprehensive critical mediclaim policy. Additionally, such policies also cover modern technology treatments, such as robotic surgery.

Critical Illness Cover: How it works?

A critical illness cover is an indemnity-based health cover that provides comprehensive coverage for various critical illnesses. The critical mediclaim by Care Health Insurance cover 32 critical ailments pre-defined in the policy. 

By paying an affordable premium, you can avail coverage for various medical treatment expenses, including in-patient hospitalization, pre-and-post hospitalization medical expenses, ambulance, day care treatment, etc. In the event of a hospitalization, you can opt for the cashless facility at the nearest network hospital and skip the hassle of paying hospital bills. The insurer will pay the bills directly to the hospital. In case you select a non-network hospital for treatment, you should apply for a reimbursement claim. 

One should remember that a critical illness policy will not provide coverage if one is already diagnosed with a critical illness when buying a policy. Thus, it is vital to think about life’s uncertainties and plan for a secure future.

Key Takeaway for Critical Illness Cover

Opting for a standalone critical illness cover is must even if you already have a basic health insurance cover. The primary reason is that your existing health plan may not be adequate to cover the expensive treatment involved in dealing with a critical ailment.

Here are some of the noteworthy points about a critical illness cover:

• The policy includes an initial waiting period of 90 days. It also includes a waiting period of 36 months for pre-existing diseases and 24 months for specified ailments. Thus, it is wise to invest early in life so that one is eligible to receive the coverage without any delays. 
• It is necessary for a person looking for a critical illness cover to review the features and benefits. Ideally, the best critical illness policy provides comprehensive coverage for medical treatment, including organ donor, chemotherapy for cancer treatment, etc. 
• When opting for a critical illness cover, check the number of critical illnesses covered in the policy. Find out if the critical illness for which you have a high risk is also covered. 
• Critical illness plans provide maximum coverage and come at an affordable premium. 
• Choose a high sum insured, considering that medical care costs are increasing, especially for treating diseases like cancer, stroke and heart diseases.

Choose critical mediclaim by Care Health Insurance recognised for its strong network of 24,800+ cashless healthcare providers, an industry-best 95.2% claim settlement ratio, and hassle-free in-house claim settlements.

>> Also Read What are The Mistakes to Avoid When Buying Critical Illness Insurance Plan?

Disclaimer: Underwriting of claims for Critical Illness is subject to policy terms and conditions.