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How to pick the best critical illness Insurance Plan

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How to pick the best critical illness Insurance Plan

A health insurance plan covers all the expenses related to your medical treatment. However, you cannot enjoy the benefits of the mediclaim without supporting it with perfect add-ons. Thus you require critical illness to cover the expense of diseases like cancer, blindness, deafness, organ failure, etc. Sometimes yourmediclaim get exhausted by paying just the hospitalisation and consultation fees. So it often falls short to cover the full treatment cost of critical illness. 

To protect yourself against financial crunch from diseases getting a critical illness is a must. But to cover yourself entirely against acute disease, you should know how to pickthebest critical illness insurance plan.

Point to consider while picking the best critical illness insurance plan

Comparing other insurance policy is always expected before choosing your plan. However, it is not enough since there is a wide variety of market insurance plan. Moreover, every policy looks like when you don’t have much knowledge in the area. Understanding the area in which the insurance can assist you can help you a lot in picking. Thus consider the following factors for choosing the right insurance plan for you:

Which policy stands- Alone or add-on?

Usually, the critical illness plan has two types of policy. One is the stand-alone policy, and the other is an add-on policy. So it would help if you were clear that your plan follows which policy. A stand-alone policy is an individual health plan which doesn’t come with your general health plan. However, the second is how you can link your new critical illness policy plan with your existing health plan. This system is famous as Critical illness rider.

Among both, the stand-alone option policy is preferable as it offers more comprehensive coverage. The add-on insurance policy offers coverage which is always lesser than the parenting plan, i.e. your existing health plan. It is not likely to get more extensive coverage against the smaller base plan. Thus, the premium amount of stand-alone policy plan will be higher than that of the add-on plan. 

Budget for the treatment

You will first have to calculate the budget of the treatment you are feared to suffer in future. It can help if you also take the suggestion of others for this point. You can ask people or your relatives who have already suffered from the disease. Figure out all the treatment as well as miscellaneous expenses incurred during the treatment. Also, calculate the post-treatment cost in critical illness. It is necessary for avoiding any future loss and making an informed decision from before.

Check the treatment covered under the policy.

Do not judge the amount of premium in money terms only. Always consider the number and type of treatment it is covering too. Some plans only cover one or two critical illness, as mentioned in their policy. They do not assist with any disease apart from the mentioned one. So, make sure to check the listing before making your decision. 

 The duration of the waiting period

The policy is not valid as soon as you apply for it. Generally, there is a waiting period involved in the process. Moreover, it usually starts from applying for the policy until the policy comes into force. Mostly this duration ranges from three months to four years. After the benefits kick in, you can use it for pre-specified illness covered in the plan.

Dynamics the plan covers

This insurance plan is not like a regular health care insurance plan which provides you claim for specific treatment cause. But in this plan, you get a lump sum amount as a claim when diagnosed with a critical illness. The claim does not depend or whether you are getting a treatment or not. However, you get the amount by the insurer if the plan is pre-specified in the policy. Some of the diseases covered in the plan are:

  • Heart attack
  • Cancer
  • Stroke
  • Coronary artery bypass graft or CABG
  • Paralysis
  • Kidney failure
  • Organ transplant, including heart, pancreas, liver, and lungs.

Avoid complex plan

While considering a plan always keep in mind the existing health plan and the area it covers. Also, calculate the amount and type of disease it provides assistance to avoid any confusion. Make sure your current plans do not conflict with the previous once. Any overlapping or contradiction between the policies can create a lot of confusion and may lead to huge losses.

To be on the safe side, note the benefits and add-ons the insurer is offering. Also, the premium amount may be higher if you are older. The amount tends to increase in value since your age also increases. Moreover, it also depends on whether you are suffering from any disease or critical illness or prone to it. 

Special plan 

There are particular or specific plans, specially designed for women or senior citizen. Moreover, the policy keeps in mind the requirement and division of diseases. For example, in women critical illness plan, they primarily cover diseases like ovarian cancer, breast cancer, and likewise. So check it before making your decision as you might find it more benefiting.

Claim procedure

Before considering any plan always checks two things, one is claiming the amount and second claim settlement ratio. If the claiming process is too complicated or requires too much documentation, it is better to avoid future issues. 

At the same time, do not choose a policy which offers claim settlement based on sub-par. You can push yourself in the sad situation where your claim will either be rejected or unreasonably delayed by opting for such policy.

Conclusion

Our health is very unpredictable, and it can get worse at any moment. So it is best to cover it with the best critical illness plan. Your future can experience medical emergency out of the blue. To make sure you do not feel the pinch of this medical emergency, you should back it up with critical health plan. There is also a maid insurance plan which is also not clear to many people relating does maid insurance cover dental.