Critical Illness Insurance complements your medical and disability income coverage, and can ease the financial impact of a critical illness by providing a lump-sum benefit to help you pay some of your additional expenses.
Thanks to advancements in modern medicine, chances of recovery from a critical illness like a heart attack, cancer, or stroke have greatly improved. Although most medical plans provide coverage for hospital and medical expenses arising from critical illnesses, there are still many expenses that are not covered, such as medical co-pays, deductibles, and home help.
Every 40 seconds someone has a stroke. 79% of patients survive. The average out of pocket cost Stroke: $23,380. (1)
In the U.S. a heart attack occurs every 43 seconds 84% of patients survive. The average out of pocket cost Heart attack: $21,955 (2)
Cardiovascular disease is the leading global cause of death, claiming more lives each year then all forms of cancer combined The average cost of a severe heart attack, including direct and indirect costs, is about $1 million (3)
Critical illnesses may result in the inability to perform activities of daily living such as bathing or dressing yourself without help or assistance.
Critical Illness Insurance policies feature:
- A lump-sum benefit payment to use as you see fit. You can use it for medical expenses but you can also use it to make mortgage, car payments, extra help around the house, other expenses, experimental treatments or a vacation.
- Coverage that can go with you if you leave your employer
Critical Illness costs cause more than 60% of all bankruptcies. 78% had health insurance. The average amount for medical bankruptcy is under $15,000. Supplemental insurance can pay a cash benefit to you and can help protect you financially
1 Impact of Stroke” American Stroke Association. 27 May 2014.
http://www.strokeassociation.org/STROKEORG/AboutStroke/Impactof-Stroke_UCM_310728_Article.jsp (27 May 2014).
2 http: //www.cdc.gov/dhdsp/data_statistics/fact_sheets/docs/fs_heart_disease.pdf
3 http://www.insureme.com/health-insurance/heart-attack-and-stroke