Some considerations in the selection of critical care insurance include conditions covered, available riders, and policy restrictions. This is an example of a supplemental insurance policy, designed to augment existing health insurance coverage. Policyholders can get competing quotes from several companies if they want to learn more about available options. They may want to consider bundled coverage options which offer a discount for buying several insurance products at once.
This type of insurance provides a lump sum benefit in the event of a critical illness. It can be used to cover copays, deductibles, and other expenses not handled by conventional health insurance. In addition, it can provide support for family members. There are no restrictions on how people use the lump sum benefit, and some critical care insurance may come with extra benefits like income protection for people who become incapacitated. Many insurance companies offer this coverage among their family of benefits options.
One thing to consider is what the critical care insurance policy covers. Conditions like stroke, cancer, and heart disease that requires surgical intervention may be included. If there are exclusions, these should be clearly discussed and defined. Some policies offer more protection, but may be more expensive, which is another thing to consider. Buying a bigger policy might be important in the event of a problem, but could mean an expensive premium.
Sometimes critical care insurance offers riders for additional coverage. If these are of interest, clients seeking quotes can ask for information about all available options. They may want to consider, for example, a policy that repays their premiums if they don’t use the coverage within a set period of time. Riders may offer more protection for family members, like survivor benefits, to help them afford critical care and maintain their standard of living after a primary income-earner is no longer able to work.
Another consideration can be whether the critical care insurance comes with any waiting period requirements. People may need to hold a policy for a set period before they can use it, and the lump sum payment may only be disbursed after certification of need and another waiting period. The specifics may vary between policies; it is important to be familiar with them so this information will be available in the event the insurance becomes necessary. Insurance representatives should be able to provide information about the enrollment and claims process for people considering their options.