Critical illness is recommended for those who would have difficulty paying their out of pocket expenses in the event of a severe health impairment.
A good major medical policy will cover most of your health care bills but there are still copay's, deductibles and coinsurance that leave you with thousands in out of pocket unpaid bills.
Social Media Strategist, Disability Insurance Services, California
Critical Illness Insurance is great for any consumer, but it's especially useful for anyone with a hazardous occupation, the self-employed or someone who was declined Disability Insurance. Critical Illness Insurance pays out in a lump sum payment upon a diagnosis of a covered illness, so anyone who would benefit from excess cash immediately (for any type of bill or payment), would benefit from CI.
People who do not have a lot of resources saved up for a "rainy day" can benefit from Critical Illness Insurance. When a life threatening illness or injury strikes one of the breadwinners of a home, it takes a huge emotional toll on the family. It also takes a financial toll due to medical bills, traveling to doctor appointments, child care, and time off of work. Critical Illness Insurance pays a lump sum benefit that is emotionally uplifting and financially helpful.
Everyone above makes good points. So my copy & paste reply is NOT to point out errors... only to expand on their points... A different view point…. My opinion... EVERYONE should have SOME Critical Illness Insurance (CI) unless you are just super-crazy wealthy & can write a check for just about "anything you want". (yet even then the price of the insurance may be low enough that you wouldn't "want to use your own money when you can leverage the funds from an insurance carrier... that's another post one day...)
Bob- ... recommended for those who would have difficulty paying their out of pocket expenses in the event of a severe health impairment. A good major medical policy will cover most of your health care bills .... I WOULD LIKE TO SAY that even in 2013 when he posted, major medical has SO MANY holes in it, the ideas that just having major med is enough... I find that crazy. WHY Gravy???
1. lost time from work
2. limitations on therapies
3. "4th quarter penalty"... meet your deductible in December & it starts over again Jan. 1st.
4. travel
5. uncovered expenses like durable medical equipment.
6. paying someone to clean, cook, & even wipe your butt (yes. I said that).
7. the time away from work for your spouse, loved one, family, or friend that is "helping you recover".
8. alternative treatments not covered by your major med
9. In today’s Obamacare world, where networks have RADICALLY changed, you might NEED to go out of your "network" to save your freaking life!! Who will write the check for that??
10. I can go on & on....
POINT: Major Med has WAY too many holes to think that "all is good" if you have a card in your wallet. CI
Kelly - great points about hazardous occupation, the self-employed, or someone who was declined Disability Insurance. I WOULD ALSO say it is great for those that "have no income", Like stay at home parents. ALSO, I don't see it as an "alternative" to disability. It should be assessed for what it does on it's own, or as a complement to disability. As a general rule, we always introduce both DI & CI when the conversation is about "loss of income".
Peggy - Just for a rainy day?? I have clients that EARN A LOT OF MONEY... Yet they still own CI. So from the $10 an hour bagboy at the grocery to those making 6, or event 7 figures a year, CI can be a valuable tool.
Folks, the WHY behind buying a CI protection plan is as unique as you are. Lost income - Works for that. Cover out of pocket costs that aren't covered by medical insurance - Works for that too. YOU SHOULD chat with an agent that represents several carriers. 1st, because they all have various underwriting appetites. 2nd, for the maximum # of conditions that "trigger a benefit" & other features a plan may have (like a full refund of premiums if you die for anything other than a named illness). 3rd, and your last consideration when 1 & 2 are "equal", look at the monthly premium you will pay... Reach out if you have questions...
- gravy.
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A good major medical policy will cover most of your health care bills but there are still copay's, deductibles and coinsurance that leave you with thousands in out of pocket unpaid bills.
Bob- ... recommended for those who would have difficulty paying their out of pocket expenses in the event of a severe health impairment. A good major medical policy will cover most of your health care bills .... I WOULD LIKE TO SAY that even in 2013 when he posted, major medical has SO MANY holes in it, the ideas that just having major med is enough... I find that crazy. WHY Gravy???
1. lost time from work
2. limitations on therapies
3. "4th quarter penalty"... meet your deductible in December & it starts over again Jan. 1st.
4. travel
5. uncovered expenses like durable medical equipment.
6. paying someone to clean, cook, & even wipe your butt (yes. I said that).
7. the time away from work for your spouse, loved one, family, or friend that is "helping you recover".
8. alternative treatments not covered by your major med
9. In today’s Obamacare world, where networks have RADICALLY changed, you might NEED to go out of your "network" to save your freaking life!! Who will write the check for that??
10. I can go on & on....
POINT: Major Med has WAY too many holes to think that "all is good" if you have a card in your wallet. CI
Kelly - great points about hazardous occupation, the self-employed, or someone who was declined Disability Insurance. I WOULD ALSO say it is great for those that "have no income", Like stay at home parents. ALSO, I don't see it as an "alternative" to disability. It should be assessed for what it does on it's own, or as a complement to disability. As a general rule, we always introduce both DI & CI when the conversation is about "loss of income".
Peggy - Just for a rainy day?? I have clients that EARN A LOT OF MONEY... Yet they still own CI. So from the $10 an hour bagboy at the grocery to those making 6, or event 7 figures a year, CI can be a valuable tool.
Folks, the WHY behind buying a CI protection plan is as unique as you are. Lost income - Works for that. Cover out of pocket costs that aren't covered by medical insurance - Works for that too. YOU SHOULD chat with an agent that represents several carriers. 1st, because they all have various underwriting appetites. 2nd, for the maximum # of conditions that "trigger a benefit" & other features a plan may have (like a full refund of premiums if you die for anything other than a named illness). 3rd, and your last consideration when 1 & 2 are "equal", look at the monthly premium you will pay... Reach out if you have questions...
- gravy.