Healthcare costs are increasing in India. And, in the case of critical illness that requires continuous monitoring and comprehensive care, the treatment costs may put a heavy financial strain on the patient's family. According to the Indian Council of Medical Research (ICMR), the number of cancer patients in India will rise by 12% by 2025 if current trends continue.
As statistics show that the number of people suffering from critical illnesses is increasing in our society, it is more important than ever to live a healthy lifestyle and eat a balanced diet. Though lifestyle modifications can help minimize illness risk, it is equally vital to have a plan in place in case an unexpected incidence occurs to you or your family. This is where critical illness insurance comes in.
What is Common Critical Illness?
Critical illnesses are diseases that are life-threatening and necessitate constant monitoring and advanced medical treatment. These treatments are only available at specialized hospitals and are extremely expensive. The following are some of the most common critical diseases covered by the critical illness plan:
- Heart attack
- Different types of cancer
- Parkinson’s disease
- Kidney failure
- Organ transplant
- End-stage lung or liver disease
- Muscular dystrophy
- Major burns
- Multiple sclerosis
For the vast majority of people, the cost of high-quality treatment for the aforementioned diseases is prohibitively high. As a result, it is beneficial to obtain critical care insurance that assures your family's financial security.
Although the critical illness policy takes effect the moment you are diagnosed with the disease, some people do not understand the fine print. As a result, misinformation and myths spread among the general population. It is time to dispel the myths that are circulating with concrete facts and understand the true picture.
Common Critical Illness Insurance Myths
Myth: A critical illness insurance plan covers all types of critical diseases.
Fact: A critical illness policy only covers the disorders specifically identified or included in the plan benefits. You can claim the insurance only if you have been diagnosed with the sickness indicated, not for all diseases. As a result, before buying critical illness insurance, it is important to carefully study the policy paperwork.
Myth: I am guaranteed to get the claim if I am diagnosed with the disease listed in the plan.
Fact: There are specific terms and conditions associated with each disease in the critical illness cover. You will receive the claim if your condition matches the rules defined in the plan. If not, it will be rejected.
Myth: With the disease's diagnosis, I will immediately receive the claim amount.
Fact: There is a set survival period following the diagnosis of any serious illness mentioned in the plan. The time span is usually between 30 to 90 days. You are entitled to the claim after the period has expired.
Myth: If my critical illness policy includes cancer coverage, it applies to all types of cancer.
Fact: This is not correct. There are various types of cancer, and not all of them are covered by the same policy. The cost of insurance varies according to the coverage purchased. Before purchasing your plan, you must read the details. Furthermore, you may utilize a critical illness premium calculator to find coverage that meets your needs.
Myth: Critical illness insurance is very expensive.
Fact: These plans are not expensive, and the premiums are affordable. If you choose to add any riders, you will only have to pay a minor premium increase.
Myth: Because of my pre-existing medical condition, I may be ineligible for insurance coverage.
Fact: Even if you have a pre-existing medical condition, you are eligible for a critical illness plan. However, before the policy is granted, you must undertake health checks and pay a higher premium.
Always purchase critical illness insurance after thoroughly reading all of the terms and conditions. It is important to attain clarification on all relevant terms. After that, compare the various plans available and select the one that best meets your expectations.