Critical care insurance includes a variety of illnesses and conditions that can affect any person. Some incidents that are ideally covered by critical care insurance are associated with the heart, like heart attack, heart surgery, or many types of tumor, cancer, stroke, blindness, HIV/AIDS, Parkinson’s, paralysis, transplant, Alzheimer’s, and severe burns. Each insurance company has different coverage options available to clients. These benefits/lump sum amounts are paid irrespective of the other insurance policies the patient may have.
In critical care insurance, funds are given directly to the insured. These funds are utilised by the patient as it suits him. These expenses can be direct, such as medical bills, or indirect, such as travel, food, or utilities. Critical care insurance ideally provides flexible alternatives to permit the customer to select a desired and suitable plan for his financial situation. Basically, a consumer pays a lower premium if they are younger and healthier. Thus, the cost differs depending on the age, medical situation, the coverage amount, the different illnesses covered in the policy, and the insurance agency.
It pays to shop around to get the best rate. When shopping for a critical illness plan, you should consider your income, financial obligations, dependents, and health care needs.
At the time of adversaries, you can make a claim if a licenced physician who is licenced to practise medicine in Canada and specialises in your particular illness diagnoses you with a disease or illness that is included in your policy. A lump-sum payment is made after the claim is approved, usually within 30 days. You can use your payment the way you like and need. Once your claim is paid, your critical illness insurance policy ceases.