Life is unpredictable, and a serious illness can strike when you at least expect it to happen. Serious diseases such as cancer, and heart disease not only affect physical health but also put a great financial burden on families in off-timings.
While health insurance plans cover hospitalisation expenses, they may not be sufficient to handle long-term treatment, loss of income or ongoing medical expenses. This is where serious illness insurance becomes necessary. Let's explore and highlight five crucial facts about critical illness medical insurance that you need to know.
5 Shocking Facts About Critical Illness That You Shouldn’t Ignore
1. Lifestyle diseases are on the rise
Modern lifestyle has increased the risk of serious illnesses sharply. Factors such as stress, unhealthy diets and environmental pollution contribute to diseases such as cancer, diabetes and cardiovascular problems.
· According to the World Health Organization (WHO), 32% of global deaths are caused by heart disease.
· Cancer cases in India are expected to increase by 12% over the next five years.
· More than 77 million Indians have diabetes, making them prone to kidney and heart disease.
With this increasing number, health insurance plans may not be sufficient alone. A serious disease medical insurance scheme provides a lump sum on diagnosis, which helps policyholders deal with medical and non-medical expenses.
2. Critical Illnesses can lead to long-term financial crisis
A critical illness not only affects health but it can reduce your savings. Unlike other diseases, which require short-term treatment, conditions such as cancer or stroke require long-term medical treatment and lifestyle adjustment.
· Advanced cancer treatments can cost between ₹10 lakh and ₹30 lakh, depending on the severity and hospital.
· Heart surgeries can cost anywhere between ₹3 lakh to ₹15 lakh in private hospitals.
· Patients with chronic kidney disease may need lifelong dialysis, which can cost up to ₹2 lakh per year.
A standard health insurance plan may cover hospitalisation but won’t cover post-treatment care, loss of income, or rehabilitation. This is why a critical health insurance policy is important as it provides a lump sum amount that can be used for any expenses, including household bills and debt repayments.
3. Employer health insurance might not be enough
Many people rely on employer health insurance plans, assuming they offer complete protection. However, these policies have limitations:
Common limitations of employer health insurance:
· Coverage is often limited to ₹3 lakh - ₹5 lakh, which may not be enough for critical illnesses.
· If you switch jobs or retire, you lose insurance coverage.
· Some employer plans do not cover critical illnesses or may have several exclusions.
To ensure comprehensive protection, individuals should opt for a critical illness health insurance policy alongside their employer-provided insurance.
4. Survival doesn’t mean financial security
Medical advancement has improved the survival rate for critical illnesses, but recovery comes with extra costs. Many patients are struggling financially:
· Loss of income - Many serious illnesses make it impossible to continue working.
· Costs after hospitals may be high for using physiotherapy, follow-up tests and medicines.
· Lifestyle changes may require serious home modifications, special diets or long-term help.
For example, a stroke survivor may also require years months or even years of physiotherapy, which is rarely covered under basic health insurance plans. Critical illness medical insurance provides financial assistance so that patients focus on improvement without stress.
5. Waiting periods and exclusions can impact your claims
One of the acts about health insurance plans is that it comes with a waiting period and exclusion that can affect the claim eligibility.
Important views:
· Most critical health insurance plans have a waiting period of 90 days to 6 months before you can file a claim.
· Pre-existing conditions such as diabetes, high blood pressure or heart disease cannot be covered.
· Some health insurance policies exclude specific types of cancer or diseases related to the intake of drugs.
· To avoid claim rejections, it’s important to read the policy terms carefully before purchasing, opt for a plan with a shorter waiting period and disclose any pre-existing medical conditions.
Summing Up
Critical illnesses can strike at any time, and their financial impact can be devastating. While health insurance plans for family can provide essential coverage, they may not be sufficient for long-term care and non-medical expenses. A critical illness medical insurance plan acts as a financial safety net, ensuring that you and your family remain financially secure during tough times.
Investing in a Critical Illness plan of Generali Central Insurance policy today can make all the difference tomorrow. Don’t wait until it’s too late and secure your future with Generali Central’s comprehensive critical illness insurance plan.
Frequently Asked Questions ( FAQs )
1. What is the difference between health insurance and critical illness insurance?
A regular health insurance plan covers hospitalisation and medical expenses, while a critical illness insurance policy provides a lump sum amount upon diagnosis of a critical illness insurance.
2. Does critical illness insurance cover all types of diseases?
No, a critical illness medical insurance plan typically covers a list of specific illnesses such as cancer, stroke, heart attack, kidney failure, and major organ transplants.
3. Can I have both health insurance and critical illness insurance?
Yes, it is advisable to have both. A health insurance plan takes care of hospitalisation expenses, while a critical illness policy helps manage additional financial burdens.
4. What is the ideal age to buy a critical illness insurance policy?
It is best to buy a critical illness insurance policy at a younger age (in your 20s or 30s) to avail lower premiums and avoid exclusions related to pre-existing conditions.
5. How much coverage do I need in a critical illness insurance plan?
Your coverage amount should be based on factors like your income, medical history, and family responsibilities. A coverage of at least ₹10 lakh to ₹25 lakh is usually recommended.
