Five Ways Critical Illness Insurance Helps Anyone..!
The monetary stress that comes with deadly diseases pertaining to
heart, skin & other important organs of our body is a bigger reason of
death than the ailment itself.
In such a scenario, there’s a lump sum amount that a patient
receives if s/he suffers from a specified condition in the primary ailment
policy.
Money
received during such critical time is always helpful. But usually people fail
to utilise it judiciously and continue to face the problem of lack of funds.
Here are
5 (Five) ways one can make the most out of the amount that they receive.
1.
Paying for deductibles &
other charges..!
The first
& foremost area where one should spend the lump sum amount received is to
pay for copayments, deductibles and other out of pocket charges like wellness
care.
The prime
reason behind this is that such expenses keep on increasing till the time the
patient’s treatment is completed.
2.
Uncovered charges..!
Secondly,
the amount should be invested in paying for all the expenses that are not
covered in the health insurance.
Such kind of charges include travel charges, stay charges, food
charges, etc., if one is advised to travel to different city for the treatment.
When such
suggestions are made, one also has to bear the expenses for someone who is
tagging along to take care of them.
In such a
scenario, people feel burdened & also cannot compromise with the treatment.
Hence, money should be spent or / saved for such purposes.
3.
Protection against loans..!
There are
times when the person who is suffering is the one responsible to run the
household.
Of course, she/he could have bills, bank loans, etc., and other
expenditures essential for the livelihood of the family to pay and manage.
If that’s
the case, money received as per critical insurance policy can be of great help
to ensure that the family does not suffer, at least financially.
If one
has taken a home loan or personal loan, the installment can be paid on time so
that one does not have an additional financial pressure and worry of being
homeless.
When the
family is secured, the ailing person gets one less reason to worry and the
courage to recover.
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| Naval Goel, PolicyX.com |
4.
Home renovation..!
When a
person is suffering from disease, she/he becomes incapacitated to do her / his
daily chores.
As a result, some modifications are needed in the house. The
amount received under critical insurance can be utilised for the renovation
that is done to a home to make the day-to-day life easy for the patient.
Modifications
like installation of ramp, widening the entry, and others can be taken care of
without having to take extra loan.
5.
Avoiding loss of income..!
Working
like the usual becomes impossible when one is undergoing treatment.
However, some people may have purchased disability insurance or
other types of coverage to help them see through such contingencies of life.
But such insurance policies are bound by multiple requirements.
For
instance, a person who is undergoing chemotherapy cannot work for only few days
a week. Hence, they might not get any amount from the insurer because they can
work occasionally.
Such
types of insurance only pertain to complete bed rest.
On the
other hand, a critical insurance policy has no such limitation. It only
empowers you to focus on getting well without worrying about returning to work,
finances and the survival of the family.
It works
as a close friend, who motivates you when you are dealing with critical
illness.
So a
critical illness policy is quite important especially for self-employed people
who absolutely see no chance of getting paid while they are ill. It always
gives you a much-needed support and relief from stress.
Src: Rediff.com
Src: Rediff.com
About the
author
Naval Goel is CEO and Founder, PolicyX.com (IRDA Approved Web Aggregator)
https://www.linkedin.com/in/navalgoel
https://www.facebook.com/PolicyX
helpdesk@policyx.comhttps://www.linkedin.com/in/navalgoel
https://www.facebook.com/PolicyX
1800-102-2492
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