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Do I Need Both Health Insurance and Critical Illness Cover?

There is a lot of harshness and surprises in life. The pandemic has shown us one thing and one thing only: we need to guard ourselves and our loved ones from unexpected medical bills. The rise in medical expenses can be pretty expensive. You can be in the risk of being not financially comfortable if you are required to pay for medical bills when your insurance cannot cover it. An example of a type of self-defense is health insurance, however, many people do not understand that they also need coverage to protect against catastrophic diseases. Chola MS Health Insurance is the topic of discussion in this blog article that highlights the worth of having critical illness insurance besides health insurance. Reasons for choosing the best critical illness insurance policy in India is also explained.

Let’s first clarify what critical sickness coverage is. A special type of insurance policy known as “critical illness cover” pays out a lump sum payment upon the diagnosis of a specified critical illness. Cancer, heart attacks, strokes, kidney failure, and other potentially fatal disorders are examples of these ailments. During the course of treatment, the lump sum payment may be utilized to replace lost income or to pay for medical bills and treatments.

Let’s first get it straight as to what critical sickness coverage means. A particular kind of insurance policy named “critical illness cover” provides for a lump sum payment once a specified critical illness is diagnosed. Diseases such as cancer, heart attacks, strokes, kidney failure, and many other potentially fatal disorders are examples of such ailments. As the treatment is on, the lump-sum payment can be used as a substitute for the lost income or to pay for the medical bills and the treatments.

However, health insurance is a wider coverage that covers a variety of medical costs like hospitalizations, surgeries, medical treatments, doctor’s visits, medication costs, and in some cases preventive care. The disease or the injury severity is irrelevant, it is the protection that matters.

Given that we are clear on the main differences between the two now.

Let’s check out the causes of why there is a need for both health insurance and critical illness cover

  • Comprehensive Coverage: With medical insurance in place, you can receive the treatment you require without having to fret over the cost. However, by making a one-time payment that can be used to pay for some extras that can be caused by critical illnesses, such as paying a larger part of mortgages or not working for some time, critical illness cover provides an additional level of security.
  • Financial Stability: It is a burden both financially and emotionally to deal with a serious disease. While medical costs can be paid out of health insurance, there are other expenses that have to be taken into account, like lost wages, moving fees, or trying alternative therapies. Having critical illness insurance assures the provision of financial security and peace of mind by offering you a lump sum to help you sail through these tough times.
  • Lifestyle Support: The treatments with specific care and lifestyle modifications are often required for a critical illness. The lump sum from the critical illness insurance may be used to pay the cost of some other services not covered like counseling, physical therapy or prescription drugs. It gives you warmth and optimism as you recover.

With a clear understanding of the need to have critical illness insurance and health insurance, let us now focus on selecting the best critical illness insurance plan available in India.

  • Research and Compare: It is necessary to compare and study different insurance companies to find the best critical illness insurance in India. Look for policies with higher sum assured and comprehensive critical illness cover.
  • Benefits and Exclusions: Observe the benefits that a number of policies can give. Some of them come with additional perks, such as premium waivers and children plans. Likewise, remember that there are insurance exclusions and waiting periods.
  • Reputation and Customer Service: Select the insurers that have an excellent reputation and reliable customer services. To determine how responsive a company is to its customers and how they handle claims, read through the customers’ reviews and experience.
  • Affordability: It is also important to consider your budget in addition to the need for the most essential illness insurance coverage. look for options which are equally divided between affordable rates and sufficient coverage.

In a nutshell, one needs to have both health insurance and critical sickness coverage in order to get full protection in situations of medical emergencies that may arise out of nowhere. Health insurance caters for a wide selection of medical costs but critical illness insurance goes a step further by offering an additional safeguard which applies to specific critical conditions. Ensure you carry out the investigations, comparisons, and reputation, cost, and other issues into account while choosing the best critical illness insurance plan in India. Safety and readiness are our goals for good health.

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