Medical advances have extended our lifespan, but they haven’t made us immune from having a heart attack, stroke or being diagnosed with cancer. While any of the above diagnosis is no longer a death sentence, they carry a hefty treatment cost.
Medical insurance helps reduce costs, but most plans don’t cover all the expenses related to treatment, and our clients are increasingly adding the critical illness insurance into their benefits.
The chance of getting diagnosed with cancer or having a heart attack is heightened for people over age 40. In fact, according to the American Cancer Society, one in two men and one in three women develop cancer in their lifetime.
Interestingly enough, U.A.E has the second highest incidence of Diabetes in the world, which affects nine vital organs of the body, which would ultimately end up in a Critical Illness.
Critical Insurance is available both on the employee benefits schemes as well as the individual options. However, it is left to the individuals to plan for themselves particularly in this part of the world. While its low cost is attractive to some people, many others don’t even know it exists.A person in their mid-30s will pay approximately $ 65/month for a $100,000 lump sum benefit.
According to the American Association for Critical Illness Insurance, improvements in medical treatments means most people will survive very serious illnesses, but a Harvard Medical Study done before the recession found that the vast majority of bankruptcies in the U.S. were related directly to medical conditions.
More surprising, 78% of the people that were forced to file for bankruptcy had health insurance at the current time.This clearly means that if someone has a critical illness, chances are more that they would survive, but the finances are going to be so significantly impacted, as the average financial cost associated with a critical Illness is not lesser than $ 40,000 as of today.
Although there is no guarantee you will suffer from any of these illnesses, critical illness insurance can offer peace of mind. According to experts, someone with a family history of any of these types of diseases, or can afford to pay the monthly premium should consider this form of insurance. Because it pays a lump sum, the insured doesn’t have to worry about submitting receipts or getting reimbursed for their expenses.
Another research has found that many people are surprised to learn their existing medical insurance doesn’t cover the full financial costs associated with critical illnesses. According to the study, only 28% of full-time employees have heard of critical illness insurance. What’s more, many individuals confused this form of coverage with other health-related insurance.
Keep in mind that you can’t take the insurance out once you are diagnosed with cancer, have a heart attack or suffer from a stroke.
You have to be healthy to be eligible for this form of insurance.