Critical Illness Health Insurance is basically what it says on the tin – insurance coverage for specific illnesses forming part of those listed in the insurance policy. Typically these are critical illnesses, but while we’re at it with the different terms for this type of insurance, it’s sometimes also referred to as Critical Illness Cover or Dread Disease Insurance/Cover.
I suppose the importance thereof is straight-forward enough to gauge, but it’s definitely worth looking into exactly why it makes sense to take out a health insurance policy which covers critical illnesses. First we should probably zone in on the reason why anybody would even consider foregoing this very specific type of health insurance, which is primarily that of when they have regular health insurance and haven’t really experienced any situation which validates their continued payment of what are naturally rather hefty premiums. Basically if you’ve never been seriously ill and you subsequently don’t have a reference point for just how expensive medical care can be out-of-pocket, health insurance and even critical care insurance may seem like an unnecessary expense.
This is some seriously flawed thinking however and it perhaps brings to light the critical need of critical care health insurance as an addition to your regular medical insurance. Especially for low-income households, having health insurance that covers critical illnesses can be beneficial; in this regard, providers such as IEHP (https://www.iehp.org/en/members/medical-benefits-and-services), who offer Medicaid and MediCal health plans for individuals and families in the US, should be considered. The massive medical bills that often accompany the treatment of illnesses can then be shared, lessening the burden on the membership holder.
Beyond “Regular” Health Insurance
So as suggested, there is a list that is comprised out of about 30-36 illnesses that are classified as “critical” and these illnesses aren’t covered by regular health insurance. These can change from country to country so don’t be surprised if critical illness insurance in Thailand covers a condition that another county’s insurance provider doesn’t. The treatment of critical illnesses will often weigh very heavily on the pockets of even the wealthiest of people and nobody really has this kind of money just lying around. A critical illness might clean out your life savings and the treatment thereof may not even be sufficient to cure it. These commonly include the likes of blindness, deafness or loss of speech, coma, kidney failure, HIV that’s acquired occupationally or due to a blood transfusion, major cancers (including brain tumor), motor neuron disease, terminal diseases, stroke, and many more. In fact, taking a look at the list of critical illnesses one would realize that these are essentially illnesses that require management as opposed to hoping for a cure. For instance, it can be difficult to feel connected to the world when you have hearing loss. This can lead to frustration, irritability, and anger. People with severe hearing loss may experience anxiety or depression. Studies also show that hearing loss is associated with dementia in older adults. There are various treatment methods available such as using listening devices, hearing aids (check out blogs like https://www.earpros.com/hearing-aids/hearing-aid-batteries for more info), hearing rehabilitation, and surgery. But in the end, one finds a way to live with it.
The full and precise list of what are considered to be critical illnesses covered by a critical care health insurance policy are discussed in detail as part of the insurer’s offering who is selling the policy. It does however help to know which of these illnesses would be covered by the specific policy you take out because at the end of the day you’d want to make sure to have the funds available should the unthinkable happen and you find yourself having to deal with any one of those dreaded diseases. You should also be aware of which all healthcare providers are included in your policy’s network as well, so that you are aware of which provider to turn to should anything unfortunate arise. Understanding payer contracting can help provide clarity in this regard. Also, some treatments or procedures may require prior approval from the insurance company, and this very same contract may outline these requirements. This ensures that you have access to the necessary treatments and services as and when needed.
Remember to honor the terms of the policy with regards to paying your premiums and as per any and all other stipulated terms and conditions. You do not want to have to forfeit the lump sum payout out of your own doing.
Otherwise critical health care insurance makes sense as it would help cover the costs for medical care which you probably won’t be able to afford without insurance.
