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Critical illness insurance is a relatively new concept in the insurance marketplace. Critical illness insurance was introduced to the world in 1983 and came to the U.S. in the mid 1990s. The reason that this new type of insurance became necessary at that time was because new advances in medicine made it so more people were surviving critical illnesses that would have previously been fatal. While this was a great achievement, patients began to have trouble covering expenses through recovery.

An Affordable Solution

Critical illness insurance is cheaper than other types of insurance. You may be able to find a critical illness insurance plan starting at just 15 cents a day, or about $4.50 a month. Plans generally pay out $10,000, $20,000, or $30,000 in the event that a critical illness strikes. The amount of payout is sent in a lump sum to the policy holder, in most cases.

Can Help to Prevent Financial Strain

Critical illness insurance was created by a heart surgeon after he realized that his heart attack and stroke patients were recovering well, only to suffer complications caused by stress after going home to hospital bills and financial stresses. Critical illness insurance helps to alleviate some of the financial woes so that patients are able to focus on rehabilitation. Being able to focus on wellness can help patients avoid hospital readmissions and prevent further issues.

Covers a Range of Medical Issues

Critical illness insurance pays out following qualified medical events such as:

  • Heart attacks
  • Strokes
  • Congestive heart failure diagnosis
  • Cancer diagnosis
  • Certain types of organ failure

May Payout for Preventative Tests

A small portion of the insurance may be paid out for certain preventative tests. Up to $75 may be paid to the policy holder to help cover EKGs, pap smears, and blood tests ordered by physicians for preventative purposes. By receiving screenings, patients may help to prevent critical medical events from occurring or may catch illnesses in early stages.

Can Help to Cover Insurance Gaps

Critical illness insurance can help to cover gaps left by health insurance. Deductibles and copays from health insurance plans can make critical illness diagnosis and treatment costly, even when health insurance plans are considered desirable. Critical illness insurance payouts can be used to cover the costs of deductibles and copays so that patients have to pay little to nothing out of pocket. Insurance pay outs can also be used to cover daily living expenses during the recovery period, helping to replace lost wages.