Critical Illness Insurance 101
As the average life expectancy in the United States continues to increase, insurance brokers are finding ways to make sure Americans can afford the privilege of getting older. Critical illness insurance was developed in 1996, as people realized that surviving a heart attack or stroke could leave a patient with insurmountable medical bills.
“Even with excellent medical insurance, just one critical illness can be a tremendous financial burden,”
Critical illness insurance provides coverage if you experience one or more of the following medical emergencies:
- Heart attack
- Organ transplants
- Coronary bypass
Because these illnesses require extensive medical care and treatment, their costs can outstrip a family’s medical insurance policy quickly. If you don’t have an emergency fund or health savings account (HSA), you’ll have an even harder time paying those bills out of pocket. Many people are now choosing high-deductible health plans, which can be something of a double-edged sword: Consumers benefit from relatively affordable monthly premiums but could find themselves in a real pinch if a serious illness were to strike.