Critical Illness Coverage Can Help Avoid Medical Bankruptcy

One in three employees spent more on their health costs in 2021, according to a recent survey. Higher healthcare costs can translate into negative credit ratings, more financial debt or even a medical bankruptcy. Americans today search for solutions, and critical illness coverage can be one of the keys to financial security.

To save costs, some employers cut healthcare benefits, imposing higher deductibles and more out-of-pocket costs. Critical illness insurance offers protection for medical emergencies such as cancer, heart attacks and strokes. These health emergencies are costly and in some cases may exhaust benefits available under group or individual health policies. Because critical illness policies are catastrophic coverage, their cost can be quite reasonable.

Additionally, high-deductible health plans may mean you face high bills in the event of a critical illness. The bonus to these types of plans is that you can use payouts for other nonmedical costs that arise after a covered illness. This can include skilled nursing, childcare and transportation costs. Critical illness insurance helps you maintain your current lifestyle while recovering after your illness.

Some employers offer this coverage at an additional cost, while your life insurer may offer this as an additional benefit under your life insurance plan. There are many illnesses protected by this insurance, including kidney failure, head trauma, brain tumors, chronic liver disease, blindness, Parkinson’s and Alzheimer’s disease. Each company that provides this vital coverage words their policies differently, with distinct insuring agreements and exclusions. Why worry about a sudden illness that can financially devastate you when this type of coverage is available?

If you’re concerned that a sudden illness could catch you or a family member flat-footed, contact us for more information about critical illness coverage. Working with an agent skilled in providing critical illness coverage can help you choose a policy that fits your lifestyle.