When Do I Need Critical Illness Insurance?

Picture this…

You’re at a glitzy casino on the Las Vegas strip. Can’t you almost see it? The well-dressed men and women bustling around, crowding up next to poker and blackjack tables? Do you hear the whirring of the slot machines, the high rollers shouting their drink orders?

So now that you’ve gotten the lay of the land on the casino floor, you make your way over to a roulette wheel. There’s a decent group of people surrounding the game and, checking the board, it seems like the wheel has been paying out handsomely all night.

Full of the sort of confidence that can only come with being at a Vegas casino, you sidle up to the roulette wheel. Let’s say you have four chips with which to wager.

At this point, you’ve got a choice. On the one hand, you could bet it all on one number and hope for a massive payoff. On the other, you could be more conservative with your bet by either saving some of your chips for later or by betting more broadly – on a color, say, or by splitting your bet among multiple numbers.

In a lot of ways, thinking about your healthcare is a lot like placing a bet at a casino. The biggest difference? When it comes to your health, the stakes are even higher!

You see, while most of us hope for the best and go “all in,” trusting that we’re going to stay relatively healthy and secure forever, the reality is that our health can take a turn at any second.

When that big spoiler comes, it helps to be prepared. Opting for a critical illness insurance supplement to your health insurance plan is one way to be ready for the worst – even as you continue to hope for the best.

What Is Critical Illness Insurance?

Critical illness insurance is designed to cover the expenses that might not be paid by your health insurance provider, should you be diagnosed with an extremely serious condition.

Unlike traditional health insurance, which generally reimburses the healthcare provider for services rendered, critical illness insurance pays out a lump sum cash benefit directly to you, the client, upon diagnosis of a critical illness or condition.

Because you get paid directly, you can choose how you spend your critical insurance benefits – whether that means covering out-of-pocket medical expenses, offsetting your transportation costs, or even staying up to date with your mortgage payments and other bills.

Why Should You Get Critical Illness Insurance?

The bottom line is that it costs money being sick, and your medical health insurance coverage often won’t be able to cover everything. Out-of-pocket medical expenses can quickly add up, and the last thing you’ll want to worry about while battling with a critical illness or condition is your finances.

With the peace of mind and financial stability afforded by critical illness insurance, you’ll be in a better position to get the treatment you want, supplement the loss of income that may accompany a major health emergency, spend time with your friends and family, and keep your home and other assets.

Critical illness insurance can be a great and vital supplement to other medical insurance coverage, but it’s important to realize that it is not a replacement for a qualified health insurance plan. It’s for filling in gaps, not providing long-term healthcare solutions. Critical illness insurance does not provide the minimum essential coverage mandated by the Affordable Care Act (ACA), and will not exempt you from health insurance tax penalties.

What Does Critical Illness Insurance Cover?

Because critical illness insurance only pays out in the event that you experience a critical illness or condition that’s covered by the plan, it’s important to understand what will or will not qualify.

While every plan is different, the primary critical illnesses covered are cancer, heart attack, and stroke.

Depending on your critical illness insurance plan, other qualifying health events may include:

  • Major organ transplants
  • Coronary bypass surgery
  • Renal failure
  • Paralysis
  • Illness-induced coma
  • Amyotrophic Lateral Sclerosis (ALS)

When Can You Get Critical Illness Insurance?

You can purchase critical illness insurance at any time, even outside of the open enrollment window.

With that said, you cannot wait for an illness to strike before getting critical illness insurance. You won’t be able to purchase coverage after a major, qualifying illness is diagnosed.

How Much Does Critical Illness Insurance Cost?

If you do choose to purchase critical illness insurance as a supplement to your health plan, the good news is that it’s more affordable than many people think!

Premiums may vary from person to person based on a number of factors, including:

  • Age
  • Gender
  • Benefit Amount
  • Lifestyle (e.g., smoker vs. non-smoker)

The best way to know how much adding critical illness insurance may cost you is to sit down with our own Matt Peebles of Enrollment Specialists; as your consultant, Matt will walk you through all of your options for coverage and help you decide on the best plan for your unique needs.

Ultimately, like setting up your bet at that roulette wheel, the choice is up to you.

In the long run, how willing are you to gamble with your health and your financial safety? Is it better to take action now, before anything goes wrong… or wait until it may be too late?

Looking for help with these important questions? Remember that, with Enrollment Specialists, you’ve got a guy! Our experienced consultant Matt Peebles is always ready to tackle your most pressing insurance questions.

Drop us a line today to discuss your options and see if critical illness insurance may be right for you!

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