Life changes in the blink of an eye, and nowhere is this truer than in the context of your health and fitness. A niggling pain in the abdomen, a recurring infection or an injury might land you at the doctor’s clinic for some tests. To your horror, you find that you are nursing a critical illness that requires prolonged medical treatment.
Would you have the financial means to deal with expensive medical treatment? If you fear this scenario, then it may be time to buy a critical illness policy. But first, consider these factors:
1) How much you can spend on the critical illness plan:
Do remember that the critical illness insurance can be either a standalone policy or a rider associated with your current health insurance plan. It all depends on which insurance provider you take the policy from. Either way, it is an additional expense for you. You can buy the critical illness plan provided you plan the premium payments beforehand, so as to not to strain your finances. At the same time, the plan will add a level of safety for your loved ones in case you contract a serious illness in the future.
2) What your present health profile is like:
Whether you buy a critical illness cover or not depends on your health at the moment. Your age, whether you smoke or drink, whether you have any pre-existing diseases/disorders, whether you have a genetic disposition towards certain illnesses or not, determine your decision to buy a critical illness plan. Do note that the premiums are slightly higher for applicants who smoke.
3) Whether the critical illness cover is adequate:
You might have a well-paying job that gives you and your loved ones a comfortable life. So, you might opt for a low critical illness cover. But do bear in mind that healthcare costs in India are already quite high, and they increase every year. We hope you never have to use the critical illness insurance policy in the future, but if you do, it will reimburse you for expensive healthcare that you might need. Thus, you require high coverage under this policy.
4) The list of critical illnesses that the plan covers:
This category of health insurance does not cover each and every critical illness. The chosen insurance provider will have a list of critical illnesses covered under the policy. Check the full list of inclusions before you sign up.
5) Whether the critical illness plan supports your health insurance plan features:
Critical illness insurance is essentially a value addition to your insurance portfolio. It must complement the existing health insurance plan you have, so that both policies can provide comprehensive protection. Put together, they must cover all aspects of future healthcare you may need.