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Reasons Why Critical Illness Coverage was Created

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critical illness coverageCritical illness coverage complements your health insurance plan. It was inevitable to create this kind of insurance. Why? The most importan reason is that critical illness insurance is designed to assure millions of families and individuals in case they or their family members happen to suffer from critical illnesses. This type of insurance will provide you necessary money at the time you need it most. 

If you need more information, we’ll try to provide them. According to the statistics, medical problems and health conditions contributed to more than 60% of all bankruptcies in US, even though more than 75% had health insurance policies once they have become critically ill. Harvard University performed this study in 2008, before the current economic downturn. What is even worse, as years passes by, the more and more Americans suffer from critical illnesses. More than 1.4 million US citizens are diagnosed with cancer according to the American Cancer Society. The same number of Americans are likely to have the first heart attack and to experience the stroke. The truth is, the vast majority is likely to survive. What if you happen to survive critical illness? Should you and your family be happy? The financial consequences of this “luck” are something a small percentage of people are really prepared for. Health insurance policies commonly have co-pays and deductibles that can be as much as approximately couple thousand dollars annually. Prescriptions are rarely fully covered and, as we know, they can be quite costly. If you have to recover and undergo treatments for an extended period of time, your health premiums will be higher and you will still have to pay them. You need pay all insurances, mortgage or rent, credit card bills, real estate taxes, scholarships, utilities and food – would you have enough money to cover all those costs? Most likely, you wouldn’t.

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