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Not many people understand critical health cover and its place within Health Insurance. For many individuals, researching and reviewing a wide range of health insurance plans can be a tedious task to work on. This is especially as there are a lot of options available and each insurance policy has its own different purpose to serve.
Out of many insurance plans, critical illness cover insurance is the most common type of health insurance. Critical illness insurance offers coverage for serious health situations like cancer, kidney failure or cardiac issues, which is why it is referred to as critical health cover in many instances.
Merely owning medical insurance often isn’t sufficient in such situations of critical illness enters one’s life. This is why we at Cholamandalam Health insurance have compiled all the ways in which critical illness cover becomes extremely important along with explanations ranging from coverage to premium.
Read this blog to understand this aspect of critical health cover within health insurance in detail.
Comparing Critical Illness Cover and Normal Health Insurance Policies
When faced with a medical emergency, insufficient insurance coverage might cost more than what you had imagined. Check out the differences between the policies below, so that you can make the right decisions regarding health insurance and protect yourself from having your financial goals derailed during emergencies.
Kinds of Insurance Policies
A health insurance plan and a critical health cover are different in terms of what type of plans they are and the different coverage they offer. Health insurance is a type of protection while critical illness cover is a fixed benefit plan.
In an insurance policy, you will be paying for the amount that has actually incurred up to a maximum sum insured. The policy can be reused, considering that your annual cover is not exhausted. While, in a critical illness policy, your entire sum is assured when your claim for the insurance.
Coverage offered by the Policy
A general cholamandalam health insurance policy will usually provide you range of of services like medical treatments, ambulance expenses, hospitalization expenses, and also the treatment after an accident is covered.
Whereas, critical insurance cover provides coverage against, selected set of severe illness. The range of the coverage usually depends on the provider who offers it. Some of the common critical illnesses covered are – bone marrow transplant, organ transplant, most cancers of with severity, permanent limbs paralysis, coma, heart conditions, end-stage lung illness, and more.
Policy Duration
With critical illness cover, the waiting period depends from insurer to insurer. Generally, you are only eligible to receive your claimed amount from the critical health insurance policy after you are diagnosed with an illness.
Receiving the insured sum
In a general health insurance policy, usually, the expenses are covered if the duration of your hospitalization exceeds 24 hours, while there are a few plans that also cover Daycare expenses which do not require being admitted in the hospital like dialysis, radiotherapy, etc. The expenses which are covered in general health insurance plans include medical and treatment bills which will be compensated by your policy once your treatment is completed.
When it comes to critical insurance cover, the amount insured will be paid to you, as per the terms and conditions of the policy agreed upon.
Premiums
As general health insurance policies are more extensive when compared to critical illness cover, the premiums are also relatively higher for general health insurance policies. You get coverage for all the possible expenses for your medical illness and treatments which also include hospitalization charges, surgical operations, tests for diagnosis, and more.
If a person is diagnosed with a critical illness that is covered in the critical insurance policy, the person will receive the amount that is assured to him/her. The premiums are significantly lower than the traditional health insurance policies. Based on your preference and medical condition you can choose the best plan for your life goals.
With adequate and proof-checked research, choosing health insurance might be the best way to secure your future financially and mentally. Health insurance and critical illness cover are two different medical insurance plans that serve different motives.
Health insurance policies are framed to cover different types of medical expenses related to a disease. While the critical illness cover is designed to offer support financially for specific critical illness. Once you understand the key difference between the health insurance plan and critical illness policy, you will be able to decide which plan will suit your needs.
Get in touch with insurance providers like Cholamandalam Health Insurance, who will help you in finding the right plan based on your needs.
