Have you ever thought about what would happen if you were diagnosed with a significant illness? How would you handle the high medical costs? Will your regular health insurance cover all expenses? These are critical topics that every person should consider. Critical illness health insurance schemes are designed to provide financial support during these tough times. They offer a lump sum payment upon diagnosis of a covered ailment, allowing you to concentrate on your recovery without worrying about the financial load. Let us look at why critical illness health insurance is essential for everyone. Additionally, understanding your health metrics using tools like a BMI calculator male can also help you stay informed about your overall health condition. A BMI calculator for males is an online tool that helps men determine their Body Mass Index by inputting their height and weight. It provides an indication of whether they are underweight, normal weight, overweight, or obese.
Let’s have a look at why critical illness health insurance is important –
Financial protection against high medical costs
As it is common knowledge that diseases like cancer, heart attack or kidney failure come with high costs of treatment. Such costs include hospitalisation, treatment, surgeries, and follow-ups. While some of these costs may not be fully reimbursable under a standard health insurance plan, the lump sum paid by the critical illness plan enables you to address such costly medical conditions without having to exhaust all your resources.
Coverage for loss of income
During a severe disease, you may be confined to bed and unable to work for weeks or even months. This loss of income can lead to financial strain. Critical illness health insurance provides a lump sum which can assist in replacing the income lost and provide the person with an opportunity to heal without added pressure.
Comprehensive coverage beyond hospitalisation
Basic health insurance programs are primarily concerned with hospitalisation and initial costs. However, critical illness plans are a step further as they provide for the costs that are associated with rehabilitation, physiotherapy and even home care. In this manner, every aspect of your treatment and recovery is financially settled down to the last penny.
Access to advanced treatment options
A critical illness means a behaviour change, which entails a special diet, physiotherapy sessions, or modification of the home to fit medical equipment. These lifestyle changes can be financed using the lump sum payout from a critical illness policy so that one can lead a better-quality life during the period of recovery.
Support for lifestyle changes
A critical illness may require an individual to change his/her lifestyle, and this may include taking a special diet, going for physiotherapy sessions or having to modify their home to accommodate medical equipment. These lifestyle changes can be financed from the lump sum payout of a critical illness policy so that the quality of life is not compromised during the recovery period.
Financial support for family members
A critical illness is not only a concern to the patient but the entire family as well. Critical illness insurance enables you to ensure that your loved ones will be financially secure during your treatment. It may include paying for children’s education, basic needs in the household, and debts among others.
Mental peace
Just the knowledge that you have money set aside in the event of an emergency can be very reassuring. Critical illness insurance eliminates the burden that is associated with the probability of paying for critical illness thus enabling you to focus on your health.
Tax benefits
The premiums paid for the critical illness health insurance plans are tax exempted under section 80D of the Income Tax Act in India. This is another reason for making such an investment in a specific plan because it will also decrease your overall taxes and keep you healthy.
Affordable premiums
Surprisingly, critical illness health insurance plans are not as costly as most people would expect them to be. Looking at the amount of cover and the financial security they offer; the cost of the premiums is relatively cheap to most individuals.
Customisable plans
There also exist numerous insurance companies which offer policyholders an option of choosing the degree of coverage as well as the diseases of their choice. This flexibility makes it possible for you to adopt the policy in a manner that best suits your needs as well as your pocket.
No restrictions on the usage of payout
The money received from a critical illness plan is paid in a lump sum and the money can be spent as you wish. There are no limitations on how the money can be spent – it can be used for medical treatment, debt payment, or even a restorative holiday.
Protection against inflation
Medical costs are increasing in general and the cost of treatment of critical diseases is also on the rise. This inflation is fought by a critical illness plan as it provides a lump sum that will be able to meet these increasing costs of medical bills.
Early detection and better treatment
With a critical illness insurance policy in place, there is a financial incentive to undergo regular health check-ups. Diagnosis of a critical illness at an early stage can increase the possibility of healing and reduce the negative impacts.
Covers multiple illnesses
The critical illness insurance policy gives a chance to get money for check-ups if a person is insured. Since there is always a high chance of curing a critical illness once it is diagnosed early, it is always recommendable to diagnose the critical illness at an early stage.
Helps in debt management
It is common knowledge that most of the critical illness plans are designed to cover many critical illnesses. It ensures that you are protected against various kinds of health risks and provides you with the maximum protection financially.
Ending note
Critical illness health insurance policies are an important financial instrument for protecting against the unpredictable and often prohibitively expensive costs of major medical disorders. They provide all-around care, monetary assistance and assurance so that you do not have to worry about your financial status while fighting an illness. Purchasing a critical illness plan is a preventive step as it prepares you financially as well as saves your loved ones from the harsh effects of critical diseases. A critical illness health insurance plan is an investment that nobody should live without, especially in India as costs are on the rise. It offers support to the changes of life, income replacement and the opportunity to choose complex treatments.
