Critical Illness Health Insurance: Should I Have It?

Most of us know someone who has been affected by a critical illness and understands the financial toll that it can take on a household. However, few of us have considered how we would keep our own ships afloat if we were to face a serious illness. Fortunately, critical illness insurance is available to help you financially through difficult times.

What Is Critical Illness Insurance?

Critical illness insurance, which may also be called critical care insurance or critical illness coverage, pays out a lump-sum, tax-free cash benefit, that can help you take care of any expenses that are associated with a qualifying illness. In addition to helping you pay for health insurance deductibles and copays, this coverage can help you keep your mortgage payments current, pay for groceries, cover utilities, and pay for car payments, etc. Which illnesses qualify for coverage depend widely on the policy, qualifying illnesses generally includes:​

• Coma
• Stroke
• Cancer
• Paralysis
• Heart attack
• Angioplasty
• Loss of sight
• Kidney failure
• Loss of hearing
• Loss of speech
• Coronary bypass surgery
• Major organ or heart transplant

Who Needs Critical Illness Insurance?

Different people may choose to purchase critical illness insurance for a variety of reasons. If you’re single or you are the primary breadwinner in a single-income household, you may choose to purchase this type of coverage to ensure that you don’t lose your home or are unable to keep up with bills and household expenses in the event of a major illness. Even if you have a two-income household, you may discover that there are unexpected costs associated with recovering from a major illness, such as necessary alterations to your home or vehicle. Critical illness coverage provides peace of mind that the stress of your major illness won’t be coupled with the stress of financial hardships.

Critical illness policies are not available through the “Marketplace” (Nevada Health Link). They must be purchase outside of Nevada Health link. Your broker can assist you with a Critical Illness policy. You may also be able to get critical illness insurance through your employer. This coverage is not subsidized by your employer, meaning that you’ll pay the full amount, and it is usually offered on a voluntary basis. You may also have the option of adding critical illness coverage as a rider to your existing health insurance policy. Generally speaking, critical illness policies are “stand alone” policies, meaning, they are purchased separately. So, they aren’t attached to any other policy. They are independent of any other coverages you may have. There is great value in these relatively inexpensive plans.​

Wondering How Much A Critical Illness Insurance Plan Costs?

Let Nevada Insurance Enrollment Quote You Today!

As with all insurance, the cost of critical illness insurance is largely based on your unique personal factors and how much of a financial risk you are to the insurer. Your health insurance agent can guide you in the process of choosing a plan that is right for you.