Critical Illness Cover Information

By: Mike Armstrong
The advances made in the medical field may have indeed saved the lives of one and many. When one talks about critical illness, treatment is what may crop into one’s mind next. Let’s have a look at some statistics about how important the medical sector has become.

People who suffer from a critical illness before reaching the age of 65 have twice as much chance to survive than to die. Around 12.4 million people still alive today may have already been treated for a critical illness such as heart attack. Also, approximately 4.5 million victims resulting from a critical illness like stroke may still be alive nowadays. Nearly 8.4 million people still alive these days may have a history from a critical illness as lethal as cancer. Moreover, about 50 to 70 percent of stroke sufferers may have been able to step out from disability. Similarly, around 88 percent of people below the age of 65 suffering from the critical illness heart attack may have regained their work.

The rehabilitation process from a critical illness may sometimes take a long time. This can involve the loss of income, thus the inability to pay for necessary treatments.

There may be a considerable amount of critical illness sufferers who have to undergo a financial breakdown in the event of a critical illness. The reason may be because of the indirect costs associated with the illnesses. As per the Harvard University, around 50 percent of bankrupt people in the USA may be due to paying out medical bills. Yes, appropriate treatments now exist but the value of these treatments has also to be matched. So, many people fail to cope with the medical charges as well.

In countries like USA and South Africa Health Insurance exist. People who cannot afford a critical illness cover can still go for Health Insurance. In South Africa Health Insurance may be cheaper than critical illness insurance and may also better advantages than critical illness cover. But this fact cannot be generalized because the foundation of critical illness cover had been made in South Africa. On the other hand, Health Insurance in the USA may not provide enough coverage for one to step out of critical illness and lead a normal life. To prove this fact, the American Cancer Society may have found out that around 66 percent of the cost of cancer treatment may not be covered by health insurance. Here are some of the expenses that health insurance may not take in charge:

• Out-of-network medical treatment
• Experimental treatment of the specific critical illness
• Home and/or automobile modifications (e.g., wheelchair ramps)
• Rehabilitation after treatment of the critical illness
• Insurance co-payments and deductibles
• Home health care
• Uncovered or additional prescription drugs
• Travel to receive special treatment for the specific critical illness
• Second medical opinions for the critical illness in question

Income protection insurance, mortgage protection insurance, disability insurance all help to play an important role in case you are unable to afford a normal living. These may of course help in different situations. But critical illness insurance may differ from these in such a way that it can provide the insured with the peace of mind to maintain his usual living. With critical illness cover the insured may have no restriction in the way he wants to use his payout.

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