When it comes to protecting health care, one of the most important initiatives that should not be overlooked is critical illness insurance. The incidence of different health problems is no longer limited to the elderly person but actually reaches any age.
Serious illnesses, when diagnosed, require the necessary care, which often involves expensive consultations, treatments, and medications. Having these resources is simple, but essential. Read on and find out how to protect yourself with serious illness insurance.
What are serious illnesses?
Serious illness is a concept with its origin in legislation. Although there is no explicit definition, several laws include a list of diseases in which the different possibilities considered serious are consolidated.
In other words, a disease is considered a “serious disease” because a law has cited it as such. In the same way, other norms have done so with reference to other conditions also understood in this way.
However, when it comes to insurance, the list of these grievances will be the one for which the insurer defines coverage. This means that they provide coverage for some of the illnesses they elect as such. This option for one or another disease is different among companies in the field.
How important is serious illness insurance?
First, take into account that diseases considered serious by insurers are really demanding greater care. In this sense, the availability of financial resources for the appropriate treatments, as well as for the necessary medication, may be essential.
In turn, the price of coverage for serious illness is quite affordable. Thus, providing this security for you and your family under favorable conditions is an excellent preventive solution.
When contracting insurance, as is known, a Personal Health Declaration is filled in, in which the applicant declares his condition. For the analysis of the proposal, the data provided are evaluated, such as age, whether you are a smoker, and medical history, among others, to build the insured’s profile.
Please be aware that there is no coverage for pre-existing serious illnesses so declared. This is an important reason to take out such insurance when you are still young.
What types of coverage are there?
Generally speaking, insurance coverage for serious illness is not an item of the so-called “basic coverage”. In fact, it is an additional option whose interest must be expressed by the insured at the time of hiring.
In any case, if there is coverage forecast — and it is highly recommended that there is — the indemnity is certain. Although each insurer chooses a list of serious health situations with which it will operate, in general, the following coverage can be considered, among others:
- Cerebral Vascular Accident (CVA);
- cancer;
- cardiac revascularization surgery;
- multiple sclerosis;
- acute myocardial infarction;
- end-stage renal failure;
- Alzheimer’s disease;
- limb paralysis;
- organ transplantation.
It is also necessary to take into account that the number of serious illnesses covered by an insurer varies in relation to the others. Thus, five, ten or 15 diseases can be considered for this purpose at the option of the insurer.
Another important aspect of this coverage is that, in its occurrence, the insured receives a full indemnity. Therefore, it is not a matter of reimbursement of expenses, but the receipt of an amount that the insured will use as he wishes, and may even use this resource for another purpose.
What is the rescue procedure?
It is important to know that critical illness insurance is subject to a waiting period. This means that the right to compensation for the occurrence of a serious illness is only effective after the grace period counted from the date of contracting the insurance has elapsed.
In order for the occurrence of a serious illness to be characterized. It is sufficient to confirm the diagnosis and inform the insurer accordingly. In this sense, some medical reports are requested. As well as the pertinent medical documentation.
The indemnity amount is established when the coverage is contracted and, as we have seen, it is a single amount, paid at once. In turn. The rescue of this coverage is usually not a bureaucratic or lengthy process.
It is necessary to consider that, after a first use, that is, after receiving compensation for the diagnosis of a serious illness, the contracted coverage ends. This means that, for the possibility of compensation for a second illness, one should take another policy.
Each insurer sets an age limit for taking out critical illness insurance. In general, this threshold is 70 years of age. Just as insurers do not usually accept proposals for policyholders from this age onwards, this is also the limit at which a contracted coverage ends.
How can you choose the best insurance plan for your employees?
Offering life insurance to company employees is an important strategic decision. In addition to aspects that benefit workers, insurance is a great instrument for retaining talent. When it comes to health and support for the family, this is the preference of professionals.
However, it is necessary to be sure to hire the best product that, in fact, meets the planned expectations. For this, consider the following recommendations.
Evaluate insurers and products offered
Among the products offered by insurance companies, it is necessary to choose among the most suitable according to existing needs. Evaluate those that best serve the company’s projects and strategy.
Evaluate the different indemnities
When analyzing coverage, consider the different indemnities so that they are compatible with the different profiles of your employees. Make insurance a motivator for growth within the company.
Select the most important coverages
Some important coverages, such as for serious illnesses, are very affordable, but they greatly value insurance for the employee. Also, take into account other benefits available, for example, those in the form of services.
Thanks for reading this article by ExtNext, hope you will learn something about Health Insurance.
