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health insurance

Health Insurance V/s Critical Illness Plan

April 4, 2023
in Explained, Insurance
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Health insurance and critical illness insurance are two different types of insurance that provide financial protection in different ways. Here is a comparison of health insurance and critical illness insurance:

Health insurance:

  • Provides coverage for medical expenses incurred due to illness or injury
  • Covers a wide range of medical conditions, including both minor and major illnesses
  • Typically covers hospitalization, surgery, and other medical treatments
  • It may also cover preventive care, such as annual check-ups and vaccinations

Critical illness insurance:

  • Provides a lump-sum payment if the policyholder is diagnosed with a specific critical illness, such as cancer, heart attack, or stroke
  • Covers a limited number of specific illnesses
  • Is intended to provide financial support for expenses not covered by health insurance, such as lost income, long-term care, and out-of-pocket medical expenses
  • Does not provide coverage for ongoing medical treatment or preventive care

To summarize, health insurance is designed to cover a wide range of medical expenses. In contrast, critical illness insurance is intended to provide a financial cushion in the event of a specific, severe illness. Some people choose to have both health insurance and critical illness insurance to provide a comprehensive level of protection.

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How to choose the right policy for yourself?

Deciding whether to choose health insurance or critical illness insurance (or both) depends on your individual needs and circumstances. Here are a few factors to consider when deciding which type of insurance is right for you:

  1. Your current health and medical history: If you have a pre-existing medical condition or a family history of certain critical illnesses, you may want to consider critical illness insurance.
  2. Your financial situation: If you have a high deductible health insurance plan or limited financial resources, you may want to consider critical illness insurance to provide additional financial protection in the event of a severe illness.
  3. Your future financial goals: If you have dependents or financial responsibilities that you want to protect in the event of a serious illness, critical illness insurance can provide a financial cushion to help meet those needs.
  4. Your budget: Health insurance premiums are typically higher than critical illness insurance premiums, so if you have limited budget, critical illness insurance may be a more affordable option.

Ultimately, the decision to choose health insurance or critical illness insurance (or both) will depend on your individual needs and financial goals. It’s a good idea to speak with a financial advisor or insurance professional to get personalized advice on the best options for you.

Tags: critical illness planhealth insurance

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