Critical Illness
Critical illness insurance provides coverage if you experience one or more of the following medical emergencies:
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Heart attack
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Stroke
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Organ transplants
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Cancer
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Coronary bypass
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Angioplasty
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Kidney (Renal) failure
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Paralysis
How much cash can I receive?
The cash payments which can range from $10,000 to as much as $100,000. They are paid as a single, lump sum payment as soon as the individual is diagnosed with a covered condition.
Some policies will actually provide multiple cash payments. Say you have cancer and survive; you get a cash payment. Three years later, you have a heart attack; another payment. But this varies from insurer to insurer, so be sure to ask if it applies.
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When you’re hospitalized, chances are there will be expenses that you have to pay yourself, even with an existing healthcare plan. A hospital indemnity insurance plan can cover a percentage of your income while you’re out of work and in the hospital.
It provides a cash benefit paid directly to you, which can help with your out-of-pocket expenses. One form of this plan is known as hospital confinement indemnity insurance.
While traditional health insurance pays for specific medical services after deductible or copayment amounts are satisfied, hospital indemnity insurance triggers coverage when specific events associated with hospital stays occur.
A type of supplemental insurance, hospital indemnity plans pay out when a policyholder checks into a hospital for an overnight stay, entitling him to claim a certain amount – say $450 – against the policy.
For each additional night’s stay he can add another $450 on top. A three-day stay at the local infirmary would entitle him to $750 and so on.
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In addition to a hospital per diem, a more robust plan might feature payments per ambulance trip, surgery or maternity visit, or increased payments for intense ailments such as stroke or cancer. Benefits can disburse in lump sums for short admittances or on a daily or weekly basis during longer visits