Get help with the high costs of hospitalization – Fixed indemnity benefits may be paid per day, week, month, visit or event.
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What is Critical Illness Insurance and is it Worth it?
Critical Illness Insurance
Cash benefits to supplement your major medical insurance policy
Pay your mortgage, major medical premiums or deductible, or help cover other expenses that don’t stop, even when you experience a critical illness.
What Does Critical Illness Insurance Cover?
Most critical illness policies provide a lump sum benefit for covered illnesses depending on the severity of the condition and how long you’ve had your policy.
The following lists include common coverages and exclusions, however, you must read any policy you’re considering carefully since this is not an exhaustive list.
What Critical Illness Policies May Cover:
Life-threatening cancer
Heart attack
Kidney failure
Stroke
Coma
Coronary artery bypass
Loss of sight, speech or hearing
Major organ transplant
Paralysis
Severe burn
What Critical Illness Policies May Not Cover:
Self-inflicted injury or sickness
Recurrence of cancer (only the first diagnosis may be covered)
Illnesses that occur during the policy waiting period
Diagnoses related to pre-existing conditions
Procedures that are not medically necessary
Experimental or investigational procedures
Procedures not prescribed by a doctor
Injuries resulting from war or active duty military service
Injuries sustained at work, while under the influence of drugs or alcohol or while participating in a high-risk activity like bungee jumping
Pros and Cons of Critical Illness Coverage
- You’re in control – You choose how to use your benefits to spend any way you need while you recover.
- Keep your doctor – You may be able to use any provider or facility with no network limitations.
- Apply year-round – There is no official open enrollment period.
- A plan for every budget – Different levels of coverage may be available at different price points to meet individual needs.
- Affordable monthly premiums – Because policies are so limited in what they cover, it’s relatively affordable to maintain this supplemental coverage.
- Limited coverage + many exclusions – These plans are only meant to cover specific illnesses.
- Premiums are based on age – The younger you are the lower your monthly premium, and coverage may be terminated when you reach a certain age (e.g., 70)
- Not ACA-qualifying major medical coverage – Critical illness coverage is a form of supplemental insurance, meant to be paired with a major medical plan.
- Waiting periods – Most policies won’t pay benefits for a diagnosis relating a health condition until you’ve completed your policy’s waiting period.
Combine With Other Insurance Plans for More Coverage
Combine a critical illness policy with other supplemental health insurance products for more coverage. Hospital indemnity insurance, dental, vision, and accident insurance can complement your supplemental critical illness insurance.
Call 888-855-6837 to speak with an agent to learn more.
Critical Illness Insurance Resources
Have Questions? Speak to an Agent
Speak to a licensed health insurance agent during business hours for help understanding your options and enrolling in coverage.
Independence American Insurance Company and/or Madison National Life Insurance Company, Inc. may underwrite the products referenced on this website. Legal Disclaimers.