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.

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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

Want to Compare Critical Illness Coverage Options + Costs?

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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.

Want to learn more about coverage options?

Call 888-855-6837 to speak with an agent now!

Who Could Benefit from a Critical Illness Insurance Policy?

 

Are you stuck with a high deductible health plan, wondering how to pay for your deductible should you need to use your insurance?

Medical Gap can help by paying a lump sum benefit that can be used towards your HDHP deductible.

Learn more

Medicare kicks in at age 65 – so what if you retire before that and lose your job-based group health benefits?

Compare options and select the best one for you.

Learn more

How Critical Illness Insurance Works

Pay monthly premiums to maintain your insurance plan.

If you are diagnosed with a covered critical illness submit a claim to the insurance company as soon as possible.

Once the claim is accepted and processed, the benefit payment will be made directly to you.

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.

Want to Compare Critical Illness Coverage Options + Costs?

Request a quote, it just takes a minute to see multiple options.

How Much Does Coverage Cost?

These premiums are relatively affordable. A person in their 40’s may pay $25 to $50 a month for critical illness coverage.[1] Premiums will also vary based on the amount of benefit selected.

Save on Healthcare Costs – Learn More at Our Blog

by Deb Shields August 22nd, 2019
by Sarah Sullivan August 20th, 2019
by Sarah Sullivan August 15th, 2019
[1] Insurance for Critical Illness May Add Security, but at a Cost. (2019). Nytimes.com. . Retrieved 9 May 2019, from https://www.nytimes.com/2016/03/19/your-money/insurance-for-critical-illness-adds-security-but-at-a-cost.html