Your family holds the topmost priority, and its health care is the most important investment. Given the rising number of diseases and medical costs, maintaining your family’s good health can be expensive. Thus, you need the best mediclaim policy for family that protects your household savings and health from the most chronic diseases. Today, many insurers have exclusively designed a health insurance policy covering critical illnesses. Read on to learn how it benefits your family.
What are Critical Illnesses?
Critical illnesses are chronic medical conditions that require intensive care, major surgeries, and prolonged treatment. Also, the medication and therapy sessions continue for a long time (sometimes even for a lifetime), in case of critical illnesses. Examples include paralysis, stroke, cancer, cardiovascular diseases, organ failure, organ transplant, and others.
Why Does Your Family Need a Critical Illness Plan?
At a time when people are suffering from unforeseen infections and illnesses globally, one must prepare themselves adequately. Studies suggest that families, whether young or old, are prone to chronic diseases like cardiac illnesses, cancers, and strokes, more than ever today. That’s why coverage for critical illnesses is an essential investment for your family for the following reasons:
- Higher frequency of Chronic Ailments: According to WHO reports, India records the most fatalities due to critical illnesses, especially those related to lung diseases. More so, there’s an alarming rise in cardiovascular conditions among young adults between 30 to 40 years of age. Buying a critical illness cover at a young age helps people protect themselves against chronic conditions early on.
- Unbearable Treatment Expenses: Medical inflation has shot up sharply in India. Not only treatment but the cost of medications and post-recovery diagnostics for critical illnesses are unbearable. That’s when a mediclaim for critical illnesses protects your family’s savings and supports your recovery.
- Stressful Work Conditions: Another factor contributing to the rise of severe illnesses among the young generation is their highly demanding occupations. The stressful work environment and work overload are pushing them closer to chronic and prolonged diseases like nervous disorders, cervical, and others.
- Rise in Critical Illnesses Among Women: There’s a sharp rise in the detection of cancer cases among women in India. Surprisingly, women lack awareness about the critical illnesses that they are prone to. Coverage for chronic diseases will help them take preventive care and measures with the help of annual health check-ups and support their treatment with adequate finances.
Factors to Consider While Opting for Critical Illness Insurance for Your Family
Here are a few factors that you must keep in mind before buying a critical illness insurance policy for yourself and your family:
Your Family’s Medical History
The need for a critical illness insurance plan increases if someone in the family has suffered chronic illnesses in the past. The most common hereditary diseases that turn chronic are diabetes, heart diseases, kidney infections, etc. Medical facilities can prove to be costlier in such situations. Thus, including a critical illness cover with your health insurance plan can protect you against hefty medical expenses.
The Current Health Status of Family Members
In a family, while some members have stronger immunity, elders may be dealing with pre-existing ailments. While you can cover the healthier members under standard health plans, it is essential to opt for critical illness coverage for people at risk of chronic ailments. Also, working members who are the sole breadwinners of the family should also buy a critical illness cover.
Your Family’s Annual Income
Choosing the coverage and sum insured of critical illness plans is a difficult task for most families. To estimate the right coverage, you can consider your family’s annual income. Say, your family’s annual income is INR 6 lakhs, you should shed 20% or INR 1,20,000 annually on healthcare to ensure medical emergencies are handled easily.
Plan Your Family Health Cover Wisely
Choosing a health insurance plan for your family is a crucial decision. You can end your search with one of the leading health insurers– Care Health Insurance which offers valuable health insurance plans for all types of families. With a claim settlement ratio of 95.2% (FY 2019-20), Care Health Insurance promises a hassle-free claim settlement process. So, secure your family with the right coverage today.