What is Critical Illness Insurance?
Critical Illness Insurance is the insurance that is exclusively designed to cover the expenses of essential ailments, such as cancer, heart attack, and multiple sclerosis. Should any such thing happen to you, not having prepared for it will affect the quality of the treatment due to insufficient funds available? Besides, it will also take a toll on your loved ones’ lives due to severe financial conditions they will have to go through to cover the amount of your treatment and other expenses.
At such times, having insurance for critical illnesses, including breast cancer, can protect you from unanticipated financial challenges you and your family might face down the road. Acute diseases are getting more common than ever, and there is always uncertainty about what lies in the future.
How common is breast cancer in the UAE?
In the UAE, breast cancer is one of the most common cancer types. According to a 2016 report, breast cancer accounted for almost 60% of all cancer cases seen at Dubai Hospital. This figure creates a clear picture of how common breast cancer has become among women in Dubai. Thus, it is always better to be prepared to keep such major health bumps from destroying your financial stability and peace of mind.
Here is what you should know about a regular health insurance plan and critical illness plan to make informed decisions:
Regular Health Insurance, Usually, Doesn’t Cover Critical Illnesses.
Don’t live with the illusion that your regular health insurance will cover health expenses for everything. It doesn’t provide comprehensive coverage for critical illness and breast cancer. Plus, such policies are indemnity plans that reimburse only hospitalization expenses.
Ease of Paying Non-Hospitalization Costs with Critical illness Plan
When you have breast cancer, you also need to pay the expenses that arise during and after the treatment of breast cancer. Plus, you might not be earning for the period you are receiving the treatment and while you are recovering from it.
A Critical Illness Insurance Plan doesn’t restrict you to paying only medical bills. It gives you the freedom to spend the money also on expenses related to personal comfort, prescribed diets during chemotherapy sessions, and the cost of commuting. However, in the case of a standard health insurance policy, you will need to pay for all these expenses from your pocket.
Always Read the Fine Print of the Policy to understand the policy’s terms and conditions clearly. Discuss with your insurance broker which you cover critical illnesses and how claims will be paid out to choose the best approach for you.
A critical illness insurance policy provides more benefits than a regular health insurance plan when it comes to acute illness and breast cancer.