How Much Critical Illness Cover Do I NEED?

How Much Critical Illness Cover Do I NEED?

Illness is one of the common issues we all face or going to face in the near future. Even the strongest and the healthiest person will get in touch with illness at some part of their life. After all, nobody can deny the fact that the human health index is falling down drastically. 

To your knowledge, the human health index is the average of the chances that a person can get in touch with any disease does not matter the intensity of that illness. 

Due to the increasing pollution and decrease in the quality of air, water as well as food, the chances of you contracting any disease hypes up even more. The reasons for you to fall ill are many such as pollution, increasing stress and sedentary lifestyles etc. 

Yes, taking measure to prevent such long-term health care issues is indeed a good idea but not the best. Illness caused by viruses will not care about how many workouts and a healthy diet you follow daily. So, if you ever think that following a healthy routine will be helpful in tackling these issues, that you are probably underestimating the impact of critical illness. 

It’s better to accept the fact that critical illness is at the peak, and taking preventive measure is not the only thing you should do. In fact, it is equally important to get prepared financially in case if you fall and become the next target of illness. 

No, you don’t have to start saving or invest in FD’s and savings account. To treat a patient with critical illness requires thousands of dollars at once. And that’s just the tip of the iceberg. Sometimes, the amount goes straight up to lakhs of dollars in order to perform surgery or even admit the patient. 

Of course, nobody will help you with health care loans immediately at that moment. It takes months and years to get approval for health care loans. Moreover, if you calculate the total expense for a good medical treatment, it can go up to 4 to 5 lakh dollars at a minimum. So, asking for loans on such an immediate basis is definitely the worst ideal ever. 

The only option that remains on the list is health care insurance or critical illness covers. It totally depends upon you as to how much the insurance amount should be. So, what is critical illness cover?

Critical illness covers in detail

The name itself suggests that this particular insurance is related to health treatment. Critical illness covers are yet another type of health insurance in which the person gets financial prepared for sudden disease or illness.

Critical illness covers are useful when it comes to paying out for the treatment of dreadful diseases like treating cancer, lungs failure, heart attack, brain tumour, kidney failure, artery disease, stroke and many more. 

The insurance organisation or company will pay you the sum that has been assured when you are diagnosed with any of the above-given disease or by the disease that is mention in the plain paper. 

The best and quite surprising part about critical illness insurance is that you don’t have to provide medical claims and hospital bills to collect the insurance. 

Now that you know the solution to tackle down the financial problem through medical treatment insurance, you must be askingwhether critical illness insurance how much is enough? Let us look at and know the approx. The amount you need for critical illness insurance. 

Critical illness cover you need

Frankly speaking, the insurance amount of the critical illness cover needed totally depends upon the multiple factors and causes. Don’t know what these factors are, don’t worry. Here is the list of factors to determine the right amount of critical illness insurance you should and must have. 

  • Monthly income and expenditure

It might sound more like the accountancy part, but actually, it’s not. To know the right amount for critical illness covers, you need to calculate the monthly expenditure and also the total monthly income of your or your family member.

By, this you determine the right amount that is saved after all your monthly expenditure from the total monthly income. And that amount of money can be used to invest in critical illness insurance.

Lastly, never go for high values of insurance if you don’t have a good amount of income source at all. However, if you are one of those who care about health more than the money, then go for the 

  • Cost of the treatment and other medical expenses

Getting diagnosed with some of either critical illness disease means it will take some time to recover completely. Well, the more time it takes, the more medical expenditure you have to pay at once. 

When it comes to dealing with medical expenses like buying supplements and medicines, etc., you are never sure that how much it will cost you in total. 

Moreover, the treatment and hospitalisation, the sum of expenses can be way more than you could have ever imagined. So, in very short and simple words, include the cost of treatments and other medical expenses before well in advance in order to determine the approximate critical illness insurance coverage you actually need. 

  • Consider other family members income and the type of disease

If you are pretty sure that your other family members are ready to contribute to the health insurance, then consider their monthly or yearly income as well as the income source. 

Apart from this, the type of disease you are diagnosed with is also very important. Some of the critical illness requires more than one surgery. 

At last, the approximate amount of critical illness covers you must have should be more than 8 to 9 lakh dollars. However, it’s just an average, and the actual amount may vary depending upon the factors and your income as well. 

Nowadays, there are many types of health insurance. One such popular type you should also look for is maid renewal insurance to ensure the health safety of your maids and servants/assistance. 

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