Critical Illness Insurance – The Press Are Giving Insurers A Hard Time.
Critical Illness Insurance – The Press Are Giving Insurers A Hard Time.
Ever since Obamacare made major changes to the way insurance works, there has been a lot of press coverage on bare bones insurance plans. This has left the average American wanting to know how they will be affected under the new healthcare laws... and as it turns out, they are much more valuable than you may have previously thought. Critical illness insurance is something that everyone should consider buying.
You may be surprised to learn that a small amount of insurance plans are still sold through the market place. These plans are available for as little as $15 a month, and offer full coverage for most of these illnesses. I personally have been on a plan like this for several years, and would not recommend it to anyone. Here's why...
Like many other people, I wanted to have a better understanding of what the newly reformed health insurance market actually means. As it turns out, there are still options out there for those who don't like the idea of buying insurance through the exchanges. It seems that not all types of coverage will be available under these new laws; but this is true for any type of insurance plan you may see advertised.
One type of coverage that's still sold is Critical Illness Insurance. This can be used to cover most major medical expenses incurred over a certain period (typically 2 years). The biggest misconception about CI plans is that anyone can just buy one and receive full coverage for their needs. This is simply not true.
For starters, the maximum payout for a Critical Illness Insurance plan is $1,000,000. The total amount you can receive under those circumstances would be $2,000 per day for a period of two years – this is not satisfactory for most people who have been bitten by the health insurance bug. With that kind of coverage, you will likely be more than capable of paying for your medical expenses yourself and not really need to seek medical care.
If CI plans were truly "free" then more people would consider it as an option. Many people I've talked to about the subject have told me that they really don't feel any added benefit by purchasing a plan like this, but can't justify the high price tag.
If you receive any sort of coverage from your employer, there's a good chance you already have CI insurance through them. This is because most companies offer their employees to choose between one of these plans as part of their benefits package. Considering how important this type of coverage is for many people (especially those without other health insurance options), I would definitely recommend giving it a try for yourself if you're considering it.
Let's make one thing clear - Anyone who turns to CI plans in order to avoid Obamacare should probably be put into long term care. With that being said, just because you don't have Obamacare doesn't mean you can't qualify for CI plans.
There are many other types of coverage available to you, even if your employer doesn't offer them. These plans are also known as 'add on insurance', which is meant to be paired up with your current plan in order to provide even more coverage for your needs. This way you won't miss a beat and will still be covered as much as possible. Plus, it'll take the burden off of your employer by giving them one less thing to worry about!
The biggest problem with this type of insurance seems to be that people don't really understand how valuable it can be under the right circumstances. I can't speak for everyone, but in my case CI plans would definitely be a necessity of the future. In fact, there's almost no downside to having one if you're currently uninsured.
Most policies will only pay out a few times (although the total payout is usually much higher). It's important to understand how this type of insurance works before you make any decisions about purchasing one for yourself or your family. The highest payout I have ever seen was $500,000 which was offered by my insurance company and required a $20 per month fee (which is still nothing in comparison to many other types of coverage).
I have done a fair amount of research on this subject, and there are a few things you should consider before signing up for a CI plan. Although it's quite rare for someone like myself who has full coverage to ever need one of these plans, I think that it's still safer to be prepared than sorry.
If you're currently uninsured or looking for other options outside of Obamacare this might be the way to go. Prepare in advance by locking yourself in with a high coverage policy, which can be used to cover all of your needs.
Take advantage of these options, and you will be much better off than you ever thought possible. Remember - there's always a risk for anyone who goes it alone, but you can't go wrong if you choose to take action now. I personally feel that the benefits outweigh the costs, so I am glad I took the time to investigate further before making any major decisions.
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New Healthcare Laws And Options That Will Affect You - Why You Need To Know About Them NOW! Here's a great video from the Good Morning America team that will give you all the important details regarding the new healthcare laws... This is something that everyone should know about, especially since it will affect how much money you have coming in. Let me know what you think. I found it very informative...
Conclusion
If you're in need of coverage right now, I strongly recommend you explore the many available options. If no one else will help you out then just remember that there is always a Plan B! The more research you do on the subject, the better off you will be. You owe it to yourself and your loved ones to take action and find out everything that is currently available. With all of this information at your disposal, it should be pretty easy to make a decision that ensures all of your needs have been met for years to come.