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The Importance of Critical Illness Coverage

03 March, 2016

As public awareness about health care, health risks, and medical expenses increases, so too does the demand for health insurance coverage. This is especially true among young adults, which is why rising numbers of young adults are purchasing insurance plans to safeguard their finances in case of hospitalization for self or family members. Unfortunately, most buyers often overlook the importance of availing critical illness cover.

Youngsters are More Likely to Suffer from Critical Illness

Young adults consider themselves to be healthy and view the possibility of falling critically ill as very low.For this reason, most of them delay procuring coverage for critical illness. Statistics, however, prove otherwise. A study undertaken recently showed the maximum increase in critical illness rates was among people aged between 26 and 35 years.

Vulnerability towards major diseases like cancer is rising among young adults, with cases doubling during the last 3 years. Moreover, there is an increase in the incidence of critical illnesses among professionals in the IT and manufacturing sectors because of their high stress jobs and long hours. These factors make it crucial to include critical illness cover in a health insurance policy.

Lifestyle Disorders Becoming Rampant

Lifestyle disorders like heart disease, cancer, and diabetes are increasingly affecting young adults under 35 years of age. Conditions like juvenile diabetes that affect children are also on the rise. The growing health crisis has been triggered by the change in lifestyle, with most adults spending extended periods seated in front of a computer at work or at home. There is little physical activity, in addition to which most families now consume plenty of instant foods, refined foods, and junk foods.Health care costs have started to spiral as a result of the rising incidence of these diseases. Additionally, most of these conditions require lifelong treatment and monitoring, which can be extremely expensive. Including cover for such illnesses within the health insurance plan can help you avail the best treatment while averting a financial disaster.

Covers Hospitalization and Other Costs

Your regular health cover can provide you the money to meet the hospital bills, while additional benefits like a 2nd opinion for the type of treatment for the critical illness, will be very useful. Provides Financial Liquidity

If the primary earner in the family is diagnosed with a critical illness and needs to take some time off from work, the financial health of the family can suffer significantly. Availing critical illness cover in such situations ensures that the patient and family are able to meet their regular needs and avail treatment, without constantly worrying about finances.

With the Lifeline health insurance plan, individuals can avail cover beginning from INR 2 lacs, up to INR 1.5 crores.