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Finance

Should I Get Critical Illness Insurance? Pros and Cons, Explained

On one hand, critical illness insurance can help cover medical expenses for patients with high-deductible health insurance plans. The insurance can also help cover mortgage and rent payments. However, it shouldn’t be viewed as a replacement for a traditional healthcare plan, Jost told Reuters.

“These ancillary products are marketed to wrap around your major medical plan, as deductibles have risen,” added Sabrina Corlette, co-director of the Georgetown University’s Center on Health Insurance Reforms.

There are some caveats to consider. Betsy Imholz, the special projects director at Consumers Union, told Consumer Reports that critical illness insurance doesn’t offer some of the protections that traditional health plans do. For example, a critical illness plan doesn’t have to cover pre-existing conditions like traditional health plans do. Critical illness plans are also more likely than traditional plans to charge higher premiums as members get older, according to the magazine.

There are cancer-only critical insurance plans that won’t cover other illnesses. “People greatly overestimate their risk of getting cancer at any one time compared to getting lots of other conditions that are less frightening but also very expensive,” Jost told Consumer Reports.

View more information: https://marketrealist.com/p/should-i-get-critical-illness-insurance/

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