Why it's important to consider critical illness cover
Written on the 2 August 2018 by Arrow
Have you considered Critical Illness cover? It's a way of providing choices in the event that you suffer a serious or life-threatening illness, such as cancer, heart disease or stroke.
What is Critical Illness cover?
Why is it important?
Recovering from a serious illness is stressful enough, without the added pressure of worrying about the impact on your finances and future plans.
What many people don't anticipate is that while health insurance and Medicare will pay for some of your medical bills, as Finder explainsii, they don't cover all of the costs associated with ongoing treatment.
Critical Illness Cover provides the comfort of knowing you're protected now. And, if something were to happen, the financial freedom to make choices about your treatment and recovery, leaving you to focus on what's most important, your health.
What about Medicare and private health insurance?
Although they are likely to pay for initial hospital treatment, you can be responsible for any gap payments and certain ongoing expenses including rehabilitation, nursing care, house or car modifications and therapy, as Finder reports.ii These costs can run into the hundreds of thousands of dollars according to eHealthiii, which is why it makes sense to investigate Critical Illness cover.
What does Critical Illness cover?
Who is eligible?
What's covered by Income Protection insurance?
Income Protection is a monthly taxable benefit that normally has a waiting period, and only pays out when you're unable to work.
Critical illness cover provides peace of mind so you can enjoy life now, while having choices and options should something happen in the future.