With increasing incidences of critical illnesses, such as heart ailments, insurance policies covering such diseases are a must-have in your insurance portfolio.
While mediclaim policies cover the hospitalization expense the reality is that you incur a significant non-hospitalization expense, in case you or your loved ones get afflicted by one of the critical illnesses. These expenses can include therapy, post-surgery care, medicines, OPD charges and so on. And these expenses can be backbreaking for any family especially given the fact that the cost of healthcare is increasing as rapidly as the incidences of the critical illnesses in the country.
These unplanned medical expenses can derail your journey towards your life goals. For instance, the cost of angioplasty can bring you down by ` 2 to ` 4 lakh, depending on the type of stent you go for. A bypass surgery will cost you as much as ` 2.5 to ` 6 lakh depending on several factors like the hospital or location.
The growing incidences of non-communicable diseases like cardiovascular diseases further make it imperative to go for a critical illness cover which gives a lump sum which help you in meeting the non-hospitalization expense as well. Just to put this in perspective, Cardiovascular Diseases (CVDs) are growing at 9.5% annually and are one of the fastest growing chronic illnesses in the country, according to ASSOCHAM-Deloitte joint study. CVDs account for one-fourth of all deaths in India.
So while we know for sure that critical illness covers are 'critical' for your financial health, it is equally important to know how to choose a good critical illness cover. Here are a few tips for choosing the ideal critical illness cover for you: