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Attorney Barry R. Crimmins is someone that you can depend on personally.
We take a small town approach to our client relationships and carry that personal
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The many stages of life present a variety of legal implications. Guidance on
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Whether commercial or residential, we have extensive experience in all aspects
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What Is Critical Illness Insurance and Is It Worth Buying?

December 16, 2020 By Barry Crimmins

Many employers offer critical illness insurance as part of their benefit package. What is this insurance and is it worth purchasing? You should consider your options before paying for a plan. 

While a regular health insurance plan usually offers comprehensive coverage for all types of illnesses, many plans have high deductibles and copays that require policyholders to pay a lot of money out of pocket. Critical illness insurance allows you to buy insurance to cover that gap if you have a serious health diagnosis, such as cancer or a heart attack. Critical illness insurance can also cover non-medical expenses, such as mortgage or child-care bills. 

Premiums for critical illness insurance policies are relatively low, which makes the coverage appealing. The policies usually pay out in a lump sum, with the amount depending on the policy purchased. There are different types of critical illness insurance policies: some cover only one illness, like cancer, while others offer coverage of a number of different illnesses. The more coverage offered, the higher the premiums. 

Before purchasing one of these policies, however, you need to consider the downsides. Reading the fine print on the policy is very important because the policy will only cover certain illnesses, and actual coverage may depend on the severity of those illnesses. For example, even though the policy says it covers cancer, it may only cover aggressive cancer and not a more slow-moving cancer. In addition, critical illness insurance doesn’t offer the same protections that regular health insurance offers under the Affordable Care Act, so you can be denied coverage if you have a pre-existing condition. Critical illness insurance premiums also tend to rise as you get older, and you could be denied coverage once you reach a certain age. 

Instead of critical illness insurance, you can consider alternatives. First. you should look at your health insurance to see exactly what it will cover. In addition, a health savings plan in which you contribute pre-tax dollars can be a good way to cover unexpected medical expenses. Disability insurance can also offer protection for lost salary due to illness. 

For more information about critical illness insurance, click here.

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Law Offices of Barry R. Crimmins, PC

Elder Law News, January 2021

We are in a year where the theme is really all about taking whatever small wins we can, when we can.

Elder Law News, November 2020

We are in a year where the theme is really all about taking whatever small wins we can, when we can.

Elder Law News, October 2020

“Get out to the polls and vote!” That’s the theme every election year, but as we all know this year is more than a bit different…

Elder Law News, September 2020

As the country begins recovery from the COVID-19 crisis, caretakers of the elderly must stay abreast of issues that could potentially impact their loved ones.

Elder Law News, August 2020

As the country begins recovery from the COVID-19 crisis, caretakers of the elderly must stay abreast of issues that could potentially impact their loved ones.

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