Health insurance v/s critical illness insurance: All you need to know
Health insurance v/s critical illness insurance: All you need to know 28th August 2019
There’s an ongoing debate between the importance of health insurance and critical illness insurance. Most people either confuse health insurance with critical illness cover or consider it to be an option. While both insurance plans act as a financial cushion for health-related contingencies, let’s learn the truth about both:
|Health Insurance||Critical Illness Insurance|
|Scope||Provides overall benefit in terms of medical and hospitalization cost.||Provides lump sum amount in case of critical illnesses, such as cancer, stroke, heart attack, multiple organ transplant, etc.|
|Coverage||Covers pre and post hospitalization expenses due to a medical conditions or accidents, domiciliary treatment, day care procedures, etc.||Covers specific diseases. The payout can be used for treatment expenses, repay debts, accommodate lifestyle changes, etc.|
|Premium||Since the scope of coverage is higher, the premium amount is also comparatively higher||Since this covers specific illnesses, you get a higher coverage pertaining to that illness but at a lower premium|
|Recommended for||For every member of the family||Usually for members above the age of thirty-five belonging to a family with a history of critical illness|
So, now that you know the primary differences between health insurance and critical illness insurance, the question arises of choice. Which of the two should you choose to buy? The answer is that both health and critical illness insurance plans are important for you. Both the plans are recommended for anyone who wants to secure themselves against the financial implications of health issues.
However, if you have a history of critical illness in the family or have certain lifestyle habits that are known to result in certain critical illnesses, it is strongly advised to opt for critical illness insurance too. You can either take this as a cover or standalone insurance. You should have insurance against critical illnesses, such as heart attack, stroke, cancer, coronary artery bypass, paralysis, etc. Additionally, the chances of falling prey to critical illnesses increase with age and could also be triggered by certain other pre-existing diseases, such as diabetes can lead to heart attack and strokes by damaging the nerves and blood vessels of the heart. Therefore, it’s important to be mindful of all such factors that could lead to critical illness, and it’s prudent to take critical illness insurance along with your health insurance plan.
To Sum Up
The best way to secure your health is to opt for both, a health insurance plan and critical illness insurance plan too. Magma HDI's OneHealth Insurance Policy is one such policy that can come handy for you.