Is Medical Insurance Sufficient for Covering Critical Illness?


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Considering the dynamic lifestyle, sedentary work scenario and the rising cost of medical services, having proper health insurance is really a need of the hour. Proficient medical insurance or critical illness insurance can benefit you by offering extensive coverage. However, one needs to carry out adequate market research to pick out the best insurance that perfectly suits their requirements. The majority of the insurance buyers aren’t familiar with the inclusion and exclusion of health insurance. ‘Is medical insurance sufficient for covering critical illness’ is found to be the most asked question on the internet. Well, the answer is as follows. 

Is medical insurance sufficient for covering critical illness?

No. Usually, personal or family health insurance only covers basic illnesses like asthma, diabetes, blood pressure, cholesterol, hospitalization charges, doctor fees, organ donor expense, ambulance charges, etc. The treatment cost coverage of critical illnesses like Cancer doesn’t come under the regular medical insurance policy. If you want such extra coverage, you can opt for a separate critical illness insurance plan or choose an add-on that would perfect cover your specific medical needs. 

Below mentioned are some of the reasons why critical illnesses are not covered under a medical insurance policy. Read to know more!

  • Critical illness insurance provides a lump sum

If you have medical insurance, it is the best for your treatment against normal diseases. But for critical illness, there is separate critical illness insurance available on the market offered by various insurance providers. Medical insurance will reimburse you the actual amount that you spend on your treatment. However, during critical illness, you require extra assistance than medical expenses coverage. There are various other costs like travelling, expenses in staying with the patient, financial loss, & many others required to settle losses. With a critical illness insurance policy, you will get a lump sum as per the policy terms, and you can use it for all your requirements.

  • Medical Insurance offers security only against primary diseases

Medical insurance has many benefits. But in the case of critical illness cover, only a critical illness insurance policy is preferred. Mostly medical insurance is beneficial for people who are looking for a financial tool to keep them safe from primary medical expenses. However, critical illness is something more, it provides you cover even under the surgeries of higher fees. An individual can have basic medical insurance, but if they are going through a critical illness, it is recommended they buy an additional critical illness insurance policy.

  • The sum offered will not be sufficient for critical illness costs

The assured sum is among the important aspects of any insurance policy. Medical insurance offers you a low sum which is enough for covering basic expenses. However, critical illness insurance policies are ideal to provide a higher sum assured that will help cover all the treatment costs and other expenses. You can select the appropriate one as per your health condition and needs. But we suggest you buy a critical illness insurance policy which offers a maximum sum assured as a lump sum during any emergency to cover your all losses.

  • Medical Insurance premium varies on age

Premium is a crucial factor in an insurance policy. No matter which insurance policy you are buying, you will be required to pay a premium. Generally, medical insurance premiums depend on your age, which means if your age is higher, then the premium charged to you will be higher. Plus, the premium in medical insurance changes frequently according to your age. But in the case of a critical illness insurance policy, the premium for you will be the same for a lifetime. The premium of a critical illness insurance policy depends on the disease, and not on the age.

  • Medical Insurance has an extended waiting period for pre-existing disease

Medical insurance is good for general medical expenses, but not the best option when it comes to pre-existing critical illnesses. For critical illness, there is a vast variety of critical illness insurance policies which ensure your safety. Mostly, the waiting period for pre-existing disease in medical insurance is extended, but a critical illness insurance policy has a waiting period of only 180 days. So, if you are looking to buy an ideal insurance plan, you can choose either medical insurance or critical illness insurance based on your requirements. 

  • Medical insurance only helps the insured person with the coverage 

It is not only the insured person who gets affected by the critical illness diseases, there is a family who also faces the alter effects. In medical insurance, you will get hospitalization costs, however, with a critical illness insurance policy, you will get a lump sum which will help your family and business as well. With the help of a critical illness insurance policy, you can also cover a portion of your income loss. 

You can get the best critical illness insurance from the Bajaj health insurance plans. Visit their website to sign up for it today!

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