Important Life Lessons Critical Illness Protection Plan Taught Us

by | Mar 24, 2022 | Critical Illness Protection Plan

What is a Critical Illness Protection Plan?

A critical illness protection plan is a type of insurance that offers benefits in the event of you being diagnosed with one of the illnesses covered by the plan. 

The policy has a fixed premium and offers three benefit levels: Bronze, Silver, and Gold. All policies have different exclusions and limitations. The amount of coverage also varies depending on which illness you are diagnosed with. Your primary physician will be able to provide more information on this topic.

What is Critical Illness Coverage?

When you purchase a critical illness plan, you are purchasing additional coverage. That means if you are diagnosed with one of the illnesses covered by the plan.

What is an illness?

In order for critical illness, your doctors must make a diagnosis on the basis of symptoms and signs that meet the definition of the designated illness. A diagnosis can be made by one physician among several doctors who have access to medical records.

You must be diagnosed with a specific illness before you can collect benefits under the critical illness plan. A diagnosis of cancer, heart attack, or stroke is one example of an illness that would qualify.

The condition must be serious enough to merit a diagnosis and will not include conditions such as high blood pressure, high cholesterol, asthma, diabetes, and others.  

Does my employer have to participate in critical illness coverage?

There are two types of optional critical illness plans available: modified and non-modified. A modified plan is a plan that is available only through your employer. It covers you only if you are employed by the sponsoring firm at least twenty eight consecutive calendar days during the month of the employer’s anniversary month. This is for purposes of determining whether or not you are entitled to benefits. Your eligibility for a modified plan does not end when your qualifying period ends.

A non-modified plan is a plan that can be purchased by an eligible employee, no matter what your employer’s anniversary month is. If you are not employed by your employer on the employer’s anniversary month, you will not be eligible for critical illness benefits. However, you may still have certain rights under the plan if you are covered by other types of policies. That includes disability insurance and workers compensation coverage.

The Benefits Alliance Group Will Help You With Critical Illness Protection Plan

The Benefits Alliance Group has partnered with Critical Illness suppliers that provide key competitive advantages. That includes group plans with no pre-existing conditions, no age restrictions, employee portability,  and spousal coverage. It also offers voluntary benefits, cancer recurrence coverage and continuing protection for employees.  This means even after a critical illness claim has been paid.

Benefits of Critical Illness Protection Plan

With the costs of medical bills skyrocketing year after year and the number of people without health insurance increasing, it is important to protect yourself. This blog discusses choosing a critical illness protection plan that will work best for you.

While the benefits of such plans vary from person to person. Most critical illness protection plans provide coverage for hospitalization, medical care and prescription drugs.

Conclusion – 

So, hurry up and contact us today to utilize the benefits of the critical illness protection plan. Critical illness protection plans are to help individuals pay for. Or you can say to reduce their medical expenses due to serious illness or injury and loss of income during recuperation.