Out of pocket medical expenses

You might not be aware that critical illness insurance can be used to cover out-of-pocket medical expenses. In fact, many people are surprised to learn that it can pay for things like dental work, prescription medications, and travel costs related to medical treatment. This is especially useful in light of the fact that most health insurance plans don’t offer coverage for all possible medical procedures.

It’s also helpful because many people don’t have enough savings or other financial resources to cover all their out-of-pocket expenses when they occur, which could potentially lead to debt or other issues if you cannot keep up with the payments. For example: if a dental procedure was suddenly needed but wasn’t covered under your benefits plan (typical for cosmetic procedures), you could use your critical illness payment to help offset the cost of the procedure.

It’s important to note that critical illness does not pay for things like long term care, lost income due to an illness, disability or death of a spouse; however there are other types of insurance products that perform these functions.

Living expenses

Living expenses are often overlooked when it comes to a serious illness. When you suddenly have to quit your job to focus on staying healthy, you may be more focused on medical bills. However, there are many other living expenses that can add up and become even more difficult for you and your family in the event of a serious illness. Living expenses include rent/mortgage payments, utilities, food, transportation costs, insurance premiums, cell phone bills and household maintenance costs.

Many people find themselves struggling financially due to the high cost of living during a critical illness. Not only is living without an income stressful for you and your family but also paying the monthly bills while undergoing treatment can put a huge financial burden on your loved ones.

Critical Illness Insurance can help with these financial burdens by providing policyholders with a lump sum payment upon diagnosis of one of the following covered illnesses: cancer, heart attack or stroke. The money provided can be used however the policyholder sees fit (many use this money to pay for their day-to-day living expenses) and gives you one less thing to worry about as you heal from your critical illness.

Child care

Child care is expensive, and the costs can be a financial burden on families. If one of your parents becomes gravely ill and you are forced to quit your job to care for them full-time, it might become too difficult to pay for someone else to look after your children. Critical illness insurance can help with this situation. The financial support provided by this insurance policy can help you pay for child care while you take care of your ill parent.

Transportation costs

Transportation costs (including parking and wheelchair rentals) are among the costs that may be covered with critical illness insurance. Depending on the type of coverage you have, you may be eligible for reimbursement for routine transportation to and from treatment.

In some cases, travel to receive a second opinion or experimental treatment may also be covered by your policy. For example, if your doctor recommends radiation therapy but there are no facilities within 100 miles of where you live, many policies will cover the cost of travel to a facility offering this service.

If you have family members who wish to visit during an extended hospital stay far from home, their transportation expenses may also be covered by your plan. Some plans even allow for travel companions on long trips so that caregivers can accompany you during treatment.

Critical illness insurance can help pay for living expenses and unexpected costs.

Critical illness insurance can help pay for living expenses and unexpected costs. Living expenses include things like your mortgage or rent, groceries, utilities, and car payments. You may also need money to hire someone to clear snow from your driveway, mow the lawn, or take care of other chores around your house while you focus on getting better.

Unexpected costs can be things like transportation costs to medical appointments (especially if you live in a rural area), hotel stays (if an out-of-town hospital is more convenient than the one in your community), and child care for the kids you need to pull out of school for treatment.