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Critical Illness Insurance Covers Stroke Recovery

What is Critical Illness Insurance?

Critical Illness plans were designed to provide a source of income for the insured when diagnosed with a critical illness such as stroke. The benefit amount saves the patient from raiding their savings account to pay the monthly bills or any non-medical expenses, such as caregiver expenses, child care needs, travel expenses, etc. With the cost of health insurance plans today, the critical illness benefit can also cover the high deductible and coinsurance. Plans also provide income replacement.

This coverage is a "living benefit," meaning that it will help you after you survive a critical illness.  Life insurance, on the other hand, only provides a benefit upon your passing. Critical illness insurance provides the money that can be used to pay the bills but, more importantly, it offers peace of mind that helps the patient recover more rapidly. The focus is on recovery and not where the money is coming from to pay the bills.

How Do I Qualify for this Coverage?

Generally speaking, the application process is very simple. If you purchase this prior to having a stroke, you are asked a few health questions and with “no” answers you qualify. If you want to apply after you have been diagnosed, you may face a waiting period based on the level of recovery necessary. You do have options, so do not hesitate to pursue as new products are being introduced.

What is the Benefit of Having Critical Illness Insurance?

More cases of stroke are being diagnosed at younger ages, resulting in an entire lifetime of financial burden. A startling fact is that 78% of bankruptcies are due to medical bills and that 70% of those filing had health insurance.

When a critical illness, such as a stroke, strikes us, it generally gives no notice and we're faced with the consequences. Once diagnosed, the most important need for the patient is recovery. It bears repeating again, peace of mind helps tremendously in recovery. If we remove the burden of paying the monthly bills and other expenses, we tend to recover much quicker.

Critical Illness Insurance provides cash benefits that are paid directly to the insured. This money may be used as the patient sees fit.

How Does the Caregiver Benefit?

The caregivers are one, of if not the most important part of the patient’s recovery. Caregivers are generally family members. These folks care for the patient, but may also have jobs in the workplace, along with family needs. 

The amount of time it takes for a caregiver is substantial. The caregiver has now doubled their obligations. They still have their own financial obligations that must be met. Even though caregivers give unconditionally we must realize the reality of the situation.

Generally, additional costs are going to be incurred when the patient arrives home. Again we see the ugly head of the financial needs arise. Critical Illness Insurance is not the total answer, but goes a long way in bringing a much-needed cash infusion into the equation.

How Much Does This Insurance Cost?

Bottom line, cost is based on your age when you purchase the plan. Most times this rate stays level and does not increase due to your new age. Cost is based on age and the benefit amount you choose, but to give an example you can generally purchase a plan for as little as $25 per month. For example, a heart attack and stroke plan purchasin 1996 for $25 per month with a benefit of $25,000 still has the same premium.

By: Edward Mueller and Laura Spencer, Life and Health Benefits Solutions, Visit website

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"A startling fact is that 78% of bankruptcies are due to medical bills and that 70% of those filing had health insurance."

Speaking for Experience

I speak from experience as my mother-in-law survived a stroke. My wife had the responsibility of decision-making as her father was going through the final stages of prostate cancer and he was unable to make decisions or be of support to her.

An extensive remodel of the bathroom had to be completed at their home.  My wife had to help her mother with her ADL’s, grocery shopping, and transporting to and from physical therapy and doctor appointments. I understand what help critical illness insurance provides.

-Edward Mueller

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