The difference between Medical Insurance and Critical Illness Insurance
Gavin McGrath
Guiding GCC Expats to Financial Security | Trusted Financial Advisor on - Wealth Management, Health Insurance and Tax & Inheritance Planning
Imagine waking up one morning with a sudden, life-changing diagnosis. You think your health insurance will cover everything, but then you realise it doesn't. This is where critical illness insurance steps in.
What is Health Insurance for?
Health insurance is designed to cover:
- Routine medical expenses such as doctor visits, prescription medications, and hospital stays.
- Preventive care such as screening.
- Emergency services and outpatient care.
In essence, health insurance helps manage the cost of regular and unexpected medical treatments. It’s your safety net for day-to-day health concerns and general medical needs.
What is Critical Illness Insurance?
Critical illness insurance, on the other hand, provides a lump sum payment if you are diagnosed with a specific serious illness, such as:
- Cancer
- Heart attack
- Stroke
- Major organ transplant
- Kidney failure
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The beauty of Critical Illness insurance is that you can spend this lump sum however you see fit:
- Covering medical bills not included in your health insurance.
- Paying for living expenses during your recovery.
- Modifying your home for accessibility needs.
- Reducing debt or covering lost income.
Why Both Insurances are Essential
1. Complementary Coverage: Health insurance manages regular healthcare costs, while critical illness insurance provides financial support during severe health crises.
2. Flexibility in Use: The lump sum from critical illness insurance offers flexibility, allowing you to decide how best to use the funds during a challenging time.
3. Peace of Mind: Combining both types of insurance ensures comprehensive coverage, protecting you and your family from the financial burden of serious illness and regular healthcare needs.
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Don't wait for a crisis to understand the gaps in your coverage. Ensure you and your family are fully protected by securing both health and critical illness insurance today.
Get in touch now to discuss how I can help you safeguard your future. Your health and peace of mind are worth it.
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