GeneralAre Heart Failure And Terminal Illness Covered By Insurance?

The discovery of heart failure and a terminal illness can present a debilitating effect on the victim’s life and family. Besides, the regular hospital visits for therapies, treatment, or surgeries and not to mention the impact it will have on your finances.

The financial burden of heart failure and terminal illness can have a tremendous toll on your finances even if you have standard health insurance cover. It is in light of this finding that many people are opting for terminal illness insurance.

Read on to find more about critical illness insurance cover and why you or your family need to consider going for it.

What is a terminal illness?

A terminal illness is a condition or a disease that cannot be treated and is likely to lead to death. A person living with terminal or internal illness often receives care and treatment to manage symptoms and maintain their quality of life.

Common terminal illness examples include,

• Dementia,
• Lung disease,
• Advanced heart disease,
• Neurological illnesses like Parkinson’s disease,
• Advanced cancer,
• Motor neuron disease.

Terminal illness benefits

Terminal illness benefits are issued once a diagnosis of incurable disease or condition that can lead to death is made. An officer from the insurance firm will have to assess the medical evidence supporting the diagnosis.

Sadly, the officer will have to ascertain that death will occur within six to twelve months, depending on the company. Therefore, it is important to read through the policy terms and conditions carefully.

A major reason for ensuring that death will occur within 12 months is due to the fact that it is hard to predict the exact date of death. If there is no clarity, a person can outlive the 18 months expiry date of the policy terms after receiving the benefits.

Understanding terminal illness insurance

Catastrophic illness insurance cover was developed in 1996 after people realized that surviving a heart attack and terminal illness can lead to patients leaving behind insurmountable medical bills.

This development was also facilitated by the need for the American government to provide its citizens with the opportunity of living an affordable life as they become senior citizens.

Terminal illness insurance provides cover if you have one or more of the following catastrophic health emergencies.

• Stroke,
• Heart attack,
• Cancer,
• Coronary bypass,
• Organ transplant.

And since these complications require extensive medical treatment and care, their costs can quickly exceed the family’s standard health insurance cover. You will have a difficult time paying for the services out of your pocket unless you have a health savings account or an emergency fund.

Terminal illness insurance policy can cater for other charges like non-medical costs such as child care and transportation not covered by the standard insurance plans. The cover limits vary depending on your policy. Generally, the insured gets the total amount required to cover the costs.

Importance of critical illness insurance cover.

You can buy critical insurance through your employer, which might offer it as voluntary benefits, or get it on your own. It can help you save money if you couple it with your current life insurance plan.

Most companies have realized that employees are worried about overpriced out-of-pocket expenses having high deductible costs; hence they are keen to include critical illness covers for their staff.

Unlike most health care benefits, employees generally cater for the costs of their critical illness, saving money for both the company and workers. The money from critical insurance cover can be used on several things, including:

• Paying for medical care and treatments not covered by the traditional insurance policy.
• Paying for critical care services that might not be available.
• Transportation costs like moving to and from the care or treatment centers, installing lifts in care facilities or homes of the critically ill, or retrofitting vehicles to carry wheelchairs or scooters.
• To cater for the daily living cost allowing the patients to focus their energy and time on recovering instead of straining to pay bills.
• The funds allow terminally ill patients who need a place to relax and recover to go for a vacation where they can focus on getting well.

Conclusion

As outlined in the post, critical conditions like heart failure and terminal illnesses like Alzheimer’s disease are covered under the terminal and critical insurance plans with most insurance providers.

Both the insurance covers for terminal and critical illness can be bought in person or accessed through the respective employers. They provide them as a voluntary benefit.

Unlike critical illness cover, terminal illness benefits can only be issued after a disease or condition that is likely to lead to death within 12 months is diagnosed. Once given, the expiry of the term policy expires after 18 months, so make sure you conclusively read and understand the terms and conditions.

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