Critical Illness Insurance
When considering the purchase of a supplemental cancer or critical illness policy, you should ask yourself the following questions:
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Does your current health plan cover enough?
Many health plans cover medical expenses associated with fighting cancer and critical illness, such as radiation/chemotherapy, surgeon/anesthesiologist fees, or hospital stays. However, a policy should be examined closely to see if it contains provisions for treatment in a specialized center, experimental treatment, cosmetic/reconstructive surgery, and other indirect medical expenses.
Also figure out exactly how much your out-of-pocket coinsurance and deductibles will be with this plan. With your current assets will you be able to afford your share of medical expenses as well as the indirect, nonmedical expenses associated with cancer or critical illness, such as loss of income, travel, or at-home care?