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Batten Down the Hatches: How to Make Sure You’re Financially Ready for a Health Crisis

Do you know how to make sure you’re financially ready for a health crisis? Read on. 

Nobody wants to experience a major illness or disability, but the fact is that anyone can be hit at any time. “I’ll do it later” isn’t good enough when a car happens to swerve into the wrong lane, or when someone collapses on the job because his heart is going crazy. Whether an issue can be rectified with time and care or it becomes a permanent condition, it forever changes every aspect of that person’s life. If he wasn’t prepared beforehand, there’s almost nothing to be done after the fact. That’s why things like critical illness insurance are so important. Preparation is not that expensive, and it makes the unexpected a little easier to deal with.

Heart Disease Statistics

According to the CDC, 785,000 Americans experience their first coronary attacks per year, and nearly 616,000 people die of heart disease. It’s the leading killer of both men and women; it’s responsibly for one quarter of all deaths within the United States. Studies have also shown that 45,000 people die per year because they don’t have health insurance, and the number of people who suffer financial ruin because they’ve had heart attacks but managed to live is astronomical for a first-world country.

Prevention is the best cure, but it’s not going to work for everyone. People love to pin heart disease on laziness and poor diet, but there are genetic factors that can make it nigh unavoidable for a certain segment of the population. There are also environmental factors that can contribute to it, and the net result is that no one is guaranteed to avoid it.

Critical Illness Insurance Does More Than Pay the Bills

While a health crisis takes an exceptional toll on a family’s finances, it can easily lead to death even for treatable conditions. Someone without insurance has almost no chance of getting a heart transplant, but critical illness insurance will make it so that he at least gets put on a waiting list. It also means that if someone needs another kind of major surgery in order to live, he’ll be able to get it. These are things that almost no one could pay for with savings alone; medical costs are ridiculously high for routine things, and life-saving surgeries can cost tens of thousands of dollars. There’s no way for the average family to adequately prepare with their resources alone.

Preparation is Simple

Luckily, critical illness insurance is not hard to acquire for most, it just needs to be done early. It can cost as little as $180 per year for a non-smoking male in his 40s, and the prices plummet for younger individuals. Beyond that, certain policies come with a guarantee of low rates for a certain number of years, and those who purchase policies in their 20s pay less than anyone else over the long-term.

People who need critical illness insurance should follow the same protocols as they would when buying other types of insurance. They should get quotes from multiple companies, they should talk to people who have purchased the services of various companies and they should talk to as many people within the field as they can. It’s not very difficult to find reputable people within the ranks of organizations that provide critical illness insurance, but people who do their due diligence are always better off for it. Dealing with illness is tough, but the right critical illness policy can ensure that a family is able to get back on their feet under any circumstance.

 

About the Author

Katie Pierce writes for insurance blogs such as kanetix.ca where you can learn more about critical illness coverage.

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