Critical Illness coverage can be that rainy day fund you hope you never need, but are glad to have if the time comes. Also called “Living Benefits” insurance, the plan pays you a lump sum to help cover expenses if you are diagnosed with a qualifying critical illness.
What is a qualifying critical illness?
Focus on recovering instead of bills.
If you’re not prepared for it, a medical crisis can be brutal on your savings. Health insurance helps offset the high cost of hospitalization, but it doesn’t cover all out-of-pocket medical bills, let alone personal expenses like your mortgage, car payment, or groceries. Simply put, Critical Illness insurance can provide benefits you need when you need them. So you’ll be able to focus on treatment and recovery.
3 big things to know before getting a Critical Illness plan:
Short-term health insurance is medically underwritten and does not cover preexisting conditions. This coverage is not required to comply with certain federal market requirements for health insurance, principally those contained in the Affordable Care Act. Be sure to check your policy/certificate carefully to make sure you are aware of any exclusions or limitations regarding coverage of preexisting conditions or health benefits (such as hospitalization, emergency service, maternity care, preventive care, prescription drugs, and mental health and substance use disorder services). Your policy/certificate might also have lifetime and/or annual dollar limits on health benefits. If this coverage expires or you lose eligibility for this coverage, you might have to wait until open enrollment period to get other health insurance coverage. This is not Minimal Essential Coverage as defined in the Affordable Care Act and may not cover all Essential Health Benefits in your state. Some Short Term Plans available as association group insurance only to members of FACT, an independent association. Additional membership fees may apply.
FIXED INDEMNITY INSURANCE, ACCIDENT INSURANCE, AND CRITICAL ILLNESS INSURANCE PRODUCTS PROVIDE LIMITED BENEFITS. THESE ARE SUPPLEMENTS TO HEALTH INSURANCE AND ARE NOT A SUBSTITUTE FOR THE MINIMUM ESSENTIAL COVERAGE REQUIRED BY THE AFFORDABLE CARE ACT (ACA). LACK OF MAJOR MEDICAL COVERAGE (OR OTHER MINIMUM ESSENTIAL COVERAGE) MAY RESULT IN AN ADDITIONAL PAYMENT WITH YOUR TAXES. These products provide benefits in a stated amount regardless of the actual expenses incurred.
Individualhealthplans.com is operated by Golden Rule Insurance Company. Plans shown on this site are underwritten by Golden Rule Insurance Company or other UnitedHealthcare affiliated entities.
Product design and availability varies by state. Products may have exclusions, limitations, and other terms for your consideration. For costs and complete details of the coverage, consult the product brochure or call your insurance producer or Golden Rule Insurance Company.