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Can You Claim Health and Critical Illness Insurance Together?

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When it comes to safeguarding you and your family against unforeseen health challenges, health insurance and critical illness insurance come into play. Health insurance is what you fall back on in case a situation requires hospitalisation, but what if you are diagnosed with a problematic disease, such as cancer, or a heart disease or any other major organ problem? This is where critical illness insurance steps in, and provides a lump sum to help manage non-medical expenses such as costs related to home care or loss in income.

What is Health insurance?

It is an indemnity plan designed to mitigate the ever-increasing expenses of medical treatment and hospitalisation by getting you reimbursed for the actual expenditure during your treatment. For instance, suppose you are admitted to a hospital due to some severe illness or serious accident; health insurance will pay for your stay in the hospital, surgery, medicines, and other expenses related to your treatment. Health insurance is more of a system of protection, one which ensures that you wouldn't have to spend from your savings or borrow to address a case of medical emergency. Imagine yourself admitted to a hospital with a serious case of dengue; the bills could easily run into lakhs if you need intensive care. A good health insurance policy will take care of this expense so that you can concentrate on your recovery and remain free from the financial burden.

What is Critical illness insurance?

The critical illness insurance plan offers a fixed benefit. Unlike a health insurance plan that reimburses only your medical expenses, critical illness insurance will pay one lump sum of that insured amount upon your diagnosis of any one of those specific critical illnesses mentioned in the policy. These illnesses are usually severe and life-threatening, such as cancer, heart attack, stroke, kidney failure, or major organ transplants. The payout from critical illness insurance tends to come in the form of a lump sum that you can use in whatever ways you see fit. You can use the money for the following purposes, which are not generally paid for by your health insurance:

1. Home modifications

This money will come in handy in the event the dwelling has to be modified to fit your new health condition.

2. Lost income

If you are unable to work through the recovery period, the benefit may help replace lost income.

3. Alternative treatments

If you decide to go in for treatment other than traditional medical practices, the payout can accordingly be used for them.

For instance, in the case of cancer, treatment is long and expensive; you will visit the hospital frequently, take a lot of expensive medicine, and maybe even change your home environment. Your health insurance would then provide for the expenses for your hospitals, but that lump sum one would get from critical illness insurance can help in dealing with the rest of the expenses that come with it without changing your standard of living.

Can You Claim Both Critical illness insurance and Health insurance Together?

Yes, you can buy both health insurance and critical illness insurance together, as both cater to different needs. Health insurance is in place so that one does not need to worry about the immediate costs of hospitalisation and treatment, while critical illness insurance provides support that finances a wider ability to cope with this kind of illness.

For instance, say you are diagnosed with a heart condition and need surgery, then after it, you need good rest for quite a long time; this is where your health insurance will cater for all the expenses, from surgery, hospitalisation, and medicine to follow-up visits. Additional expenses will be carried out as you recover including loss of income, the need to pay a home nurse, or maybe the need for taking time off from work to have some rest. Here is where your critical illness insurance will help. You can use your lump sum on any of these miscellaneous expenses, get that financial stress off your shoulders, and concentrate on recovery.

Why Are Both Essential?

While medical inflation is on the rise, it has made health and critical illness insurance important for any individual in India today. Both deal with different aspects of the financial burden one faces against serious illnesses.

1. Health insurance offers protection from immediate out-of-pocket expenses of medical care due to hospitalisation. It is a primary investment if you would like to make sure you won't spend all of your savings on health services while seeking medical treatment.

2. Long-term financial planning is what critical illness insurance is all about in the event of serious illness. It means the security and peace of mind that if you are afflicted with a life-threatening condition, then you and your family will be adequately placed to have the financial wherewithal to make adjustments to deal with these changes in your life.

Conclusion

Health insurance and critical illness insurance are two products that can go together. In this way, you are protected in every form against medical costs that may come along. Claiming both of them simultaneously would be a wise decision to protect the claimant's health and financial life. Buy health insurance that covers a wider range of illnesses or medical circumstances such as hospitalisation, daycare procedures, and expenditure before and after hospitalisation. Check on the network of hospitals, the claim settlement ratio, and the flexibility of the sum insured. Incorporate critical illness insurance and ensure that the policy covers the illness you are concerned about. Different plans cover different kinds, so choose one which is fitting for the requisite. The value of the lump sum assured on the policy taken should be sufficiently large to take care of non-medical expenses that are brought about by a grave illness.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.

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