How to prepare finances for critical illness?

How to prepare finances for critical illness? Having a clear strategy among our insurance planning helps in avoiding major problems in long. Insurance is the term which one pays to himself in order to save the future from serious complications. For instance, one will pay a certain premium of the amount for the company for a particular period of time. If the person carries any issue during this period, regarding hospitalisation or any surgeries, the company pays out to these hospitalisation charges.
How to prepare finances for critical illness
How to prepare finances for critical illness

The health insurance is of various types.

  1. Life cover is one type of cover which protects your whole family and gives a lump sum assured after your death to the family. In this type, you will protect your family after your death. The policyholder must check the duration of the cover. If the policy is not on hold when the person dies, the company does not consider the cover in this case. Either it is a natural death or one can add accidental death benefit to it. This means the company will cover you if any accident happens to you and face any disability or death. This premium might be more than nature alone. Talk to your insurer before taking if you need this type of policy. The insurer might ask you for some details like current age, status, amount of sum assured. Here one can give security for the whole family if something happens.
  2. Another type of insurance might include endowment and money back plans. These plans also come with insurance coverage as long as you pay the premium. But the amount you pay will be returned back to you after a certain period of time with some added bonus to it. This type of insurance is suitable for the person if he or she might want to take amount for particular needs. After a particular time period, the lump sum will come for you or if you have any emergency case you can withdraw the amount as per his needs. This policy is for persons who want the money back along with the security throughout the policy duration.
  3. The other type of health insurance covered is critical illness insurance. This insurance gives protection from major illness occurs during the life of a person. Plan for the best, before the condition occurs. If you are diagnosed with a critical illness, discuss with your spouse about the condition and the treatment it requires. Without having the necessity of asking your family members or friends need for financial help, pre-plan for it and prepare the finances ahead and make sure to take a critical illness insurance plan.

Day by day people in u.s.a are diagnosed with more critical illness. Some might even suffer from more than one critical illness. Over the period of 2003 to 2009 insurance premium cost got raised by 41%. Even out of pocket costs also increased mainly in cases of critical illness. According to middle-aged people in u.s.a, for every 8 older people, one is suffering from Alzheimer' s disease. This major disease is the main cause of death. Another major cause of death is cardiovascular disease. Someone might have a stroke every 40 seconds. This can lead to either death or disability too. Cancer is another critical illness likely to develop in half of the men and one-third of women. Colon cancer, lung cancer and prostate cancer are common in men while the women are suffering from breast cancer. Cancer is the topmost concerned disease in u.s.a as it is most life-threatening. Following this, heart disease, heart stroke and Alzheimer's disease are second and next concerned diseases.

Diagnosis of a critical illness can result in severe expenses. They might result in debt, loss of present savings, and even loss of current income too. Health insurance does not cover travel charges, other expenses relating to the illness. It is crucial to take care of your health expenses and savings. If you are not paying insurance regularly or having any gaps in paying your medical premiums, be sure to pay it regularly. Moreover having critical illness insurance along with health insurance is a very important key.

Prevention of critical illness

Preventing is better than curing it. It is important to have regular nutritional diet along with an active lifestyle. Although some critical illness might occur due to genetic reasons, most of the diseases occurring due to food style one prefers. Processed foods lack in nutritional levels and are high in sugars. Preserved foods are not healthy to eat and would lead to many issues. Foods rich in fat and sugar levels do not include in daily meal plans. Fibre-rich foods and good carbohydrate foods must make the plate. Un nutritional food in long run will definitely lead to heart diseases, high sugar levels, obesity, Alzheimer's disease.

Another main cause is obesity. Obesity can lead to many serious complaints. Along with the food, exercise is the key role in stopping obesity. Leaving obesity without treatment and care can cause critical illness. Stop taking sugary foods and substitute the foods for healthy ones. Drinking lots of water or fluids enhance body metabolism and focus on losing weight. It is the primary step in treating obesity. Along with fluids make sure to take good carbohydrate foods and leave the bad ones.  One can fight against critical illness and stay healthy by following healthy habits and maintaining fitness. According to the World Health Organisation, severe weight can lead to coronary heart disease, heart stroke and many serious complications like diabetes, cancers including breast, colon and endometrial. Moreover overweight results in hypertension. Just follow the food and exercise to avoid obesity

Having physical activity either jogging or running or even standing and climbing stairs whatever you do the body burns calories according to the activity you do. Every day one needs to maintain a calorie diet. Burn more calories comparing to the calories you eat. Your body starts burning fat only when the amount of calorie you take daily is less than the one you need. Every person will have a certain metabolic rate. According to that rate, then body burns calories Be sure to maintain calories by consuming less daily. Or else exercise to burn those extra calories you consumed in each day. Take exercise as your daily habit and keep tracking calories. Every food you eat will have certain calories. Make sure to count those calories a day.
After your body accepts physical activity, one can start strength training to maintain fitness. It might involve lifting of weights and pushups etc with the help of a trainer. By maintaining a healthy lifestyle, one might reduce the chances of critical illness. In the U.S.A, many of the middle-aged are more concerned about heart disease, 38%for cancer, 30% for heart stroke, 30% for heart disease, 25% for Alzheimer's disease. The middle-aged people in u.s.a got information about the health insurance on internet and health insurance companies. Mostly the health insurance advisor will give a detailed plan of what you need exactly. Only 10% or below people seek information from the internet.

How to prepare finances?

Take insurance plan

How to prepare finances
How to prepare finances?

The first and foremost step is checking with the right term insurance plan. Check the types of diseases the insurance plan covers. How many diseases it covers. The duration of the insurance cover is another thing one has to focus on. How much premium it requires. Does the insurance cover salaries lose? Go through the terms and conditions carefully before going signing for insurance. Along with term insurance, maintain other health insurance is a vital thing. Term insurance alone does not cover all the charges of transport and lost wages. Keeping other health insurance is a must. Critical illness might result in losing finances. It might lead to debts and create financial problems. Even for some critical illness, some might cannot continue their jobs even after cure. Health insurance plans differ from critical illness plans. Always plan for a high assured amount and make sure to protect your family as well. The other key thing is that the insurance companies pay for the disease only once during the payment period. Suppose a person is diagnosed with a particular critical illness during the insured period, the company pays the lump sum amount only for once. So one must save large for the critical illness and carefully plan the future. Go for an insurance plan that covers post-treatment costs. If you need recovery for a long period of time, don't hold back to your savings and empty your investments. Be sure to make your policy can cover the medicine cost and provide protection to your family if you are the only person earning for your family.

Requirements for insurance

Age is another important thing while considering insurance. If you are less aged people, your insurance premium is quite less. For example, a person of 50 years age is more likely to develop critical illness and his premium is more. On the other hand, a person having 30 years of age will have less premium as his age is quite less. The insurer will also take the history of your family before assigning you the insurance. They will see the current status of the person. A medical diagnosis to check your current health condition and pre occurring diseases is a prerequisite. Also, they check if you have any other following insurance plan and you are the only breadwinner of your family. What is your earning right now and do you have any other debts or loans. Taking your financial position, health condition and age aspects into focus, they might suggest you the best insurance plans available. Make sure to chose and protect as long as possible.
Health insurance plan might cover hospitalization charges, it does not cover critical illness. Suppose if a person has only health insurance and suddenly critical illness occurs, the plan for health insurance is low and does not cover the condition. Whereas the critical illness cover protects the person with huge cover at low premiums. Having both health combining with critical insurance is a wise idea

Take care of savings

Critical illness can occur once in the lifetime of a person. One must take care of the condition when it occurs. It might cause severe loss either physically or financially. The person might or might not recover from the position completely. To avoid debts and serious complications, one must prepare financially strong and increase savings as huge as possible. Increase your earnings. If you're earning with one source of income, you need to add other sources of income. It might be either a small work you do in your leisure time or it might be any other source of income. Just make sure it earns you money to enhance your future security. One might opt for even business options. Talk to your spouse about the financial strength you want and need for a healthy future. Both of you can make the best survival of home. If you do not have insurance for critical illness, it is a must to have savings in order to face the condition.
Many people feel that having good finances gives good quality of health treatments. Some 29 % of married people might think of having good treatment with affordable cost is the best option and is better to have regional treatment. Whereas 29% of singles are preferring to take treatment at the national specialised treatment centre.

Perspectives of insurance

Nearly 72% of the middle-aged people in u.s.a does not know about critical illness i.e., nearly three-fourths of the population. While 5% are paying the insurance and the remaining 24% know about the insurance but does not have it. 66% of the people cited that insurance has higher costs and they are unable to pay. While 38% have other types of insurance. On a whole, both the health and critical illness can result in you in treating successfully the major disease

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