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Save Money When Life Surprises You: Critical Illness Coverage


Learn what critical illness insurance is, what it covers, and how a plan can benefit you.
young man with his son on his back in their backyard, save money when life surprises you: critical illness coverage

It isn’t fun to think about critical illnesses. Although illnesses like cancer or stroke happen every day across the US, you hope these things won’t come knocking on your door.

Beyond the stress of dealing with a critical illness, a serious condition can wipe out your bank account. Why? Because most of the costs related to these illnesses aren’t covered by a regular insurance plan.

About 60% opens in new windowof bankruptcies in America are caused by medical costs — and that number includes many people who have health insurance plans.

The last thing you want to worry about during recovery is how you’ll pay for medical expenses that your primary health insurance plan won’t cover. 

This is where critical illness insurance can have your back.

Learn what critical illness insurance is, what it covers, and how a plan can benefit you.

What Is Critical Illness Insurance?

Critical illness insurance is a supplemental insurance plan that covers expenses related to critical illness.

This plan provides a sum, tax-free cash benefit if you suffer from certain conditions outlined by your plan.

This cash can be used to cover out-of-pocket medical expenses related to your critical illness, as well as other external expenses that may be difficult to pay for while you’re recovering.

What Does Critical Illness Insurance Cover?

Among other conditions, critical illness insurance covers three common conditions suffered by Americans: cancer, stroke and heart attack.

Critical illness insurance policies may also cover procedures and conditions such as:

  • Heart transplant
  • Coronary bypass surgery
  • Angioplasty
  • Kidney failure
  • Major organ transplant
  • Paralysis

Cover Medical and Non-Medical Expenses

The cash benefit provided by a critical illness insurance plan can help pay for much more than just your out-of-pocket medical expenses.

Here are some examples of what your critical illness insurance plan’s cash benefit can pay for:

  • Medical treatments that are not covered by your primary insurance plan
  • Mortgage payments while you recover
  • Bills like car payments or insurance premiums
  • Travel for medical treatments that may not be available locally
  • Experimental treatments that may not be covered by your primary insurance
  • Cover your spouse’s income while they care for you

What Isn’t Covered by Critical Illness Insurance?

Each critical illness plan is different and may provide varying degrees of benefits for different stages of your condition.

It’s important to talk to your critical illness plan provider to understand what your plan covers and what may be excluded so you’re not surprised by any unexpected expenses.

For instance, you may receive full benefits for invasive cancer (as defined by your plan), partial benefits for cancer in situ, and no coverage for indolent or slow-growing cancer that may not prove harmful during your lifetime.

Additionally, some critical illness policies have age reduction schedules, where your payouts decline as you get older. 

Critical illness can be stressful but managing your health care doesn’t have to be. Learn more about how a critical illness plan with Guardian Direct can help you focus on recovery, not bills. Get a no-strings-attached quote today >

Brought to you by The Guardian Life Insurance Company of America (Guardian), New York, NY. Material discussed is meant for general illustration and/or informational purposes only and it is not to be construed as tax, legal, investment or medical advice.
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