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All You Need to Know about Critical Care Insurance by UnitedHealthcare

All You Need to Know about Critical Care Insurance by UnitedHealthcare

It is estimated that more than 85% of the population in the country have access to some form of healthcare insurance, either through their employer or through private insurance providers. Most of these are primary healthcare insurance offerings which include reimbursement of your medical and hospitalization expenses.

There is a range of individual and family healthcare plans based on the size of your family, lifestyle, and budget. However, they do not cover living or medical expenses in case of any critical illnesses. If you are not prepared or if you have limited savings and a family member falls critically ill, the stress of managing such a situation could be huge. Critical Illness insurance plans by UnitedHealthcare help protect you from such unexpected and unforeseen health emergencies.

Critical Illness Insurance pays a lump sum amount if you are a policyholder. You can use the amount to pay for living expenses. Purchasing a critical care cover is akin to setting aside an emergency fund. All regular living expenses along with your healthcare bills could put a strain on savings; and with critical care insurance, you can get all this covered.

Difference between primary healthcare and critical illness insurance

A primary healthcare policy only covers those illnesses that are covered under the plan and does not include critical and dreaded illnesses. Such policies also cover injuries and diseases that occur only when the policy is valid, i.e., as long as the policyholder renews it. The scope of primary healthcare plans is the reimbursement of all medical and hospitalization expenses.

A critical illness insurance policy, on the other hand, covers illnesses that qualify to be covered as per the guidelines of the insurance company you choose. While some companies cover about 15 critical illnesses, some might offer coverage for more. The policy becomes active within a stipulated period of purchase. If you receive a diagnosis of a critical illness, the company will pay you the entire coverage amount in one lump sum immediately on diagnosis or within a few days. You cannot renew the policy as it ceases once the coverage amount is paid.

Critical Illness insurance plan from UnitedHealthcare

UnitedHealthcare Inc. is part of the UnitedHealth Group, a Fortune 500 company. They offer a varied range of insurance products for both individuals and families. One of its popular products is Critical Illness insurance.

UnitedHealth Critical Illness insurance—underwritten by Golden Rule Insurance Company—is the critical illness coverage plan from UnitedHealthcare. It aims to ease the financial strain on a family when one of the members becomes critically ill. Critical illness refers to those illnesses that are considered to be dreaded diseases and need emergency and, sometimes, long-term care. The illnesses that qualify for critical illness insurance cover from UnitedHealthcare include the following:

  • Carcinoma in situ
  • Coma
  • Coronary artery bypass graft
  • Heart attack
  • Life-threatening cancer
  • Loss of vision, hearing, and speech
  • Organ transplant
  • Stroke
  • Paralysis
  • Renal Failure

Benefits of UnitedHealthcare’s Critical Illness insurance plan

  • Simple application process
  • Upfront cash benefit
  • Tax advantages; the money received from this insurance is not taxable
  • You can use the money received for regular expenses including mortgage and rent payments, childcare, or even groceries.

How does the Critical Illness insurance plan work?

UnitedHealthcare offers five maximum life coverage benefits ranging from $10,000 to $50,000. You can compare the plans online and chose the one that meets your needs and budget. The premium is calculated based on your age and the amount of coverage you chose. You can choose to pay these premiums every month as well. The insurance becomes effective if the first diagnosis is made at least 30 days after purchasing the insurance plan. As per the recommendations of the American Association for Critical Illness Insurance™, the ideal coverage amount should be equal to your mortgage payments for 2 years.

However, it is important to note that the plans could vary across states. You can log on to the UnitedHealthcare website and get a quote before making a decision.

For example, a person chooses a $40,000 lifetime benefit critical insurance plan and pays the premiums according to his age and requirements. If the policyholder is diagnosed with an illness listed within the policy after a few months, UnitedHealthcare will pays the policyholder $40,000 while the treatment continues.

Additional benefits of critical insurance cover from UnitedHealthcare

One can continue with the insurance policy even after the age of 65. However, the coverage will be reduced to half of the original policy. A Critical Illness insurance plan by UnitedHealthcare can also be combined with other insurance policy and products like dental, term life, short-term medical, and accident insurance policy. Insurance that covers primary healthcare, critical illness, and accident/dental/term life policies can offer one of the most extensive and comprehensive coverage for individuals.

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