Critical Illness Policy: A Good Partner for High Deductible Health Insurance

For a variety of reasons, we believe that high deductible health insurance plans (both HSA-qualified plans and traditional plans) are a very strong option for many people. Of course for many clients, the economic reality is that this is the only kind of coverage that is affordable. But for many others, choosing a high deductible health insurance plan just makes more economic sense.

One option you should consider using to supplement a high deductible health insurance plan is a critical illness insurance policy. A critical illness policy basically pays you a set amount in cash if you have a heart attack/stroke or are diagnosed with cancer or any of several other critical illnesses. (It is actually set up as a term life policy so it pays if you die, but has the “critical illness rider” that pays out early with a qualifying diagnosis since there’s a very good chance you might survive that kind of event these days).

There are varying amounts of coverage, obviously. A policy as low as $10k will give you the money you need to cover your high deductible health insurance policy and will likely leave you with leftover cash you can use to cover expenses related to time off from work, traveling for care/treatment, or anything else you’d want to do with it.

It’s something I think is worth considering to supplement a high deductible health plan because there’s a good chance that if you hit a $5-10k deductible it’s because of this kind of event/diagnosis. Click here for more information, an FAQ, and a quick no-obligation quote.