A catastrophic medical event can be devastating, not only in terms of your health but for your financial health as well. While your treatments will be partially covered by regular medical insurance, it probably won’t cover all of your medical bills, not to mention your daily expenses, if you are diagnosed and receive treatments for cancer, a heart attack, a stroke, or any other number of serious illnesses. However, a trauma insurance policy can help pay the bills and allow you to recover with fewer worries.
What Is Trauma Insurance?
If you are diagnosed with a serious medical condition or experience a major heart attack, stroke, or another medical event, a trauma insurance policy will pay you a lump sum amount to help cover your medical and other costs. Depending on the insurer and the policy you purchase, you could receive as much as two million dollars for medical trauma. There are up to 60 different medical conditions covered by insurance companies that offer trauma insurance.
Along with paying for your medical costs, trauma insurance can help pay your living expenses as well and allow you to reduce the amount of time you work or take a leave of absence while you recover. If the medical condition is serious enough, you may be unable to return to work, and the money you receive can help pay your bills until you can get a pension due to your disability.
Who Should Buy Trauma Insurance?
A trauma insurance policy may not be suitable for everyone, but if you own property and have a mortgage or a considerable sized loan, then you may wish to buy a policy to cover your expenses if you should be diagnosed with a major medical issue or fall ill. The policy will help ensure that your bills are paid while you recover, which will mean less stress for you and allow you to concentrate on getting better.
You should also consider trauma insurance if you are a stay at home parent to help ensure your household and children are taken care of, or if you are underemployed and want to make sure your bills will be paid if you become ill with a serious medical condition. In addition, if you are the only one working in the home, having a policy can help secure your family’s future. However, before buying a policy, you should get as many trauma insurance quotes as you can to find the best policy for your circumstances.
Considerations for Trauma Insurance
While there are many benefits to having trauma insurance, there are a few things to consider before buying a policy. You should buy a trauma insurance policy in conjunction with a life insurance policy because if you happen to die within 14 days of the medical event, it will convert into a life claim, if you have life coverage. Research the benefits and drawbacks of a trauma insurance policy before you purchase one to determine if you really need the coverage.