Catastrophic Illness Insurance
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Definition of 'Catastrophic Illness Insurance'
A type of insurance that protects the insured, in the event of specified major health events, during a defined period of time. Catastrophic illness insurance coverage is usually a lump sum, and can be full or partial depending on the condition and the policy. Some conditions covered could include (but not limited to); long-term hospitalization, heart attack, stroke or cancer.
Also known as "critical illness insurance". Catastrophic illness insurance can be used to supplement a beneficiary's existing health and disability coverage. Restrictions are unique to the provider, but typically claims will be rejected due to: pre-existing conditions, not surviving 30 days after diagnosis, and any critical diagnosis within the first 90 days.
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Investopedia explains 'Catastrophic Illness Insurance'
Catastrophic illness insurance will have lower premiums for a younger/healthier person but basic medial costs, such as annual check-ups are not covered. The average payout in 2007 was under $100,000 with an average age just under 50 years old.
Catastrophic illness insurance may also be called a "major medical plan", and will often include expenses incurred both inside and outside the hospital, such as in-home nurse care and lab tests. This type of insurance was created in large part to prevent bankruptcy due to a lengthy or expensive illness, and is even common in some developing nations.
The U.S., in 1986, under President Ronald Regan, explored the possibility of creating a health insurance program called "catastrophic illness insurance". This program focused on insuring the elderly facing long-term expensive healthcare needs through voluntary participation. Initially it gained support but was voted out in the U.S. House of Representatives in 1989.
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Search results for 'Catastrophic Illness Insurance'
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http://www.investopedia.com/articles/pf/08/critical-illness-insurance.asp
Critical Illness Insurance: Get Paid If You Get Sick. October 16 2008 | Filed
Under ยป Insurance, Options, Personal Finance. Contracting ...
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http://www.investopedia.com/articles/pf/10/concierge-health-care.asp
... Buy Catastrophic Illness Insurance in Addition to Concierge Service If you have
concierge healthcare, you can opt for a healthcare plan that protects you and ...
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http://www.investopedia.com/articles/retirement/08/divorce-layoff-death.asp
... 1. Catastrophic Illness or Death of a Spouse Preparation Health insurance coverage,
at least for catastrophic illness, is a must, particularly as retirement ...
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http://www.investopedia.com/slide-show/estate-planning-mistakes/terminal-illness.aspx
... Having a dread disease rider on your policy or catastrophic illness insurance
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http://www.investopedia.com/slide-show/estate-planning-mistakes/life-insurance.aspx
... Having a dread disease rider on your policy or catastrophic illness insurance
can reduce the risk of losing your nest egg to medical costs. ...
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http://www.investopedia.com/slide-show/estate-planning-mistakes
... Having a dread disease rider on your policy or catastrophic illness insurance
can reduce the risk of losing your nest egg to medical costs. ...
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http://www.investopedia.com/slide-show/estate-planning-mistakes/tax-free-gifts.aspx
... Having a dread disease rider on your policy or catastrophic illness insurance
can reduce the risk of losing your nest egg to medical costs. ...
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http://www.investopedia.com/slide-show/estate-planning-mistakes/get-started.aspx
... Having a dread disease rider on your policy or catastrophic illness insurance
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http://www.investopedia.com/slide-show/estate-planning-mistakes/alternative-estate.aspx
... Having a dread disease rider on your policy or catastrophic illness insurance
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http://www.investopedia.com/slide-show/estate-planning-mistakes/details.aspx
... Having a dread disease rider on your policy or catastrophic illness insurance
can reduce the risk of losing your nest egg to medical costs. ...
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