High-deductible health insurance plans can be a double edged sword for consumers. There are many consumers who enjoy the lower premiums, but might get into a difficult bind if hit with a serious illness. The insurance industry has been offering critical illness insurance to allay fears about the financial impact of having a serious illness. The coverage limits of these policies can vary tremendously and many consumers are attracted to the affordability of a lot of these policies. These policies are growing in popularity though there are some health industry experts who express skepticism about what they offer. It is a good idea to do careful research into any policy that is being considered. This article also mentions alternative options that consumers can consider when planning for health care expenses related to a serious illness.
See Daniel Kurt, What Is Critical Illness Insurance?, Investopedia, April 27, 2016.
