Critical illness insurance pays you a cash sum for covered illnesses like cancer.
Critical illness insurance typically makes a lump sum cash payment for covered illnesses such as heart attack, stroke, and cancer.
Read eHealth’s 2015 eBook on Accident and Critical Illness Insurance.
Watch our video about critical illness insurance
Understanding critical illness insurance
Traditional health insurance generally reimburses the insured, or provider, for covered medical services, procedures, equipment, and so on. A critical illness insurance plan, however, pays you a cash amount directly, in the event you’re diagnosed with a critical illness that’s covered by the plan.
Be aware that a critical illness insurance plan generally does not conform to the Affordable Care Act (ACA or “Obamacare”), because it doesn’t provide the minimum essential coverage required by the ACA. This means that you may still be subject to an Obamacare tax penalty if you purchase a critical illness insurance plan.
The critical illness insurance option
If major medical health insurance is not an option due to your particular health and financial needs, a critical illness insurance plan may be the best solution for you. However, it’s always a good idea to enroll in a major medical health insurance plan, and you can do this during the annual Open Enrollment Period (OEP) or during a Special Enrollment Period (SEP) if you qualify.
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