Catastrophic illness insurance

Catastrophic Illness Insurance

An insurance policy covering extraordinarily expensive medical bills. Catastrophic illness insurance usually is released as a lump sum when the insured event occurs. Often, catastrophic illness insurance is triggered when a policyholder has a major medical problem and still needs treatment after surviving more than a stated number of days. For example, catastrophic illness insurance may cover the extended hospitalization necessary after a major surgery.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

Catastrophic illness insurance.

Many health insurance policies cap, or limit, the amount they will pay to cover medical expenses. But you can buy catastrophic illness insurance to cover medical expenses above the maximum your regular health insurance will pay.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.
References in periodicals archive ?
Unfortunately, long-term health care funding is not a priority this year, as Congress reviews possible changes in Medicare's catastrophic illness insurance plan.
Chief among the unfinished business: catastrophic illness insurance.
The blockbuster health care issue on the Congressional horizon is catastrophic illness insurance. Early supporters on the Hill include Senator Kennedy, who has stated his intention to introduce a version this year.
Full browser ?