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.
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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.