Cancer and heart disease are common causes of death in Taiwan, and treatment costs can reach hundreds of thousands of dollars. Critical illness insurance and critical injury insurance are both insurances that provide one-time claims for serious illnesses, but they are different in terms of coverage, claim conditions, etc. If you want to know the specific differences between critical illness insurance and critical injury insurance, just click on this article!
Common causes of death in Taiwan and related insurance
According to statistics on causes of death in the country analyzed by the Ministry of Health and Welfare in 2011, 2010 and 2019, malignant tumors (cancer) and heart disease have been the top two leading causes of death in the country in the past three years. If we look at it by age, accident injuries are the number one cause of death for people aged 1-24, cancer is the top two causes of death for people aged 25-44, and cancer and heart disease are the top two causes of death for people over 45.
For cancer treatment, if the medical expenses and drug expenses are covered by the National Health Insurance, "Health Insurance Points* (Note 1)" will be used to calculate the amount on the hospital receipt. Judging from the cancer cost rankings of the Ministry of Health and Welfare, we can know that the average drug cost (points) per person for the top ten cancer treatments in the past three years was around 65,000, and the average medical cost (points) per person was 150,000-170,000. In other words, the average cost of health insurance drugs and medical expenses alone may range from 100,000 to 200,000 per person. This does not include other medical expenses, such as registration fees and self-paid drugs, which are not covered by health insurance.
Faced with huge medical expenses in a short period of time, if you want to rely on insurance to transfer risks, then there are insurance products that can pay a large amount of money at once for serious conditions, which will give you greater flexibility and margin in fund transfer. Those that meet the above conditions are critical illness insurance and major injury insurance. In addition to the same method of payment of claims, there are other very different aspects between the two. If you want to know, let us continue reading!
(Note 1: Health insurance points are the health insurance fees that the hospital applies to the National Health Insurance Administration. The price is calculated in the form of points. 1 point is not necessarily equivalent to 1 yuan. The health insurance fees that the hospital can apply for are divided into drug fees and medical expenses. One point is fixedly equivalent to 1 yuan. The value of health insurance points for medical expenses adopts a floating algorithm, and 1 point may be converted into 0.8-1 yuan.
The difference between critical illness insurance and major injury insurance
Compared with critical illness insurance, critical illness insurance has a much wider coverage, but it does not cover "coronary artery bypass surgery" and "myocardial infarction". Therefore, if someone is particularly concerned about heart disease, especially if there is heart disease in the family history, you If you assess that you have a higher chance of developing heart disease when you fall ill, critical illness insurance may be a higher priority. If you are more concerned about the coverage, although the premium of major injury insurance is higher, judging from the included protection items, major injury insurance is actually an insurance with a very high CP value!
At present, when most people plan a new policy, they will give priority to "major injury insurance" rather than critical illness insurance, mainly because of the amount of compensation they can get when a cancer is diagnosed. Major illness insurance will not have different claim amounts based on "early stage, mild or severe cancer". As long as it is diagnosed as having cancer, the insured amount will be x 100%. The new version of critical illness insurance will cover early stage or mild cancer. You can get a claim amount of x 10% of the insured amount, so that you cannot share the risk for the cost of cancer treatment.