What is the difference between critical illness insurance and million dollar medical insurance?

The important difference between million medical insurance and critical illness insurance can be understood at a glance.

First, the payment conditions are different. The payout conditions of critical illness insurance are far more stringent than those of million-dollar medical insurance. Critical illness insurance can cover more than 100 or even hundreds of diseases, and there are a lot of severe, moderate and mild diseases, and it seems that it is not difficult to get hundreds of thousands of claims at one time.

In fact, the insurance policy has very specific limits on the symptoms, stages, diagnostic criteria, surgical details, etc. of each disease, and the insurance company will only be liable for compensation if it meets 100% of the requirements. The compensation conditions of million medical insurance are relatively relaxed, and the part of the hospitalization medical expenses exceeding the deductible of 20,000 yuan after deducting the social security reimbursement during the insurance period (most of them are one-year, and some medical insurance is six-year) can apply for compensation and be reimbursed.

Second, the calculation basis of the compensation amount is different. Once you meet the conditions for the payment of critical illness insurance, you can get 100% of the fixed amount of insurance money stipulated in the insurance contract, so critical illness insurance is "pay-type", and the insurance company must pay the insured in a lump sum, and then the contract ends, and the two do not owe each other. The million medical insurance is "reimbursement", the insured must provide expense documents when making a claim, deduct the part that has been reimbursed by social security, and deduct the deductible of 20,000 yuan, and the remaining expenses can be compensated by the million medical insurance.

During the insurance period of Million Medical Insurance, as long as you are still incurring hospitalization medical expenses, as long as you do not exceed the number of days of hospitalization specified in the insurance contract, you can continue to apply for compensation.

Third, the duration of the insurance contract is different. Critical illness insurance is an insurance contract that has been signed for decades at a time, and as long as the critical illness insurance has passed the waiting period, unless the insurance company fails, neither party has the right to make even a single word of change to the policy and contract during the insurance period of several decades. Million Medical Insurance is a one-year insurance contract.

Even if it is a "guaranteed renewal" million-dollar medical insurance, the insurance company can change the annual premium amount and can stop selling a certain million-dollar medical insurance plan. While there are long-term medical insurance plans that allow premiums to remain unchanged for 6 years or more, no medical insurance plan can contractually determine the amount of premiums for the next few decades at the time of initial application.

Fourth, the burden of premiums varies by age group. The annual fixed premium of critical illness insurance is relatively high, several thousand yuan or even 10,000 yuan a year, due to inflation and currency depreciation, the more you will feel that the premium burden will be lower in the future, if you start to buy lifelong protection critical illness insurance at a young age, you will not need to pay again after the age of 60 or 70. The initial premium of million medical insurance is very low, under the age of 55 only need to pay a few hundred yuan a year, but after the age of 55, the premium increases rapidly year by year, and in the later years of life, the annual premium is as high as tens of thousands of yuan.

Critical illness insurance is a sum insured after the critical illness trigger clause is paid to cover the loss of income, while medical insurance is reimbursed and spent on how much insurance is used to cover the cost of medical treatment.

What is the difference between critical illness insurance and medical insurance millions? Basically, there is no big difference, but the reimbursement ratio will vary greatly.

The differences are as follows:

1. The difference between the term of insurance and the renewal of insurance.

Critical illness insurance is usually a long-term insurance, and you can buy the kind that can cover you for decades, so you generally don't have to worry about whether you can buy it again in the next year.

Most medical insurance products are one-year products with no guarantee of renewal, and in the second year, they may face risks such as increasing premiums, refusing to renew, and discontinuing the product.

2. The difference in disease: medical insurance is slightly higher.

The types of diseases covered by critical illness insurance will be stipulated in the contract, and the CIRC stipulates that at least 25 types of critical illnesses are covered. These 25 critical illnesses have accounted for about 95% of the claims and morbidity rates. Insurance companies usually add some more diseases, but it is only the icing on the cake.

Medical insurance is indeed not limited to diseases, and only depends on whether the contracted hospitalization or outpatient treatment occurs. From this point of view, it is true that medical insurance is more lenient in terms of disease restrictions.

Insurance is a Chinese word, pinyin is bǎo xiǎn, English is insurance or insuraunce, the original meaning is safe and reliable protection; It is a tool used to plan life finances, a basic means of risk management under the conditions of market economy, and an important pillar of the financial system and social security system.

Insurance refers to the commercial insurance behavior in which the policyholder pays insurance premiums to the insurer in accordance with the contract, and the insurer bears the responsibility for compensating for the property losses caused by the occurrence of accidents that may occur as agreed in the contract, or the insured bears the responsibility of paying insurance money when the insured dies, is disabled, sick, or reaches the age and time limit agreed in the contract.

From an economic point of view, insurance is a financial arrangement for apportioning the loss of an accident; From a legal point of view, insurance is a contractual act, which is a contractual arrangement in which one party agrees to compensate the other party's losses. From a social point of view, insurance is an important part of the social and economic security system, and it is an "exquisite stabilizer" of social production and social life. From a risk management perspective, insurance is a method of risk management.

The difference between million medical insurance and critical illness insurance is: rolling hunger code.

1.Million medical insurance is a reimbursement type insurance, and critical illness insurance is a fixed payment type insurance;

2.Million medical insurance can mainly reimburse the reasonable and necessary medical expenses incurred by the insured due to illness or accident, and there are restrictions on deductibles when reporting large expenses; Critical illness insurance mainly covers critical illnesses such as malignant tumors and sequelae of severe stroke, and if the insured suffers from the disease agreed in the insurance contract and meets the claim conditions, the insurance company can run the claim;

3.Most of the million medical insurance has a coverage period of one year, but there are also those that can be guaranteed to be renewed for 6 years or 20 years for limb protection; Critical illness insurance is guaranteed for one year, 30 years, 60 years old, 70 years old, or for life.