Global Courant
Do you need critical illness insurance? It can be hard to imagine having to file a health insurance claim; however, it is important to note that the most important thing to prepare for is not the possibility of being stricken with a critical illness, but the emotional, physical, and financial cost of surviving that illness. Living with and even beyond a critical illness is challenging and costly. Your recovery may leave you with the costs of health care, prescription medications and supplements, home health care costs, costs of home renovations or modifications for new accessibility needs, child care, and other expenses that may not be covered by your government health insurance plan. You may need to travel to get the medication or treatment you need, or you may simply need to travel to get into climate conditions that are more suitable for your psychological, emotional, or even physical healing. In addition, you have your normal household bills plus the possible disruption to your ability to work. The financial consequences of a serious illness quickly add up.
Despite all these opportunities, many people – especially Canadians – underestimate the financial impact that a critical illness can cause. Why is it so common for Canadians to overlook their need for critical illness insurance? Well, we have free health care, right? So why should we invest more money in the financial security we already have? The truth is that our health care system doesn’t cover all the costs that a critical illness can cause and the coverage it does may not arrive quickly enough if you stay on the waiting list for too long.
Let’s look at an example: imagine that you have just been called into the doctor’s office. Your last test showed that you have cancer and that you need chemotherapy immediately. In Ontario, your wait time to start getting treatment is four weeks or you can go to Buffalo and start treatment there tomorrow, but it will cost you $40,000. Critical illness insurance can help you pay for those costs, and maybe even the travel costs to get to Buffalo for your treatment.
But that is not everything. As we have already noted, your illness has other financial consequences, such as your sudden incapacity for work. Suddenly your day-to-day living expenses have become a lot more stressful, all of which is compounded by the fact that your partner is also taking time off from work to drive you to medical appointments. Those bills are going to start piling up, and even after you get a clean bill of health, you’ll still need time to physically recover from your treatments (as well as from the overall psychological and emotional trauma). You don’t want to go right back to work to tackle those bills.
Cancer is not the only disease that can have this impact. Critical illnesses such as heart disease, diabetes, stroke, epilepsy, etc. have an equally serious physical, psychological and financial impact.
How realistic is it to rely on alternative options?
Many people feel they can rely on their spouses, retirement savings, asset sales, or government assistance in case they are in need, but you don’t want to be left in a position where you have to hope that these options come along in time for you. In most cases, it’s just not realistic to rely on these options. In addition, critical illness insurance offers you additional benefits, such as:
- Covering expenses not covered by our healthcare system: Critical illness insurance can help offset some of the cost of certain medications or other treatments that you would otherwise have to pay out of pocket.
- Protecting your pension: You don’t want to eat up your retirement savings to meet the costs of your illness – those savings have their own purpose and you don’t want to sacrifice your future lifestyle or your ability to retire when you want to. Critical illness insurance provides the financial relief you need to avoid diving into those savings so you can keep your retirement plans on track.
In addition, critical illness insurance is designed to:
- Reduce debt and other financial worries as you manage your illness
- To replace reduced or lost income for you and your partner
- Cover the costs of bringing in extra help
- Provide you with the opportunity and opportunity to consider new medical treatments and medications that are not covered by private or government health insurance plans
Don’t overlook this coverage
Critical illness insurance can provide you with the financial support you need to ensure the costs of your illness don’t become devastating. For more information on how get a quote for critical illness insuranceContact us InsurEye Today.
The importance of critical illness insurance
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