Importance of Critical Illness Insurance
Do you need insurance against serious illnesses? It can be difficult to imagine yourself in a position where you might need to file a critical illness insurance claim; However, it is important to note that the most important thing to prepare for is not the possibility of being affected by a serious illness, but the emotional, physical, and financial costs of surviving that illness. Living with and even after critical illness is a challenge and a cost. Your recovery may leave you with the cost of health care services, prescription drugs and supplements, home care costs, costs for home renovations or modifications for new accessibility needs, childcare, 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 enter climatic conditions that are more suitable for your psychological, emotional, or even physical healing. On top of all this, you have your regular household bills plus the potential disruption to your ability to work. The financial implications of a serious illness add up quickly.
Despite all these odds, many people, especially Canadians, underestimate the financial impact that serious illness can cause. Why is it so common for Canadians to overlook their need for serious illness insurance? Well, we have free health care, right? So why should we have to invest more money in the financial securities we already have? The truth of the matter is that our health care does not cover all the expenses that a critical illness can cause us to accumulate and the coverage it provides may not come quickly enough if you are left on the waiting list for too long.
Let’s take a look at an example: imagine you just got called at the doctor’s office. His latest test revealed that he has cancer and needs chemotherapy right away. In Ontario, your wait time to start recovering 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 could help you pay for that expense, and maybe even travel costs to get to Buffalo for treatment.
But that is not all. As we have already noted, your illness comes with other financial implications, such as your sudden inability to work. Suddenly, your everyday living expenses have become much more stressful, and this is all compounded by the fact that your partner also takes time off from work to drive you to your medical appointments. Those bills will start to pile up, and even after you’ve received a certificate of good health, you still need time to physically recover from your treatments (as well as general psychological and emotional trauma). You don’t want to rush back to work to start tackling those bills.
Cancer is not the only disease that can have this impact. Critical illnesses like heart disease, diabetes, stroke, epilepsy, etc. they have an equally severe physical, psychological and financial impact.
How realistic is it to trust alternative options?
Many people feel they can rely on their spouses, retirement savings, asset sales, or government assistance should they find themselves in need, but you don’t want to be left in a position where you have to wait for these options to come to you. through you in a timely enough manner. In most cases, it is simply not realistic to trust these options. Plus, critical illness insurance gives you additional benefits, such as:
- Provide coverage for expenses not covered by our health care system: Critical illness insurance can help offset some of the costs for certain prescription drugs or other treatments that you would otherwise have to pay for out of pocket.
- Protecting your retirement: You don’t want to use up your retirement savings to accommodate the costs of your illness; Those savings are for 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 offers the financial relief you need to avoid the need to dip into those savings so you can keep your retirement plans on track.
Additionally, critical illness insurance is designed to:
- Reduce debt and other financial worries while coping with your illness
- Replace reduced or lost income for you and your spouse
- Cover the costs of bringing extra help home.
- Provide you with the opportunity and ability 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 that the costs of your illness do not become devastating. For more information on getting a critical illness insurance quote, contact us at InsurEye today.
