Critical Illness Insurance

 

 

 Critical Illness Insurance

 

Do you require critical illness coverage?

 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 remember that the most important thing to prepare for is the emotional, physical, and financial costs of surviving that illness, not the possibility of being affected by a critical illness. Living with, and even after, a critical illness is difficult and expensive. Your recovery may leave you with the cost of healthcare services, prescribed drugs and supplements, home care costs, renovations or modifications to the home for new accessibility needs, childcare, and other expenses that your government health insurance plan may not cover.

You may need to travel to obtain the medication or treatment you require, or you may simply need to travel to climate conditions more conducive to psychological, emotional, or even physical healing. On top of that, you have your regular household bills to contend with, as well as the potential disruption to your ability to work. A serious illness has significant financial ramifications.

Despite these odds, many people, particularly Canadians, underestimate the financial impact of a critical illness. Why do so many Canadians overlook the importance of critical illness insurance? We do, after all, have free healthcare, right? So why should we invest more money in the financial securities that we already have? The truth is that our healthcare does not cover all of the expenses that a critical illness can cause, and the coverage that it does provide may not arrive quickly enough if you are left on the waiting list for too long.

Consider this scenario: you've been summoned to the doctor's office. Your most recent test revealed that you have cancer and require immediate chemotherapy. In Ontario, you have a four-week wait to begin receiving treatment, or you can go to Buffalo and begin treatment right away, but it will cost you $40,000. That expense, as well as the travel costs to Buffalo for treatment, could be covered by critical illness insurance.

But that's not all. As previously stated, your illness has financial ramifications, such as your sudden inability to work. Your day-to-day living expenses have suddenly become much more stressful, and this is exacerbated by the fact that your partner is also taking time off work to drive you to medical appointments. Those bills will begin to mount, and even after you've been given a clean bill of health, you'll require time to physically recover from your treatments (as well as from the overall psychological and emotional trauma). You're not going to want to go back to work right away to start paying those bills.

Cancer is not the only disease that can have this effect. Critical illnesses such as heart disease, diabetes, stroke, epilepsy, and others have severe physical, psychological, and financial consequences.

How realistic is it to rely on backup plans?

Many people believe they can rely on their spouses, retirement savings, asset sales, or government assistance if they are in need, but you don't want to be in a position where you have to hope that these options come through for you in a timely manner. In most cases, relying on these options is simply not a viable option. Furthermore, critical illness insurance provides you with additional benefits such as:

Providing coverage for expenses that our healthcare system does not cover: Critical illness insurance can help cover some of the costs of prescription drugs or other treatments that you would otherwise this thing pay to your own responsibility.

Saving for retirement: You don't want to deplete your retirement savings to cover the costs of your illness; those funds serve a different purpose, and you don't want to jeopardize your future lifestyle or ability to retire when you want. Critical illness insurance provides the financial relief you require to avoid having to dip into your savings in order to keep your retirement plans on track.

Furthermore, critical illness insurance is intended to:

 

While you are coping with your illness, reduce your debt and other financial concerns.

Replace your and your spouse's lost or reduced income.

Provide you with the best opportunity and positive ability to consider new medical treatments and medications that are not covered by private or government health insurance plans.

Author: RabnawazToor