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Critical Illness and Unexpected Expenses

Smart financial planning involves preparing for the expected and the unexpected. Saving money for retirement or other long term goals is a primary focus for consumers, but what about the unexpected expenses that can happen over your lifetime? Nearly one in two Canadians will be diagnosed with cancer, according to a recent report by the Canadian Cancer Society; it is worthwhile to consider what this could mean not only to your physical health, but also your financial well being. The exact costs associated with cancer treatment can vary depending on the type, stage, available treatments and how much time off work you will need. Other unexpected expenses are your out of pocket expenses, such as travel time, accommodations, meals, childcare, and housekeeping support. Critical illness insurance can help with these expenses.

Government and workplace assistance

Some of these costs can be reduced by government assistance, such as OHIP and drug expenses. Your workplace might have medical benefit plans to help cover costs for some drugs and equipment that are not covered by OHIP, and disability insurance will help with some of your lost wages. However, these both have limits as to how far the money will stretch to help pay off your bills. Items such as oral chemotherapy drugs taken at home are not covered by OHIP and might only be partially covered by your workplace drug plan. Further to that, any prostheses, medical equipment, wigs, vitamins or supplements may not be covered by drug plans at all, or in certain cases, the reimbursement may only help with some of the costs.

Enough coverage

The shortfalls in your OHIP and workplace drug plans can be covered through critical illness insurance. This insurance pays out a tax-free lump sum that you can use to help pay off any bills, or close the gap with what you get from your workplace drug plans. The money can also be used to help pay for parking, hotel costs for family or spouses, or even the gas needed to make the trips. Knowing that the money is there without having to file paperwork or keep receipts can help lift a weight off your shoulders.

Focus on your health

Critical illness insurance is a key component in minimizing your financial risks and provides a solution to help pay for medical costs. The insurance not only covers cancer, but also heart attacks, strokes, and up to 24 other conditions. Applications for critical illness insurance can be completed in as little as 30 minutes electronically, and from the comfort of your own home. Critical Illness insurance helps you put your focus on your physical well being and recovery rather than money or debt you incur because of your illness.

Talk to your financial advisor. Get in touch.

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