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Are you financially ready for a major health event?
According to a major life insurance company’s survey, nearly half of Canadians facing a major health incident such as cancer or stroke are struggling financially as a result of their illness.
Many people realize that a serious health event could impact their personal finances, but only a handful actually set aside money for such an event.
Most feel that the health care system is going to look after them but a lot of the care you need at home and in recovery is not necessarily covered. Even though these are covered by company health plans, most people still have to pay a percentage of the cost themselves.
Thousands of people across the country are self-employed or employed with no benefit plan.
Disability insurance protects your income if you cannot work due to illness or accident. And critical illness insurance pays a lump sum if you are diagnosed with a serious illness covered in the policy. But even with this coverage, it may not be enough.
The cost of prescription drugs have gone through the roof. It is not uncommon to have a prescription drug cost of $80,000 a year or more, and many people are found to tap into retirement savings, borrow from loved ones or remortgage or sell their home to pay these costs.
Such choices add to peoples stress levels as they battle a major illness. But despite knowing this most Canadians feel good about their physical and emotional health which add to a false sense of security.
Life insurance has been designed to relieve some of this stress for pennies on the dollar, but it may be time to add health insurance as well.
Health insurance can protect you against the high cost of catastrophic drugs and the stress it causes.
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For a thorough evaluation of your insurance needs, please speak with our advisor.