What is it? Why should you care?

“It’s all about medical advances that have increased survival rates,” says Dr. Marius Barnard, the father of critical illness insurance and the cardiac surgeon who helped pioneer the first heart transplant. Heart attack, stroke, and cancer patients now survive and recover – at a cost.

The sad truth is that the miracle of today’s medical procedures may save your life but create long-term financial challenges for you.

An individual can expect a major insurance claim (excluding maternity) once every 20 years.

The American Hospital Association states that of these hospital admissions, 82% are due to either: critical illness (68%) or accidents (14%) resulting in an average of 7.6 months of recovery with a total or partial loss of income.

75% of all healthcare dollars are spent on these claims and 52% of all bankruptcies are caused because of them – even though 59% of these people had health insurance.

Critical illnesses are not just a risk for the elderly.

  • About 80,000 young adults aged 20 to 39 are diagnosed with cancer each year in the United States.
  • A multi-state study of more than 28,000 people hospitalized for heart attacks from 1995 to 2014 showed 30 percent of those patients were young, age 35 to 54.
  • Strokes in young adults are reported as being uncommon, comprising 10%–15% of all stroke patients. However, compared with stroke in older adults, stroke in the young has a disproportionately large economic impact by leaving victims disabled during their most productive years.

Here are the out-of-pocket cost issues to consider:

  • If you had a heart attack, it looks like you will have at least 2 months without pay.
  • Many pharmacy bills exceed $50,000 per year for cancer patients.
  • Many advanced treatments for cancer without FDA approval are not covered by insurance.
  • The recovery time for a stroke varies by severity of course. It can be anywhere from a few months to 6 months or more including physical rehab, speech therapy, and other necessary re-learning.

The costs for Critical Care insurance are stable and in some plans, rates remain flat for life. This insurance enables you to recover from one of these critical illnesses without worrying about how you are going to pay the mortgage or keep your business open.

Can you really afford to continue to have this exposure to financial ruin given the moderate cost to put a plan in place to protect you and your family? Call me or send me an email so that we can discuss your needs resulting in a quick personalized quote for you to consider.