Cancer non medical cost stats| Aug312010
The American Cancer Society Facts & Figures, 2007 supposedly states that in their findings the majority or nearly (now get ready) 70% of associated total cancer costs are non-medical expenses! Wow high stats.
So what costs are we talking about?
I imagine that recuperating,you’ll not be working, so loss of income is probably a big one. If were out for 6months to a year that could be half to all your salary or income. That’s pretty high.
Yet bills still come in, so that would be mortgage or rent, generally protecting your assets so you don’t lose everything. Of course that could include all your savings you worked so hard for all these years to retire and not have to work all your life… after all that’s part of the “American Dream” so why have cancer take that away? Its not that we are not living longer or do not have the advanced technologies available to survive… it’s that we cant survive financially!
What about the rest of the bills? Its bad enough in a poor economy to just get by and make ends meet, so if your not working then your not making ends meet. Disability insurance wont cut it alone because while it is important to have that, (and perhaps not even replacing all your income) what about the fact that now you will have even more expenses than that of your daily weekly and monthly costs you had prior diagnosis, but now you have cancer and a high deductible and don’t forget that darn co-insurance max out of pocket to satisfy, but those are more of the medical cost rather than non medical. Well how about keeping the kids in school, or keeping the business a float while your out to have a business to come back too if your a business owner. How about something small such as a car payment, transportation, and experimental treatments or clinical trials that major medical may not pay for and don’t forget home health care? Now, if you’re thinking your spouse will take care of you, well then perhaps they will be out of work AS WELL. Don’t have family you say? Fair enough …so who will be taking care of you during therapy and rehabilitation and such? It seems as though there are more questions than answers, and as you read this to acquire the answers I keep getting you to think by shooting out questions.
Best is to follow the boyscout motto “Always be prepared” Get covered before it’s too late.
By the way, it should be noted that while this focus is on cancer (the highest claims of critical illness insurance), there are many other diseases that should be focused on causing the same exact results of loss. (Heart, Stroke, Kidney, Paralysis etc.)
For those who say “I have money in the bank” or “I can get a second mortgage if i need too”, I propose this question:
Did you want to spend all your retirement money or would you look back and say “yeah i would definitely taken that coverage for $52 a month to get that lump some of money I desperately now need so that i dont have to wipe out my own.”
Second mortgage you say? Try doing that while your sick, also see how much time it might take to get it or get approved, if you are approved still yet again not protecting your assets or “lifestyle protection”.Lights on, food on the table, kids in college and or perhaps a trip around the world to enjoy and then book yourself into the top cancer treatment facility. It is too cheap a cost now then to regret not having taken it later. Basically everyone can afford cancer or critical illness insurance in fact you can’t afford not too. I’m just saying.