Cancer, heart attacks, and strokes are among the most devastating illnesses you can ever experience. Not only do they deal a major blow to your health, the financial impact they leave behind can be just as difficult to overcome.
Health insurance can provide some security, but it may not always be enough. Regular insurance just doesn’t cover many of the non-medical expenses that come along with these conditions.
This is where supplemental insurance can come in handy.
Cancer, Heart Attack and Stroke by The Numbers
According to the American Cancer Society, “In the US, approximately 39 out of 100 men and 38 out of 100 women will develop cancer during their lifetime.”
The American Heart Association states that 48% of adults in the US have some sort of cardiovascular disease. This includes hypertension or high blood pressure, which can lead to a heart attack or stroke.
Although much progress has been made on treating these diseases, the statistics show that it can still happen to anyone. Those that survive their condition have a long road ahead of them—and their physical recovery is just one part of it.
The National Cancer Institute uses the terms financial toxicity and financial distress to describe how medical expenses can lead to financial problems. Because cancer treatment is so expensive and can last for so long, it can cause a significant financial burden even if you have health insurance.
Heart disease can also leave similar effects on a patient’s finances. Recovering from a heart attack or stroke may involve ongoing medical care that is often not fully covered by insurance. Treatment and recovery can also affect their ability to go to work and pay the bills. On top of that, financial worry is even linked to an increased risk of heart attack by 13-fold, according to research presented in 2017 at the 18th Annual Congress of the South African Heart Association.
Why You Should Consider Supplemental Insurance
The primary purpose of insurance is to keep your finances safe. Health insurance is there to help make treatment options more affordable and to keep medical expenses from being too much to handle. However, events such as cancer, heart attack, and stroke are simply much more expensive to address. While regular health insurance does cover a significant portion of your treatment, you still have many out-of-pocket costs to shoulder in addition to everyday expenses.
What supplemental insurance does is add another layer of protection when you experience life’s toughest challenges. I’m sure we can all agree that good health is more important than money. Being prepared allows YOU to choose the best treatment possible instead of letting the number in your bank account make the choice for you.
How Supplemental Insurance Works
Supplemental insurance that covers cancer, heart attacks, and strokes can be purchased regardless of any other health insurance you may have. However, it should only be viewed as complementary to an existing policy. Think of it as an additional safety net to help cover things like:
- Living expenses
- Home healthcare costs
- Medication that isn’t covered by health insurance
- Coinsurance and deductibles
If the time comes when the policyholder needs to claim the insurance benefit, it will be paid out in cash to the beneficiary. It can then be used for the expenses listed above or for whatever else they see fit.
For example, recovering from a stroke can take months or even years. It will involve physical therapy, medication, and maybe even the help of a professional caregiver. Health insurance may cover part of your treatment costs but there are definitely things you’ll have to pay for yourself.
Without an insurance plan that provides coverage this kind of situation, your options are limited. You can only rely on your savings for so long and you don’t want to put a burden on your family if you can help it.
But if you had a supplemental heart attack & stroke policy, you’ll receive the full benefit upon the diagnosis of your illness. You can then use it to pay for more than just medical costs such as bills, and living expenses. You’re also free to use it to for out-of-pocket expenses without having to take money out of your savings or going into debt.
The details for the insurance terms and rates will depend on the specific policy, but they all share the goal of providing the support you need to get back on your feet.
Enjoy Life with Peace of Mind
Having the right insurance will help you get through life’s most difficult moments. Instead of worrying about the aftermath of a major illness, the protection it provides will allow you to focus on getting back to good health.
If you’re interested in knowing more about supplemental insurance, get in touch with The Benefit Link. Because our guidance comes at no cost to our clients, you can be sure of the integrity of the advice we provide. We’ll help you choose a policy that works best for your needs so that you can live your best life.