Are your savings protected from a critical illness diagnosis?

No one plans on getting a long-term sickness or having a family member become critically ill—and just as unexpected as a critical illness diagnosis are the costs that may be associated with it. A critical illness can lead to new expenses, which can add up over time. Do you have a plan in place so you don’t have to tap into your savings to cover both new and existing bills?

Potential new expenses to think about

Below are some examples of new expenses you may have to cover in the event of a life-changing diagnosis: 

  • Alternative medicines: Critical illnesses can cause symptoms that might require some medications that are not covered by insurance such as experimental treatments or brand name drugs that are not preferred by your medical plan.
  • Co-payments: Some doctors, hospital visits, and prescription drugs will require a co-payment, which can be costly depending on the medical service. Also, your plan might cover only a certain percentage of the cost of a procedure, meaning that you need to pay the balance.
  • Deductibles: Depending on your health insurance plan, you may have to spend a specified amount of money on treatments and visits to the doctor before your insurance kicks in.
  • Travel for treatments: You may have to travel farther than your local doctor’s office for treatments, which means you might have to spend money on gas, tolls, airfare, or hotel rooms.
  • Home medical equipment: Some critical illnesses may require special equipment, such as a special bed or chair.
  • Assistance at home: You might need the service of a nurse or other medical assistance as you recover.

Critical illness insurance can help

If you are diagnosed with a covered condition, critical illness insurance may provide you with a lump sum payment, which you can use however you want—for example, to help supplement your income, to cover new expenses, or to cover everyday expenses.

Not all critical illness plans cover the same conditions. Some plans provide coverage for a broad range of illnesses, and others are very specific. Depending on your plan, you may receive a benefit for the following:

  • Heart attack
  • Stroke
  • Cancer
  • Childhood conditions (e.g., cerebral palsy)

Understand your coverage before you sign up for your benefit to ensure that it covers your needs.

Critical illness and cancer insurance can help you keep up with new and existing expenses so that you can focus more on getting better and less on your financial health.  With critical illness insurance, you can make a plan to protect your family and your savings in the event of an unexpected illness.

In some states, "Critical Illness" is referred to as "Specified Disease" and is subject to state specific variations.

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SLPC 25454 10/15 (exp. 10/17)

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