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While Disability Insurance protects income and, ultimately, lifestyle, Critical Illness Insurance addresses the immediate (and costly) expenses to help look after the special needs associated with the lasting effects of a catastrophic illness. In reality, most illnesses will not disable an individual, but will entail drastic changes in every-day living, which can prove to be a large burden financially.
Critical Illness Insurance has proven to fill a void that has existed in the insurance marketplace.
Consider the following:
• Life expectancy is improving;
• Governments are cutting back on medical benefits;
• Waiting lists in Canada are growing for specialized surgical procedures; and
• Statistically, the odds of surviving a catastrophic illness are constantly improving;
Could you afford these expenses?
The last thing you should worry about is money when you or a family member is battling a critical illness. Critical Illness Insurance provides money when you need it most for.
• Help with replacing lost income
• Help in replacing lost income while caring for a stricken family member
• Modifying your home
• Travel expenses to specialized treatment centres, i.e. airfares, hotel, meals, auto
• Purchasing a wheelchair or other specialized equipment
• Hiring a nurse, housekeeper or child care provider
• Seeking timely or non-insured treatment outside Canada
• Cost of new or experimental treatments
• Pay outstanding loans or mortgages
• Replacing a key employee
• Hiring additional staff
• And the list goes on..
Physicians agree that eliminating financial stress helps put you on the road to a fast recovery.
Some cost estimates for additional treatment, services and equipment that may be required for a critical illness or condition are available below.
Critical Illness Cost and Expense Estimates
How much do additional treatment, services and equipment cost?
|
Canadian Dollars ($) |
Wheelchair |
|
manual |
450 - 6,000 |
motorized |
3,500 - 16,000 |
Scooter |
1,500 - 10,000 |
Home care bed |
1,000 - 8,000 |
Treatment at Mayo Clinic
( Rochester , Minnesota ) |
coronary artery bypass; 1-4 vessels, hospital stay 5-7 days |
87,750 - 122,200 |
modified radical mastectomy; one breast, hospital stay 2-3 days |
23,920 - 29,640 |
radical prostatectomy, hospital stay
2-3 days |
37,050 - 44,200 |
radiation therapy for cancer for
6 weeks |
58,500 - 78,000 |
kidney transplant (living donor), hospital stay 5-8 days |
175,500 - 253,500 |
heart transplant, hospital stay
2-4 weeks |
240,500 - 390,000 |
Private nursing (per hour) |
33 - 55 |
Housekeeper (per hour) |
25 - 35 |
Home renovations |
ramp |
300 - 3,000 |
stair lift |
3,500 - 18,000 |
Van conversion |
ramp |
1,000 - 10,000 |
wheelchair access |
8,000 - 26,000 |
driver total independence |
15,000 - 60,000 |
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The cost estimates above are based on costs provided by a limited number of health care institutions, suppliers and contractors and are subject to change. They are intended to provide you with some idea of the costs that may be experienced. Actual prices for such treatment, services and equipment may vary significantly from those shown above depending upon particular circumstances, including many factors such as the supplier of the services and the province of residence.
Costs for treatment at the Mayo Clinic have been converted from US dollars to Canadian dollars assuming a conversion rate of $1.30 Canadian to $1.00 US. Prices will vary depending on, among other things, the length of hospital stay. They do not include travel, food and lodging. For transplant surgeries, medical expenses incurred while waiting are not included.
Sources: Transplant Financial Services/Mayo Rochester , 2005 and Estimating Services/Mayo Rochester , 2005
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