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No one wishes to hear that they have a critical illness (CI) such as cancer. But the reality is, it can hit us when we least expect it. If it happens, we know there’ll be medical expenses we have to pay for, but most of us don’t realise that there are extra expenses that come along with it.
So where else will your money go to? How can you be prepared for it? Keep reading to find out! This could help you plan better for the future, just in case it happens to you or your family.
#1 Maintaining your family’s lifestyle
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The road to recovery from a critical illness can be very draining and you may be forced to leave your work temporarily or permanently. This results in loss of income which could pose a challenge for you and your family to maintain your lifestyle.
For example, your spouse might end up having to resign from work to take care of you. Besides financial adjustments, this would also take a toll on you and your loved ones’ emotional well-being.
#2 Paying for your ongoing expenses
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When critical illness strikes, chances are, you would already have existing financial commitments. You could have car and house loans that you still need to pay for, or your children depend on you to pay their tuition fees.
Besides that, there are also daily expenses such as utility bills and groceries that you need to account for. If you’re experiencing a loss of income as mentioned in #1, all these expenses could add up to your financial worries.
#3 Getting alternative treatments
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Perhaps you would like to consider getting alternative treatments on top of the ones you’re undergoing at the hospital, which your medical insurance may not cover. This includes long-term therapy such as physiotherapy, acupuncture, supplements, or herbal remedies. Some of the treatments may involve traveling to another place, which could run up your credit card for airfares, hotels and meals. These expenses may take years to pay off after you recover.
#4 Hiring a helper
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Whether you’re living alone or with your family, having a helper around is probably one of the unavoidable costs when critical illness strikes. However, hiring one would ease everyone’s burden a lot. On top of taking care of you, helpers could also assist your family during your recovery period.
#5 Modifying your home or vehicle
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Some critical illnesses can take away your mobility. Retrofitting your home or car could improve accessibility. Widening doorways to accommodate wheelchairs, building a ramp to replace steps in your home, or allowing wheelchair access to your car may be necessary.
Even if you don’t need a wheelchair, you may not be able to drive as you’re recovering from critical illness. Transportation charges will still be incurred to get to the hospital or treatment centres for appointments. These expenses could all add up.
#6 Paying for expenses that your medical insurance does not cover
You may have medical insurance, but don’t be surprised if it does not pay for all the above unpredictable costs.
You must be wondering then: How can I be prepared for these extra expenses if I or any of my family members have critical illness?
This is where critical illness insurance comes in.
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A critical illness (CI) insurance provides financial support if you’re diagnosed with pre-defined critical illnesses such as cancer, heart attack, stroke, among others. CI insurance provides a lump sum payout to you upon diagnosis.
With the lump sum payout made to you, CI insurance relieves you of financial stress over unpredictable costs and facilitates recovery.
To get a peace of mind, here’s a plan you should consider:
PRUMy Critical Care provides a lump sum payment to you so that you can focus on your recovery without having to worry about day-to-day expenses and unpredictable costs due to lifestyle changes.
The product offers:
C: Comprehensive critical illness coverage that allows multiple claims up to 400% of rider sum assured.
A: Additional Special Benefit coverage on Diabetic Related Conditions and Joint-Related Conditions.
R: Re-diagnosis of 3 major critical illness coverage for Cancer, Heart Attack and Stroke.
E: Early to late stage critical illness coverage.
Watch this for more info:
Want to learn more? Contact your Prudential agent, or visit the PRUMy Critical Care website.
If you’re still unclear of the difference between medical and critical illness insurance, read this.