Top 3 Critical Illnesses Your Insurance Can Cover
Top 3 Critical Illnesses Your Insurance Can Cover
Critical illnesses are no longer a financial burden when you have adequate insurance. Protect yourself and family by getting coverage for health insurance you need before the crisis occurs.
Did you know that non-communicable diseases are the leading cause of death in the Caribbean?
Illness is not affecting us in the 60s and 70s anymore, we are facing the biggest crises in the prime of our lives.
But we can safeguard our health by investing in health coverage that can alleviate the pressures of critical illness. One diagnosis can change everything. Mortgages payments, bills and hospitals will not go away because we want it to when a health problem occurs.
The leading cause of death in the Caribbean is linked to critical illnesses like stroke, heart disease and cancer (World Bank). These conditions are often linked to lifestyle choices, and it is evident by the high rates of obesity, high fat diets and tobacco use (World Bank).
Critical illness coverage insurance is created to cover serious health conditions with one-time lump sum payment.
The policy does not have any complex reimbursement frameworks. The funds can be used for treatment, long-term care and other financial obligations (outstanding bills, mortgage, transportation, travel etc.). It can help you plan for costly ongoing medical treatments, acquire assisting devices or home modifications. In this article, we look at some of the major critical illnesses affecting our Caribbean population: Cardiovascular diseases, cancer and neurological conditions.
Let’ Talk about Cardiovascular Diseases (CVDs)
A man experiencing a heart attack while outdoors. (Shutterstock)
What Are They:
Cardiovascular diseases are heart and blood vessel disorders, including:
1. Heart attack (myocardial infarction)
2. Stroke
3. Coronary artery disease
4. Heart failure
Heart disease can be expensive to treat due to the long-term care and recovery. Cost to consider include
● Hospitalization and surgery costs
● Ongoing medications
● Cardiac rehabilitation
● Time away from work
Benefits of Insurance Coverage:
Critical illness insurance typically provides a lump-sum payout upon diagnosis of a major heart event like a heart attack or stroke. The payout can cover
● Covering medical expenses not included in health insurance
● Paying household bills while recovering
● Accessing better care or alternative treatments
Let’s Talk about Cancer
Caribbean woman with cancer looking through the window (Shutterstock)
Cancer is defined as “uncontrolled growth of abnormal cells in the body.” With the critical illness coverage, the policyholder be insured for
● Major forms such as breast, lung, colorectal, and prostate cancer
● Some early-stage cancers (depending on the policy)
Benefits of Critical Illness Insurance with Cancer
There can be significant financial burden during the treatment of cancer and this includes
● Chemotherapy, radiation, or surgery
● Specialist consultations
● Travel for treatment
● Loss of income during recovery
Your payout also covers:
● Cost of recovery
● Cost of second opinions or advanced treatments
● Consolidation of debt and outstanding financial obligations
Let’s Talk about Neurological Conditions
Old person experiencing the effects of Parkinson's disease. (Shutterstock)
Neurological conditions are conditions that “target how your nervous system (brain, spinal cord and nerves) functions.
These include
● Alzheimer’s disease
● multiple sclerosis
● meningitis
Benefits of Critical Illness Insurance with Neurological conditions
These conditions will affect an individual for the rest of their lives. Critical illness insurance can assist with
● doctor visits
● medication
● caregiver expenses
Why should you get critical illness coverage?
Individuals between the ages of 20 and 65 are eligible for the insurance plan. But if a person has pre-existing conditions, their lifestyle factors, health status at application. It also covers over 30 conditions with cover of $20, 000, $30,000, $50,000, 100,000 or higher. The term of the policy is tailored to the individual and his or her income and family needs.
To learn more visit Sagicor.com or speak to one of our Sagicor advisors.
Sources
Neurological Disorders: What They Are, Symptoms & Types
Noncommunicable Diseases Care in the Eastern Caribbean
Tackling noncommunicable diseases in workplace settings in LMICs_WEB.pdf
