How Critical Illness Insurance Can Help You

How to Financially Prepare for Your Health

Being diagnosed with a critical illness, no matter the nature and kind, is a stressful event. And it’s not just the one being diagnosed who feels the physical and emotional effects of the diagnosis, loved ones also feel the effects of it as well. 

Apart from wanting to find the right cure and easing the pain of your loved one, the growing medical costs adds an extra layer of stress. There are doctor’s appointments, numerous testings, daily medication, and sometimes also treatments.

Unfortunately, there’s no way to avoid going through life without ever getting sick, but there is a way to soften the financial blow through insurance with critical illness benefits.

First of all, what is the true cost of treating a critical illness in the Philippines?

The cost of treating a critical illness, be it cancer, stroke, heart attack (the four most common critical illnesses in the Philippines), diabetes, or pneumonia, is pretty steep. Being diagnosed with just one could rack up a bill in the hundreds of thousands, according to a Hong Kong-based research firm, Ipsos HK. Here are the estimated medical bills for a few of the common critical illnesses:

• Lung Cancer – PHP 2.78 million

• Stroke – PHP 1.8 million

• Acute Heart Attack – PHP 978,650

• Breast Cancer – PHP 438,000

These estimates will, of course, differ based on the hospital you choose, what treatments you partake in, and the severity of your illness. So, these numbers can even go higher!

Apart from just thinking about the cost of treatment, there’s another financial matter you need to think about: the loss of your income. Whether you’re the bread winner of the family or contribute to your household income, living on one less paycheck is a huge lifestyle change, especially with all the added medical expenses.

There is a way you can protect yourself from both sources of financial setbacks – critical illness insurance. 

What is critical illness insurance?

A critical illness insurance is a health insurance rider that supports you even through critical illnesses. Think of a rider as an upgrade to your chosen health insurance plan. 

What does critical illness insurance cover?

With a critical illness plan, you can focus on getting better knowing that your insurance will cover the cost of treatment, doctor’s appointments, medication, hospitalization, and even loss of income. In the event you get diagnosed with certain critical illness, such as the Philippines big 4 illnesses, you can also receive a lump sum payout.

When should you get a critical illness insurance?

The best time to invest in a critical illness insurance, or any health insurance for that matter, is actually when you are young and healthy! Health insurance premiums are cheaper the younger you are because it costs less for the insurance company to keep you healthy seeing as you are still in the prime of your health. But because you really can’t tell when you’re going to get sick or not, it’s a good idea to be overprepared than underprepared.  

Let InLife be your partners, even in the toughest of times. Talk to one of our Financial Advisors today about a health insurance plan with critical illness rider.