Statistics show that cancer and critical illnesses are unfortunately common and can have a significant financial impact on individuals and families. In this blog post, we will explore the importance of insurance plans that cover unexpected costs associated with these illnesses.
Statistics for Cancer and Critical Illness
- According to the American Cancer Society, there will be an estimated 1.9 million new cancer cases and 608,570 cancer deaths in the United States in 2023[1].
- The National Cancer Institute estimates that the cost of cancer care in the United States will reach $245 billion by 2030[1].
- The Centers for Disease Control and Prevention (CDC) reports that heart disease and stroke are leading causes of death in the United States, with over 650,000 deaths each year[2].
- The CDC also reports that the cost of heart disease and stroke in the United States is estimated to be $219 billion each year[2].
These statistics highlight the significant financial impact that cancer and critical illnesses can have on individuals and families. Even with health insurance, the costs associated with these illnesses can quickly add up and become overwhelming.
What is Critical Illness Insurance?
Critical illness insurance is a type of supplemental health insurance that provides additional coverage for medical emergencies like heart attacks, strokes, or cancer[1]. These policies pay out cash to help cover the costs associated with these illnesses when traditional health insurance may fall short. Unlike health insurance, which pays for medical procedures, doctors, and hospitals, critical illness benefits can be used for any expenses that come during those tough times[5].
Why is Critical Illness Insurance Important?
Critical illness insurance can help fund the bills that life-threatening illnesses like heart attack, stroke, or cancer can incur[1]. The additional protection helps individuals and families focus on recovery rather than costs. The benefits are paid directly to the insured, so they can be used for cost-of-living expenses during recovery, travel to and from treatment, and in-home care. Critical illness insurance benefits can also be used for other medical costs not covered by health insurance plans, deductibles, and copays, and even childcare[5].
In addition to the financial benefits, critical illness insurance can also provide peace of mind. Knowing that unexpected costs associated with a critical illness will be covered can alleviate some of the stress and anxiety that comes with a diagnosis.
Cancer Insurance vs. Critical Illness Insurance
Cancer insurance is a type of critical illness insurance that specifically covers the costs associated with cancer[2]. However, critical illness insurance covers more than just cancer. It also covers other life-threatening illnesses like heart attacks and strokes[2]. It is important to carefully review policy details to ensure that the coverage meets individual needs.
Who Needs Critical Illness Insurance?
Anyone can benefit from critical illness insurance, but it may be especially important for those who:
- Have a family history of cancer or other critical illnesses
- Have a high-risk job or lifestyle
- Have a history of heart disease or stroke
- Have a limited emergency fund or savings
Conclusion
Statistics show that cancer and critical illnesses are unfortunately common and can have a significant financial impact on individuals and families. Critical illness insurance can provide additional coverage for medical emergencies like heart attacks, strokes, or cancer. The benefits can be used for any expenses that come during those tough times, including cost-of-living expenses during recovery, travel to and from treatment, and in-home care. Critical illness insurance can provide peace of mind and alleviate some of the stress and anxiety that comes with a diagnosis. Anyone can benefit from critical illness insurance, but it may be especially important for those with a family history of cancer or other critical illnesses, a high-risk job or lifestyle, a history of heart disease or stroke, or a limited emergency fund or savings.
References
1. American Cancer Society. (2023). Cancer Facts & Figures 2023. Retrieved from https://www.cancer.org/research/cancer-facts-statistics/all-cancer-facts-figures/cancer-facts-figures-2023.html
2. Centers for Disease Control and Prevention. (2021). Heart Disease Facts. Retrieved from https://www.cdc.gov/heartdisease/facts.htm
3. Investopedia. (2023). Critical Illness Insurance: What Is It? Who Needs It? Retrieved from https://www.investopedia.com/articles/personal-finance/010416/critical-illness-insurance-who-needs-it.asp
4. AFLAC. (2023). Cancer insurance vs critical illness insurance policies. Retrieved from https://www.aflac.com/business/resources/articles/cancer-insurance-vs-critical-illness-insurance-policies.aspx
5. Anthem. (2020). Critical Illness Insurance – What Is It. Retrieved from https://www.anthem.com/individual-and-family/insurance-basics/supplemental-limited-duration-insurance/critical-illness
Citations:
[1] https://www.investopedia.com/articles/personal-finance/010416/critical-illness-insurance-who-needs-it.asp
[2] https://www.aflac.com/business/resources/articles/cancer-insurance-vs-critical-illness-insurance-policies.aspx
[3] https://www.providentins.com/the-importance-of-offering-critical-illness-insurance/
[4] https://www.assurity.com/news/what-is-critical-illness-insurance-and-how-can-it-benefit-you
[5] https://www.anthem.com/individual-and-family/insurance-basics/supplemental-limited-duration-insurance/critical-illness
[6] https://www.metlife.com/stories/accident-health/reasons-to-consider-critical-illness-insurance/