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How to deal with the costs of critical illness

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When facing a critical illness—such as cancer, heart attack, stroke or Alzheimer’s disease—it’s important to focus all your energy on getting better.

But that can be difficult to do when the bills start rolling in. Consider these costs of critical illness:

  • The average cost of cancer drugs: $24,000 to $36,000 per year1

  • The average cost of care up to 90 days after a stroke: $15,0002

  • Average out-of-pocket costs for health care and long-term care services for people aged 65 and older with Alzheimer’s disease: $10,000 per year3

While your primary health insurance may cover many of your health-related expenses, there are also many out-of-pocket costs to consider, such as:

  • Insurance shortfalls: deductibles, copayments, benefit limitations

  • Living expenses: house payments, utilities, groceries

  • Special expenses: transportation, lodging, family care, special diets

  • Loss of income: if you or your spouse are unable to work, or if you’re caring for another family member

If you’re unable to work, how would you pay for expenses related to a critical illness that may not be covered by your primary health insurance? Do you have sufficient emergency funds in place to cover all your living expenses? Or would you need to spend your life savings, take out loans, borrow money from your family and friends or sell your personal belongings?

 

A better solution

Critical illness insurance, such as Critical Benefit PlusSM from Bankers Life, works with your major medical insurance to help protect you and your family. It provides benefit payments directly to you, so you and your family can focus on your recovery, not your finances.

Ready to learn more about critical illness insurance? Contact us today, and an agent can help answer your questions.

Everything you need for the life of your retirement

1American Society of Clinical Oncology, 2015.

2The Stroke Center at University Hospital, Newark, New Jersey, Stroke Statistics, 2013.

3Alzheimer’s Association, Alzheimer’s Disease Facts and Figures 2015, 2015, p. 46.

LIMITED-BENEFIT POLICY. This policy has limitations and exclusions. For costs and complete details of coverage, contact your agent.

Policy underwritten by Bankers Life and Casualty Company, Chicago, IL. Policy form numbers: GR-G220; GR-G222; GR-G224. Subject to state availability.

Bankers Life is the marketing brand of Bankers Life and Casualty Company, Medicare Supplement insurance policies sold by Colonial Penn Life Insurance Company and select policies sold in New York by Bankers Conseco Life Insurance Company (BCLIC). BCLIC is authorized to sell insurance in New York.