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How to deal with the costs of critical illness

It may be difficult to imagine one day facing a critical illness, but the reality is, many of us will be diagnosed with a serious illness at some point in our lives:

  • 1 in 3 Americans develop cancer in their lifetime.1
  • Someone in the U.S. has a heart attack every 40 seconds.2
  • More than 795,000 Americans have a stroke each year.3
  • By 2050, nearly 13 million Americans will be living with Alzheimer’s Disease.4

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:

  • Cancer patients can expect to pay about $6,000–$10,000 per year out-of-pocket for treatments and therapies.1
  • The lifetime cost of ischemic stroke is estimated at $140,481 and includes inpatient care, rehabilitation and follow-up care.2
  • The lifetime cost of care for a dementia patient is estimated at $412,936, with 70% of those costs borne by the family caregivers.3

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, coinsurance, co-payments, 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 can help you better cope with the out-of-pocket costs of critical illness.

If you’re diagnosed with a covered critical illness, critical illness insurance can pay cash benefits directly to you or someone you designate, not to doctors or hospitals. You can use the money for any need, including out-of-pocket medical bills, living expenses or to help cover lost wages. Supplemental health insurance is meant to be purchased in addition to your major medical insurance, and it pays benefits regardless of your other coverage.

With cash benefits at your disposal, you can focus less on financial stress and more on what’s important: your recovery!

We’re here for you.

Critical illness insurance is a perfect complement to high-deductible health plans or Affordable Care Act plans. Are you ready to learn more about this type of coverage? Contact us today, and an agent can help answer your questions.

Everything you need for the life of your retirement

1American Cancer Society, Lifetime Risk of Developing or Dying from Cancer,, January 2023.
2Centers for Disease Control and Prevention, Heart Disease Facts,, May 2023.
3Centers for Disease Control and Prevention, Stroke Facts,, May 2023.

4Alzheimer’s Association, Alzheimer’s Disease Facts and Figures,, 2023.

5Arizona Oncology Foundation, Are cancer treatments covered by insurance?,, 2020.

6American Stroke Association, Finances, insurance and what you need to know post-stroke,, 2023.

7AJMC, The Economic and Societal Burden of Alzheimer Disease: Managed Care Considerations, September 2022.

LIMITED-BENEFIT POLICIES. Critical illness insurance has limitations and exclusions. For costs and complete details of coverage, contact your agent.

Bankers Life is the marketing brand of Bankers Life and Casualty Company and select policies sold in New York which are underwritten by Bankers Conseco Life Insurance Company (BCLIC). BCLIC is authorized to sell insurance in New York.

Bankers Life is a private company that is not Medicare, Medicaid or MaineCare and is not a governmental agency