This article was last updated on April 16, 2022
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Most of you wouldn’t gamble your valuables, your homes, or your families. But when you’re not prepared for dramatic changes that may affect your health, you’re gambling that you’ll always have enough income to take care of the most important aspects of your life.Sadly, many people lose this bet. Accidents and critical illnesses can strike at any time. And when they happen, the impact on lifestyles and finances is usually staggering.
What are the chances of you needing extra care? A quick view of some recent statistics shows how often Canadians face serious health challenges:
- Every 10 minutes, a person has a stroke in Canada.
- 39 per cent of women and 44 per cent of men will develop some form of cancer. The good news is that cancer survival rates have increased significantly in recent years. The bad news is that all will require some level of care during the treatment phase of the illness.
- Major illnesses such as Multiple Sclerosis, ALS (Lou Gehrig’s disease), Parkinson’s Disease or Alzheimer Disease are life-altering experiences for the individual, family members, and friends who may be called on for support. Alzheimer’s and other dementias affect 1 in 9 people between the ages of 75 and 84, and 1 in 3 over age 85.
- Falls and accidents among older Canadians are a leading cause of the growing number of elderly people in long-term care facilities. About 25,000 hip fractures occur in Canada every year, causing death in up to 20 per cent of the cases, and disability in half of those who survive.
You might want to ask yourself the following questions about your financial security:
- How long could you afford your mortgage payments and regular bills if faced with a major medical emergency?
- How would you meet extra expenses for medical equipment or medications not covered by your health plan?
- Who would care for you, and for how long, if you became incapacitated?
If you can’t answer these questions with confidence about the outcome, you need to increase your health insurance coverage. Studies show that removing financial stress at a time of serious illness improves survival rates. Health insurance does just that. It can provide security and financial stability during times of rapidly shifting priorities and worry.
Some of the available health insurance plans that can help get you through those worrisome times:
Critical illness insurance provides a lump sum benefit to the insured if they are diagnosed with one of the covered illnesses. The benefit can be used to pay down debt, such as a mortgage, or pay for care or treatment, or to cover the costs of home renovations to make wheelchair access possible or simply take time off work – to focus on getting better.
Long term care insurance provides weekly payments if the insured is unable to do at least two out of six daily living activities (bathing, dressing, eating, toileting, continence, moving to or from bed or chair) or if they suffered from a senile dementia. An income plan allows the recipient to choose how the benefit is spent.
Personal health insurance offers a preventative approach to medical and dental coverage. It’s perfect for the self-employed, contract or part-time workers or for those without group insurance. Professionals and small business owners can realize tax advantages by having plans for themselves and their employees.
The average health care costs for Canadians increase as they reach their 60s and continue to climb as they get older. Medical advances are increasing life expectancy. As our population ages, there will be fewer working Canadians to support a larger retired population. As a result, the costs of health care will likely increase.
It’s important that you assess your needs and all the health insurance options available before making any decision. Investing in health insurance will help offset financial hardship and bring peace of mind that will enable you to enjoy your future to the fullest.
Sources:
- Heart and Stroke Foundation of Canada, Annual Report 2004.
- Canadian Cancer Society, 2007
- Alzheimer Society of Canada, 2007
- Osteoporosis Society of Canada, 2007
Dulari Shah is an advisor with Sunlife Financial. She is in the business of establishing long-term relationships with her clients. Dulari, helps her clients achieve and maintain customized financial programs. She can be reached via email Dulari.shah@sunlife.com or 416 366 8771 ex 2219
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