How Critical Illness Insurance Can Help Those with Cancer

Posted on October 18, 2010 and updated October 25, 2018 in Critical Illness, Insurance Types, Life Insurance Canada News
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bottle-of-spilt-pills
Critical Illness Insurance
can cover expensive cancer drugs

Cancer can be devastating not just because of the possibly fatal diagnosis, but also due to the often exorbitant costs of the medication used to treat it. Of course, medication is free in Canada as long as you stay in the hospital, but as soon as you are discharged the cost of the expensive medication reverts to you.

According to CTV News, this is why the Canadian Cancer Society is calling for more coverage for what they term “catastrophic drugs.” The cost of one course of cancer drugs can be equal to an annual salary at a shocking $65,000.

While some Canadians have drug coverage from private insurers, in many cases the lifetime payout cap is actually lower than the cost of many newer and more effective cancer drugs, so they cannot be purchased on a drug plan without dipping into your pocket.

The Canadian Cancer Society asserts that most Canadians are grossly unprepared for these costs and it’s only when they get sick that they are confronted with the stark reality that Canada’s universal healthcare system doesn’t pay for everything.

Cancer Society representative Dan Demers also called attention to the reprehensible disparities between what drugs are covered and which ones are not in each of the provinces. “In Atlantic Canada, you may pay tens of thousands of dollars for cancer drugs, whereas the same drugs are available in B.C. or Alberta, where the drugs are available for free,” he told CTV News.

In a poll, the Cancer Society found that 47% of Canadians surveyed said the costs of cancer drugs would have a “major” negative impact on their finances. After learning the typical costs for newer cancer drugs, this stat rose to 58%. 10% said they would not be able to afford the drugs.

 Dr. Anil Kapoor, of St. Joseph’s Healthcare in Hamilton, Ont. has treated many people with kidney cancer and says his patients try to appeal to their provincial government for drug coverage, only to have their province reject them outright.

“We end up spending half the time discussing the cancer and the diagnosis, and the rest is spent trying to figure out how to fund the drug,” he disclosed to CTV.

“It is an unacceptable situation in Canada. When patients have cancer, dealing just with the cancer is problematic enough. When they fight to get access to the drug, to me it’s almost unbelievable.”

Fear not however, there is a solution. Critical Illness Insurance will cover the cost of the treatment of life-threatening illnesses such as cancer with a lump sum payment as soon as you are diagnosed. Many plans are also connected to Best Doctors, an organization of medical professionals dedicated to giving diagnostic opinions and treatment advice.

To learn how much the face amounts can be, and to find a premium rate that works for your budget, contact us at 1-866-899-4849 or visit our Critical Illness Quote Page.

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LSM Insurance
LSM Insurance

Thanks for the note – we are happy to help. The premiums depend on you age (most companies use age nearest pricing) smoking status, plan and amount of coverage.

We will send you a separate email now. Regards,

Anna
Anna

Hi! Trying to “swim” through different policies and being completely confused of all the options offered, which ones are worth taking and in which ones I only lose my money. What I am looking is a critical illness insurance (especially cancer, diabetes, accidents, etc.) Went to a doctor recently and got a clean bill of health, not any detectable matters yet, but so many of my friends have died of cancer, so I am getting worried being already almost 62. So could you kindly help me to find a suitable policy. Thank you.