Saving your life shouldn’t cost your life savings. – 11 things you should ask yourself with regards to critical illness insurance?
No one wants to think about being diagnosed with a critical illness, but it’s an unfortunate reality some of us may have to face one day. Up to 25% of people will suffer from a critical illness before they reach the age of retirement1. UAE residents all have medical insurance plans which cover hospital treatment for critical illness, however, medical insurance is not enough. From unpaid sick leave, to limited specialist treatment, to co-payment, there are so many hidden costs that won’t be covered by your standard insurance.
Here are 11 common questions to consider to protect your future.
1. Do you have adequate medical insurance to cover possible critical illness?
We all have life and financial goals we want to achieve, from travelling, to buying a house, to a wedding, to studying and more. If you were diagnosed with a critical illness those goals would be even further away. Most medical insurance plans do not offer adequate cover given annual limits can be exhausted at any time, leaving you with no cover for the remainder of the year. Any additional treatment would have to come out of your personal savings.
2. Would you be able to access specialist abroad, if you needed it?
We understand the importance and value of having access to the best care across the world especially when diagnosed with a critical illness, but most medical insurance plans have limited access to specialist care and specific treatment from providers overseas.
3. Are you prepared, if the treatment you need is not covered by your insurance?
If you were diagnosed with a critical illness, you would surely do whatever you could to get back to health. Ongoing specialist care, treatment abroad and medical trials can all go over medical insurance limits.
4. If you needed to try an experimental treatment, would this be covered by your insurance?
Fortunately, experts around the world are constantly working on critical illness treatments, and so recovery rates are better than they have been previously. Unfortunately, many of these experimental treatments will go over your medical insurance cover or may not be included at all.
5. Do you have enough savings, should anything unexpected happen to your health?
The last thing you need when you’re diagnosed with a critical illness, is to worry about your finances on top of getting back to health. The monthly cost of chemotherapy is 200% of the average monthly salary in Dubai1.
6. If your savings were used up, how would you pay for children’s education or retirement?
The most important thing in many people’s lives are their children’s futures. 87% of parents around the globe help fund their children’s education2. If you were to be diagnosed with a critical illness, you may have to use those funds to get back to health.
7. Are you ready to support your family should you lose your income?
Many of our families rely on us to financially support them, from children’s education, to paying for a mortgage or rent, as well as basic living expenses. If you are diagnosed with a critical illness, you may have to quit your job or need additional sick days that will come as unpaid leave, which would mean that you would have to lower your family’s lifestyle budget.
8. Would you be willing to take a loss on the sale of your assets if market conditions are bad?
If you have assets that you are able to fall back on, this could be a financial buffer should you need it in the case of being diagnosed with a critical illness. The unfortunate reality is that the markets may not coincide with when you need the payouts.
9. Could your family support you financially fully through your recovery?
No one ever wants to be a financial burden on their families, even if the family members help out willingly. Ongoing specialist care and treatment can all go over medical insurance limits, and people are often forced to turn to family members for financial and day to day support.
10. If you had to use all your savings for treatment, would you have a plan to get back on your feet?
Critical illness doesn’t just require traditional medical treatment to recover from. Psychological distress during and post treatment, may mean you need a well-earned break or to return home for support.
11. Are you planning for the future, so that you do not have to think of any of the above?
One in four people will suffer from a critical illness before they reach the age of retirement3. Our Critical Illness protection makes sure that your family, future, health and wealth won’t be impacted by a diagnosis.
Sources:
1https://www.khaleejtimes.com/editorials-columns/we-need-to-bring-cancer-care-costs-down-and-soon
3https://www.khaleejtimes.com/editorials-columns/we-need-to-bring-cancer-care-costs-down-and-soon