The careful reader of the recent articles in the Birmingham News Pink Edition to support Breast Cancer Awareness Month noted that breast cancer has a financial impact not covered by health insurance.
The wonderful personal stories in the Pink Edition had a consistent theme. Those who were diagnosed immediately stopped their daily routines and went into surgery or cancer treatment. Each article carried reflections on the changes to their lifestyle and the deep emotional impact caused by the diagnosis of cancer. Indeed, life is a gift.The Pink Edition would have equally served their readers well by encouraging both prevention and financial preparation. Cancer and critical illness policies which pay a lump sum amount from $10,000 to $500,000 upon diagnosis can make all the difference in the world of the woman whose ability to contribute financially to her family has been suddenly cut short.
CBS Healthwatch has also picked up on the financial impact of breast cancer. That article noted that the average women diagnosed with breast cancer will see her income drop by more than 25 percent as she undergoes lifestyle decisions and takes time from work for treatment.
This figure does not take into account other non-medical costs such as the time a supportive spouse misses from work, experimental drugs or therapy not covered by insurance, or transportation and lodging expenses for treatment.
So how does one prepare financially? Health insurance will pay most of the medical bills. A lump sum cancer policy, or a lump sum critical illness policy can fill in the financial gaps not covered by health insurance.
Each employer and each worker should take note of the financial impact of any critical illness, such as cancer, heart attack or stroke. The cancer and critical illness policies of Aflac, the nation’s leader in cancer products, or local Birmingham companies such as Protective Life Insurance or Liberty National should strongly be considered.
In today’s world there are few policies more practical than one that puts $25,000, $50,000 or $100,000 into a family’s financial account within weeks of diagnosis so one can focus on recovery and rehabilitation.
Preventive exams and Preparation financially should be a focus of the next Birmingham News Pink Edition as few families can avoid bankruptcy when their mother or wife loses 25 per cent of their income due to breast cancer.
Comments