Hidden costs of being diagnosed
It is not unusual for clients to be confused between critical illness cover and private medical insurance (PMI). While PMI might cover some or all of your client’s medical bills, there tends to be an annual limit and they might also be required to co-pay a percentage of the bills. But it’s not just about the medical bills.
A) Reduced income: Clients may have to reduce their working hours, or stop working, which would result in a loss of income. In a report by Macmillian*, almost one in three (30%) people living with critical illness experienced a loss of income as a result of their diagnosis. A third of critical illness survivors (33%) stopped working either permanently or temporarily, depending on recovery times.
B) Hidden healthcare costs: A significant proportion (41%) of people living with critical illness incur costs for other healthcare needs. These range from prescription medicines not included in personal medical insurance, clinical psychological services, physiotherapy, speech and language therapy, occupational therapy and dietetics.
C) Lifestyle costs: Over a third (37%) of people incur costs for replacement clothing due to rapid weight loss or gain, specialised equipment and home modifications, such as wheelchair access, which can be particularly expensive for those who need it.
D) Other costs: Some costs are difficult to quantify, such as regular trips to medical appointments, travel for specialised treatment, wigs or hairpieces due to hair loss, and increases in household bills such as utilities, groceries and telephone.
*Source: Cancer’s hidden price tag: revealing the costs behind the illness, 2015
