A common misconception among new clients is that Medicare and Private Health Cover are a sufficient means of providing financial support in the event of a critical illness. Truth is, they’re not! The costs born by the diagnosis, treatment and recovery of a critical illness are many and varied. In some instances, Medicare and Private Health Cover either don’t provide cover or provide it in an extremely delayed and inconvenient time frame. Take a recent submission by Breast Cancer Network Australia (BCNA).

With one in eight women likely to be diagnosed in her lifetime, breast cancer has overtaken heart disease as the greatest health threat facing Australian women. Many women incur significant out-of-pocket costs before they are even diagnosed. As part of the tests used to diagnose breast cancer, a woman may incur an out-of-pocket cost for a GP appointment, specialist appointment, mammogram, ultrasound, biopsy and, in some cases, breast MRI scan. And for woman subsequently diagnosed, the ongoing costs are exacerbated by the length of time and types of treatment required. Other significant breast cancer related costs can include breast reconstruction following mastectomy, and management of lymphoedema. Women travelling from remote, rural or regional areas for treatment often also incur significant additional costs for travel, meals and accommodation, not just for themselves but for partners, carers and/or young children travelling with them.

The BCNA submission highlighted that individuals bear over 40% of the financial cost of their cancer, with government, society, family and friends, and employers sharing the remaining costs! On average, it is said that a 35-year-old woman with breast cancer faces up to $40,300 in out-of-pocket expenses and lost productivity. So, what can provide you with the funds necessary to pay for these substantial out-of-pocket expenses? Trauma Insurance, also called Critical Illness Insurance provides the life insured a lump sum payment upon diagnosed of a critical illness. This payment can be used at your discretion for what you need the most to get you through the illness. With the financial side sorted, you can concentrate on getting well.

Jasper Financial can help you get cover for when you need it most. Give them a call.