Even if you belong to a medical aid scheme, this may not cover all the costs associated with critical illness. Find out more about critical illness insurance.27 October 2014
Even if you belong to a medical aid scheme, this may not cover all the costs associated with critical illness. Find out more about critical illness insurance.
Being diagnosed with a critical illness can be very traumatic, emotionally and financially. The good news is that if you have a medical aid scheme, this will take care of most or all of your medical expenses, especially if you have unlimited major medical aid benefits.
The bad news is that even a top-of-the-range medical aid scheme that offers unlimited major medical benefits may not cover all the costs associated with your illness.
Would your medical aid cover pay the following costs?
Critical illness Cost
Cancer treatement May cost more the R 400 000 per year
Child cancer treatment May cost up to R 600 000
Stroke May cost between R 500 000 and R 1 000 000 over time
Alzheimer's disease May cost more than R 1 000 000 over a life time
Heart bypass May cost R 155 000 in hospital fees
What if your medical aid cannot pay all the costs associated with critical illness?
Let’s take cancer, for example. A top-of-the-range plan provides cover for treatment up to R400 000 (sub-limit) per year. Any amount above this comes with a copayment of 20%, meaning that you may need more than R100 000 to fund this. If you haven’t made provision for this copayment, where will the money come from? You may end up using all your savings to cover hospital costs. The worst-case scenario is that your family may be forced to take up a loan to pay this debt.
What happens when you are discharged from hospital?
With advanced medical treatment, chances are high that you will survive the illness. But you may be forced to make some lifestyle adjustments, such as undergoing out-of-hospital treatment, making use of homecare, or even using a wheelchair. This comes at a cost that is not covered by your medical aid. In this situation critical-illness insurance can be very useful to help you and your family survive the financial impact of these additional costs.
What if your child has a critical illness?
It would be terrible if your child is diagnosed with a critical illness and you can’t afford to pay for his or her treatment. Even if you can afford the hospital bills, you or your spouse may have to take time off from work to look after your child and this will have an impact on your finances. The bottomline is that if you or a family member contracts a critical illness, the whole family will be emotionally traumatised. The last thing you need is financial stress.
Why you need critical-illness cover
Nedbank Insurance offers a range of critical-illness benefits that will suit your family’s needs. Not only will we pay you on diagnosis of the critical illness, but you can still enjoy cover long after your original claim. You can get this cover by adding the Survivor benefit to your critical-illness insurance for a very small additional premium. This will give you additional periodic lump sum payments for a specified period if you survive the critical illness.
Surviving a critical illness is difficult enough. Contact Nedbank Insurance today and give yourself peace of mind with critical-illness cover that also protects you financially after the event.
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