Style Your Finance: Critical Illness/Health Insurance

People work hard for their families and to be able to save regularly in order to achieve life goals. But no matter what we do and wish for good health still, uncontrollable event such as illness can happen.

According to National Statistics Office (NSO), the top 3 leading causes of death in the Philippines are due to Critical Illness – heart diseases, stroke and cancer.

Remember my post about "Why Plan for Critical Illness"? Read it HERE.

What would happen if a Critical Illness hits you today? Do you want majority of your savings and investment will be used in paying hospital expenses and medicines?

Medical expenses are a leading cause of personal bankruptcy.

photo: source

LIST OF CRITICAL ILLNESSES
1. Heart Attack
2. Stroke
3. Cancer
4. Kidney Failure
5. Dissecting Aortic Aneurysm
6. End Stage Lung Disease
7. Progressive Muscular Atrophy
8. Major Burns
9. Multiple Sclerosis
10. Paralysis
11. Total Blindness
12. Loss of Limbs
13. Aplastic Anaemia
14. Bacterial Meningitis
15. Benign Brain Tumour
16. Deafness
17. Encephalitis
18. Amyotrophic Lateral Sclerosis (ALS)
19. Progressive Bulbar Palsy (PBP)
20. Meningeal Tuberculosis
21. Cerebral Metastasis
22. Loss of Speech
23. Coma
24. Parkinson’s Disease
25. Terminal Illness
26. Medullary Cystic Disease
27. Alzheimer’s Disease
28. Fulminant Hepatitis
29. Major Head Trauma
30. End Stage Liver Failure
31. Motor Neurone Disease
32. Guillain-Barre Syndrome

LIST OF CRITICAL ILLNESSES REQUIRING SURGERY
33. Major Organ Transplant
34. Coronary Artery Bypass Surgery
35. Surgery for Disease of the Aorta (Aortic Surgery)
36. Replacement of Heart Valve

Protect Your Finances against Critical Illness with Sun LifeAssure

What is it?

The following facts disturb me during our learning session with our manager. Oh yes, the facts really disturb me.

• Triple cardiac bypass surgery would normally cost about Php900,000 at St. Luke’s Medical Center

• Kidney transplant costs about Php1,000,000 in top-notch private hospitals in the country (St. Luke's, The Medical City, Asian Hospital, Makati Medical Center)

• Average cost of chemotherapy per session is Php60,000

• Regular private room costs about Php3,500.00 per accommodation in private hospitals (St Luke’s Hospital Global City)

• 46.5% is spent on drugs and medicines

(sources: www.medicaltourismguide.com, Health Mirror, National Statistics Coordination Board)

source: google

Also, consider these facts that Critical Illness is inevitable.

1) Critical illness is the major cause of adult illness and death in all regions of the world.

2) Heart attacks and strokes kill about 12 million people, including those below age 40, every year.

3) 25% of all chronic disease deaths occur in people under 60 years of age.

4) More than 12 million people are diagnosed with cancer every year.

(sources: WHO 2005 / Various Critical Health Societies’ Websites/Philip S. Chua, FEU-NRMF February 200)

Yes, you are healthy now and you do not have any medical history in the family. But what if the “uncertainties” happen? What if you are diagnosed and the money set aside is more than the medical bills? Do you want to withdraw funds from your savings and investments when Critical Illness hits you?

It’s true that survival is highly possible. However, it is going to be very costly. I will share with you the Critical Illness Protection plan that I recently got for myself in my succeeding post.

How about you? Have you ever thought of protecting yourself against any health risk? Share your thoughts by commenting below.