Covering the big ‘C’
Cancer: it’s something no one likes to hear or talk about, but unfortunately, it can happen to anyone. In fact, most of us will have some experience of cancer at some point in our lives, whether personally or through someone we know. So, if you’re thinking about having cover for cancer related costs, here are some key things
to know.
Protection that can make all the difference
According to the Cancer Control Agency, nearly 25,000 people are diagnosed with cancer in New Zealand each year. But there’s a silver lining: the Ministry of Health says that one in three Kiwis with cancer is cured – and many cancers can be cured if they are diagnosed and treated in time. So, how can you ensure timely care? When it comes to taking out insurance, having appropriate cover can not only help take some financial pressure off, but it can also fast-track your treatment and recovery.
Health Insurance
There’s a range of life-extending treatment options available for cancer patients. But within the public healthcare system, waiting lists for medical diagnosis and treatment can be quite long, and some non-Pharmac funded medications (approved by MedSafe, but not publicly funded yet) are either difficult to access or expensive. Having health cover can address many of these worries. Depending on the policy you choose, health cover can give you faster access to treatment and diagnosis, and in some cases, even provide a level of cover for non-funded medications like life-extending cancer treatments (so you don’t have to pay the full amount yourself). In other words, it might expand your options for primary and specialist care, to help you get back into the swing of things faster.
Cancer-specific cover
Like more specific options? Some insurers offer cancer-only cover, either as an add-on or as a stand-alone insurance solution. The benefits and scope of cover can vary according to policies and providers, and as your advisers, we are here to help you understand these options more.
Trauma Insurance (or Critical Illness Cover)
Trauma insurance can be of great help in more ways than one. It’s designed to cover your financial costs if you’re diagnosed with any of the 40+ serious illnesses or injuries stated in your policy, usually including cancer, heart attack and stroke. Unlike health insurance, which covers incurred medical costs, and, unless reimbursing you for a cost, is not paid to you, trauma insurance pays out to you a tax-free lump-sum amount that you can use for anything – like making up for lost income, paying your mortgage, or even experimental treatments.
Cancer survivor?
If you (or someone you know) has had cancer before, you may be wondering if there are still any cover options available. While there are many moving parts to this situation, the good news is, cover may be possible. It depends on your medical history, the provider, and the policy. In general, the longer you’ve been in remission, the more options you have. Get in touch with us – we are here to help you understand your insurance options.
Like to learn more?
Whether you’re looking at protecting your financial future from cancer, or you’ve had cancer in the past and would like to know more about your options, contact us anytime.
Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current development or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.
