Life is full of unexpected twists and turns. Nowadays, due to sedentary lifestyles, we are more prone to health issues; it extends from simple to more complex in nature. Health problems or risks extend from hospitalization to accident disability and critical illness to death. High-income countries are reported with Cardiovascular disease, the leading cause of death. Cardiovascular disease is projected to be the leading cause of death worldwide by 2030 and year-by-year health care can be very expensive. Before going for a comparison between the US and Canada, one knows that they both have an extremely similar Medicare system. You can consider under Canada’s government-funded universal health care system, the cost to the patient of open-heart surgery is zero. Compared to Canada, the U.S. Medicare program reimburses an average of about $25,000 for bypass surgery. Where Canada’s Medicare system, patients do not pay directly for bypass surgery. For the government, compared to the United States, heart bypass surgery costs $20,673 U.S. dollars, an average of $10,373 in Canada. The research, published in the Archives of Internal Medicine, found that heart bypass surgery, a common procedure, costs an average of $10,373 in Canada, compared with $20,673 in the United States. Dr. Mark Eisenberg said, “The conventional wisdom is that health care is much more expensive in the U.S. and the conventional wisdom is right.”
Instead of jumping to conclusions about which system may be better, let’s uncover the real differences between US and Canadian healthcare costs. The Canadian system proved slightly more expensive if compared with the United States when it comes to an intensive- bed care, in total intensive- bed care cost $1,123.95 per day was $1,121.81 in the United States. Despite the significantly higher costs in the United States, the rate of complications and death after bypass surgery was similar in both countries. The study examined the treatment costs at nine hospitals in Canada and the United States are over 12,000 bypass-surgery patients. According to CNBC, the average family spent about $9,996 for their health insurance premium in 2016 excluding the deductible or co-pays and on average individuals paid around $3,852. In case we include the deductible or co-pays in average family health insurance premium, a total spent of about $18,000 and on average individual paid somewhere around $8,210.
Here our point is to say, most of the time we think we have enough time to buy a critical illness insurance plan and will reconsider this insurance later on in ’50-’60s. Though the younger ones often forget that diagnosis of a critical illness is a life-altering event. According to recent studies due to an inactive lifestyle, people between the ages of 26-35 years faced a steep rise in the occurrence of critical illnesses. This not only dishevels the lives of the victim but also the entire family, that diagnosis of a critical illness comes with an emotional upheaval strong enough to handle.
Critical Illness Insurance plays a superhero role.
A conventional critical illness cover or Dreaded disease cover is a Critical Illness Insurance, where the insurance company gives pre-decided to lump sum cash payment to the insured if the insurance holder undergoes any of the surgeries and diagnosed with a critical illness that listed under their critical illness insurance policy. So, unlike a basic health insurance plan that will pay up the costs you incurred due to hospitalization, a critical illness plan will pay a lump sum amount. Every company has its different policy coverage but somehow they do not only pay for treatment but also the travel and accommodation expenses. For instance, if you need to go to a different city or country for treatment or to make up for the temporary loss of income, critical illness insurance would come handy until the insurance holder is well enough, to fully resume his job.
Now, plans are required to offer several “essential health benefits” which include:
- Emergency services
- Laboratory tests
- Maternity and newborn care
- Mental health and substance abuse treatment
- Outpatient care
- Pediatric services
- Dental and vision care
- Prescription drugs
- Preventive services (e.g., some immunizations) and management of chronic diseases
- Rehabilitation services
Consider a few things before buying a Critical Illness Insurance plan:
- The survival period of 30 days after a critical ailment has been diagnosed. Here, the insurance holder can only make a Critical Illness Insurance claim if he survived under this period.
- Carefully read the list of the policy covering cancer, to understand the diseases that are covered or excluded from the policy, for example, to avoid nasty surprises at the time of claim.
- You have the option to buy a critical illness plan as a standalone policy or you can buy it as a rider on a Health or Life Insurance. In this, the benefits of a critical illness plan as a rider will end simultaneously.
- Before signing the policy, read and carefully understand the inclusions and exclusions associated with Critical Illness Insurance plans. It’s important to read the document thoroughly to understand the clauses beforehand.
Out their lots of critical illness insurance plans are available with different claims, while some cover a wide range of critical illnesses or on another side some only focus on a few ailments. Right critical illness insurance policy will cover critical illnesses as coronary artery bypass graft surgery, kidney failure, major organ transplant, cancer, heart attack, and stroke. Calculate your coverage for benefit calculation, if all the above is too confusing or complex, you can email Retirement Shield Canada Insurance plan at “email@example.com” or call them at 416-613-9535, 780-851-5216 & 604-409-8991. I would like to suggest taking expert advice, in case you want to save your time searching best one you can contact them for a free consultation or visit their website https://www.rshield.ca/retirement-planning/.