Cancer and its financial repercussions!

We know the physical and emotional impacts that cancer can have… but what about its financial burden when it strikes in your family?

Scourge of the century, cancer doesn’t only wreak havoc on a person’s body and heart.

Personal finances can also take a hard hit. It’s not rare for families and caregivers to pay for medication that is not refunded by the public prescription drug program, among other expenses.

A person’s professional life can also be affected, whether because of absenteeism or a pay cut for not being able to do their job.

The numbers

Did you know that:

• the average cost of treatment with new cancer-fighting drugs is $65,000
• taking anti-cancer medication at home costs more than $20,000

Governments are footing the bill as these statistics can attest:

• $4.2B in 2013 for the Quebec health system
• $200.1B in direct cancer-related costs in 2012 in Canada

What about the self-employed?

If most Quebecers (55% have group insurance) have access to coverage that protects them in case of cancer, the self-employed aren’t so lucky.

Not only are they on their own to pay their medical bills, they will lose income if they are unable to do their job and aren’t registered for the employment insurance benefits program.

They also have to pay:

• rent
• insurance
• professional association membership
• employee salaries
• accounting and legal fees

Critical illness insurance to the rescue

No one chooses to be sick. But you can choose to get better!

This is why individual critical illness insurance is your best option before getting a cancer diagnosis.

It’s also not unusual for insurance companies to offer an assistance program that is designed to lend a helping hand during a difficult period. This often includes access to a psychologist or to services to help find a health professional.

This is what we refer to as a little going a long way!

Talk to your advisor

Meet with your advisor to evaluate the financial impacts of being getting a cancer diagnosis.

Together, you can prepare a financial strategy that will not jeopardize your savings and increase your indebtedness.