GALVESTON, Texas, May 17, 2016 /PRNewswire/ -- Those stricken with critical illnesses such as cancer, stroke or heart attack are surviving in greater numbers than ever. But the cost of treatment is putting families deep into debt and even bankruptcy.
A whitepaper released today by Standard Life and Accident Insurance Co. illustrates how much treatment for critical illnesses affects American families' finances and how important extra coverage from critical illness policies is in alleviating financial stress.
Health care costs are increasing for the average American, and major medical health coverage puts more of the financial burden on the policy holder up front. When a critical illness hits, it can deal a critical blow to a family's finances.
Statistics show critical illness is occurring with greater frequency than many imagine:
- 43 percent of American men will be diagnosed with some form of cancer. Women have about a 1-in-3 chance of receiving a cancer diagnosis.
- Heart disease, stroke or other cardiovascular diseases account for about 787,000 deaths in the United States annually.
- Direct and indirect costs of cardiovascular diseases and stroke total more than $320.1 billion. Including health expenditures and lost productivity.
Critical illness policies are used to supplement major medical coverage. They can pay out a cash lump sum upon diagnosis. The payment does not necessarily have to be used toward medical costs. It can be used to cover mortgage or rent payments, car payments or childcare.
"Science has made tremendous advances in treating these illnesses. As treatment improves, more patients are surviving," said Debie Knowles, Vice President, CMO at Standard Life and Accident Insurance Co. "But the treatment can be prolonged and expensive. Some chemotherapy protocols can be costly and with medical copays of 10 – 30 percent, expenses can quickly add up. Critical illness policies can give families peace of mind so they can concentrate more on what they need to do to recover."
About Standard Life and Accident Insurance Co. - Standard Life and Accident was founded to provide clients with realistic life and health products that solve their needs for financial security. With a strong history of commitment and service to both agents and consumers, Standard Life has developed into one of the premier insurers in the industry offering competitive supplemental health products, to both large and small groups, in the Voluntary Worksite markets including Group Term Life, Critical Illness, Limited Medical, Cancer and Hospital Indemnity.
Vice President, CMO
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SOURCE Standard Life and Accident Insurance Co.