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" Young, Healthy, No Family Medical History. Do you Need Critical Illness Cover? "

09 September 2016

If Critical Illnesses usually happen to the elderly, do I really need a critical illness insurance plan when I�m young and healthy?

Accident Pro Prime

What is critical illness?

Accident Pro Prime

When a person catches the flu bug and falls sick, they miss a few days of work while recuperating from the flu home. Productivity decreases and the opportunity cost of missing work increases. What then would be the opportunity cost in the event of a more serious health condition, like a heart attack or cancer? Such medical conditions require more than just bed rest at home for a week or two.

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Cancer is especially a costly critical illness to combat. The ASEAN Costs in Oncology (ACTION) study by Sydney-based George Institute for Global Health found that 51% of Malaysian cancer patients suffer from �financial catastrophe� (where medical costs exceed 30% of household income) a year after they were diagnosed due to high cost of treatment and medical spending². The timeline to complete recovery is lengthier compared to other illnesses, and the patient (or their family) would need to have sufficient finances to tide them not just through the course of their treatment but any existing financial obligations such as mortgages, bills and living expenses.

Accident Pro Prime

Time may be your best strength, and you can use it to your advantage. The ideal scenario is to be prepared for the unexpected when your best days are still ahead of you, and the next best is to prepare when you are made aware of this. The road to recovery from a critical illness can possibly take months or years, and sound financial backing is critical to protect your wellbeing and the future of your loved ones.

References

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