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Good and Bad News: How a Diagnosis Impacts Our Financial Plans

Good and Bad News: How a Diagnosis Impacts Our Financial Plans

High-impact illnesses like cancer, stroke and heart attack can burden your financial plans long after diagnosis and treatment, so it makes sense to prepare for your financial future with supplemental health insurance products marketed by Platinum.

When diagnosed with a critical illness, living a longer life means paying additional medical-related costs. For example, in 2014, the American Cancer Society reported that 60 percent of the total cost of cancer is nonmedical and is not paid for by major medical insurance.1

The good news: Advances in medicine mean people today live longer lives, even if they suffer from critical illnesses. According to the National Cancer Institute, 1 in 2 men and 1 in 3 women will be diagnosed with cancer at some point in their lives.1 Years ago, many people did not survive this diagnosis. Thanks to modern medicine, more people are surviving these illnesses and living longer lives.

While today’s medical advancements and subsequent enhanced survival rates are encouraging, it’s also important to know how these advancements impact our healthcare costs so we can make smarter financial planning decisions.

Medications and treatment for cancer and illness can add many wonderful years to our lives, but they do come at a premium. This possibility has many Americans wondering what their healthcare planning options are, because major medical insurance does not cover all of the expenses related to a chronic/critical illness.

Fortunately, policies marketed by Platinum Supplemental Insurance help lessen the financial impact of the high cost of treatment for cancer and other high-impact illnesses, such as heart attack and stroke. Platinum-marketed benefits offer large lump-sum payments that will help cover insurance deductibles as well as benefits associated with treatment.

To review the benefits of a policy you already own, please visit pltnm.com or call our customer service department at 1-855-637-6550.