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Navigating the Hidden Costs of Care: Why Every Canadian Needs Critical Illness Insurance


If you spend any amount of time listening to Canadians, it becomes clear that our health care system 

does a good job at treating critical illnesses like cancer, heart attacks and strokes. However, it has 

some severe limitations. One of those limitations is imposing a large amount of costs on individual

patients.


Last year, CBC talked about a Calgary man who was facing cancer treatment delays because the

specialized therapy he needs is offered in Edmonton, but is not yet offered in Calgary. With that being

said, there are also recent reports that many women in Saskatchewan are having trouble getting urgent

breast cancer biopsies; and there are two reasons for that. Firstly, the care is not offered in their home

province of Saskatchewan. They have to travel to Alberta, specifically Calgary, to get the care that the

government of Saskatchewan will pay for. However, this is where the second problem comes to the fore:

even with partial reimbursement from the Government of Saskatchewan, those same women can’t afford

all of the "out-of-pocket" expenses required to access that care in Calgary. Or put differently, monetary

costs are beginning to be a problem in our health care system.


So while some limitations in our health care system have come to the fore, the issue of cost has yet to,

and is not being addressed sufficiently in the meantime. In fact, leaked emails from the Government

of Saskatchewan reveal a heartbreaking reality: many patients are forgoing life-saving diagnostic

procedures simply because they cannot afford the upfront costs of travel, accommodation, and meals.


This situation highlights a systemic gap in Canadian healthcare. While medically necessary procedures are

publicly funded, the "out-of-pocket" expenses required to access that care often fall entirely on the patient.


This burden isn’t anecdotal. According to data highlighted by the Canadian Cancer Society, the average

Canadian diagnosed with cancer faces approximately $33,000 in additional out-of-pocket costs. These

expenses include:


  • Travel and Lodging: Especially for those in rural communities forced to seek specialists in urban hubs.

  • Medications and Supplies: Costs not covered by provincial plans.

  • Home Care and Childcare: Necessary support during intensive recovery periods.


Furthermore, the financial impact is long-term. Research indicates a significant reduction in income for cancer

survivors, with earnings potentially dropping by 8% even five years post-diagnosis. For many, the choice

between their health and their financial solvency is a choice no one should have to make.


As such, Critical illness insurance is no longer just a "value-add" option; it is an essential pillar of financial

stability. Unlike traditional health insurance, it provides a lump-sum, tax-free payment upon diagnosis of a

covered condition. This capital provides the ultimate flexibility:


  • Pay for private travel or specialized care without depleting your savings.

  • Allowing you to protect your retirement nest egg

  • Replace lost income for yourself or a spouse taking time off to be a caregiver.

  • Focus entirely on recovery rather than debt


With this in mind, ensuring that you are prepared for the unforeseen can make all the difference in your journey

to health, just as protecting your health should never depend on the balance of your bank account. Accordingly,

as we look toward improvements in our healthcare system and increased access to necessary treatments, it is

vital that individuals consider how they can protect themselves against unexpected medical costs. 


Critical illness insurance is not just an option; it is a necessary investment in one's health and financial stability.


For those who are interested in understanding how to navigate these costs or seeking guidance on securing

critical illness insurance, please do not hesitate to reach out for support and information tailored to your needs.

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