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Serious illness will not only threaten your health, but it can also threaten your finances. There are financial consequences related to your health condition. So far, no matter how well you take care of yourself, one day you may receive bad news from the doctor.
Current health systems in some countries, including Indonesia, have provided convenience in terms of medical expenses for health insurance holders or BPJS. However, not all expenses arising from serious illnesses can be covered by the government's health insurance.
Serious illness can affect your financial health as well as your physical health. But of course you can always prepare a health insurance plan such as critical illness insurance that will help cover these unexpected costs without getting you off track to meet your financial goals.
Let's find out what things you can do to protect yourself and your family.
Anticipate medical expenses with critical illness insurance
One of the big problems when facing a serious illness is it tends to be a surprise event, leaving you vulnerable to the additional costs of stress. While some issues are temporary, others can burden you with long-term needs. If you are lucky enough to have health benefits from your office, additional health insurance can usually cover certain maintenance, service and medical expenses, which are sometimes subject to annual or lifetime limits.
There are also critical illness insurance options with a broader approach that help you manage the costs associated with life-altering illnesses. If you are ill because of the illness covered by your policy, insurance will provide a cash payment immediately.
Critical illness insurance can also be an alternative source of income when you have a stable cash flow. For example, if the disease covered by your policy forces you to stop working, your short-term or long-term disability coverage may only partially offset your income. Once you have completed the required waiting period, you can use the insurance payment to help replace your lost income. In addition, these funds can help pay for medical expenses, equipment, travel, supplies and other out-of-pocket costs not covered by standard insurance.
Start Planning Now
When is the best time to prepare for health insurance? Now! Better to start earlier than late. The best time to think about protecting yourself and your family from the financial risks of serious illness is now—when you are still healthy. You can learn more about the type of insurance you need and begin drafting your finances plan. You can also see a financial advisor to plan this. A financial advisor can help you find a critical illness insurance policy that suits your needs.