Thursday October 13, 2016

How your Insurance can Help if you're Diagnosed with a Critical Illness

Posted in: Personal Injury

October is breast cancer awareness month, which is designed to promote consciousness of breast cancer and serve as a tribute to those affected by the disease.

A diagnosis of breast cancer takes an enormous emotional toll on a woman and her loved ones.  The diagnosis may also result in a financial tailspin that can make recovery even more difficult.  To minimize the financial fallout and added stress it can cause, you should make a few well-placed inquiries in the aftermath of the diagnosis.

To start, if you hold any loans, they may have a protection attached for this type of situation.  This includes car loans, lines of credit, your mortgage or credit cards.  If you owe monthly payments for these types of expenses, it is worthwhile to call the company and ask if you have any disability or critical illness coverage in place.  It may be as simple as getting a form filled out by your doctor to get the payment waived.

Another avenue for assistance is private health insurance, which may be offered through your employer.  If you have private coverage, you should look carefully at whether this includes short-term disability, long-term disability and critical illness coverage.  You may have a benefits booklet that explains what you are entitled to.  You may also speak to a representative from your benefits company to explain your coverage to you.  

Short and long term disability benefits are designed to ease financial stress by providing you with regular payments for as long as you are unable to return to work.  These payments typically cover a percentage of your usual income and require paperwork to be filled out by your doctor, as well as documentation of your income. 

Critical illness benefits generally provide a single lump sum payment that you can use for treatment or other expenses.  They require medical documentation but do not require proof of income.  It is important to note that the insurance company’s representative may not inform you of your available critical illness insurance unless you specifically ask.

Breast Cancer can be a debilitating disease. Remember to go for you mammogram on a regular basis to help encourage early detection. 

If you have any questions about disability benefits, contact a member of our Accident & Personal Injury Team.

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