The Many Indirect Costs of a Serious Illness
While survival rates have significantly increased for serious diseases, so have the costs for treatment and recovery.
The prevalence and cost of chronic disease in the United States continue to grow.1 Dealing with the emotional and physical effects of an unplanned illness are difficult enough, but worrying about the financial ramifications can be overwhelming.
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Most people are not prepared for the financial burden that can adversely affect their lifestyle—and their financial security. A study from the American Cancer Society Cancer Action Network concluded that with more than 200 different types of disease, there is no “average cost of cancer.”2 But there are almost always tangential costs of illness—and these can be devastating.
Consider how the following indirect costs might impact you financially:
- Your lost income. How long might you be out of work? While Disability insurance may cover a portion of your income from work you miss, there’s usually a waiting period before your benefits kick in.
- Lost family member income. Your spouse or other family members may need to miss work to care for you.
- Additional family care costs. You may need extra help caring for children or elderly family members while you’re undergoing treatment or in recovery. Or you may require an in-home caregiver for yourself.
- Costs for experimental medical treatments. When not covered by your Health insurance, being able to afford these treatments could make a life-saving difference.
- Travel expenses. You and a companion may need to travel and spend an extended time away from home for specialized treatment.
If you are diagnosed with a serious condition, having Critical Illness insurance issued by The Prudential Insurance Company of America, may help provide you and your family with the financial stability necessary to focus on healing during perhaps the most difficult time in your life.
1 Health and Economic Costs of Chronic Diseases, www.CDC.gov, accessed August 2022.
2 The American Cancer Society Cancer Action Network, www.fightcancer.org, “The Costs of Cancer 2020 Edition”, accessed August 2022.
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The products issued by The Prudential Insurance Company of America may not be available in all states.
Not for residents of New Mexico
Not for use in New Mexico
This coverage is not health insurance coverage (often referred to as “Major Medical Coverage”).
This type of plan is NOT considered “minimum essential coverage” under the Affordable Care Act and therefore does NOT satisfy the individual mandate that you have health insurance coverage. If you do not have other health insurance coverage.
Group Critical Illness Insurance coverage is a limited benefit policy issued by The Prudential Insurance Company of America, a Prudential Financial company, Newark, NJ. Prudential’s Critical Illness Insurance is not a substitute for medical coverage that provides benefits for medical treatment, including hospital, surgical, and medical expenses, and it does not provide reimbursement for such expenses. The Booklet-Certificate contains all details, including any policy exclusions, limitations, and restrictions, which may apply. If there is a discrepancy between this document and the Booklet-Certificate/Group Contract issued by The Prudential Insurance Company of America, the Group Contract will govern. A more detailed description of the benefits, limitations, and exclusions applicable are contained in the Outline of Coverage provided at time of enrollment. Please contact Prudential for more information. Contract provisions may vary by state. Contract Series: 114774.