What are the costs of cancer?
According to a study published in the Canadian Medical Association Journal Open in January 2018, the economic burden of cancer increased from $2.9 billion in 2009 to $7.5 billion in 2012. hospitalization costs, followed by physician care costs and prescription drug and dispensing costs covered under provincial and territorial plans. Since our taxes finance these government plans, every Canadian taxpayer indirectly shares this burden.
But what are the costs of cancer on an individual level? The answer is more than you think.
These costs depend on various factors, including:
the type of cancer;
early diagnosis;
the treatment followed;
how long you’ll be off work, and whether someone else needs to be off work to take care of you.
Another factor is geographical location. If you live far from the nearest cancer centre, your travel, accommodation and meal costs will be higher than if you live nearby. Chemotherapy costs will also be higher. Here’s why: In the past, chemotherapy was almost always given intravenously in hospitals and therefore covered by government plans, just like other drugs given in the hospital. But today, more and more chemotherapy drugs now exist in an oral form and can be taken at home. However, not all provincial plans fully reimburse these drugs. Only Manitoba, British Columbia, Alberta and Saskatchewan cover the cost of chemotherapy drugs taken at home.
How to meet the costs?
There are ways to amortize these costs.
You may be eligible for government assistance if your drug expenses exceed a certain percentage of your income. It is also possible to negotiate special agreements with manufacturers. However, the registration process for these programs can be long and complex; that’s why cancer centre social workers are there to help you navigate the health care system.
Health insurance is also an excellent option to help cover the cost of cancer treatment. Group benefits offered by your employer, such as additional health insurance, will help pay for drugs and items not covered by your provincial plan, and disability insurance will replace part of your income if you become disabled. Both of these types of insurance have deductibles and limits, and you will need to submit your receipts to receive reimbursement.
Critical illness insurance works a little differently. It can help you pay for your expenses while getting treatment, and you don’t have to send receipts or pay deductibles. Suppose you have one of the critical illnesses covered by your insurance at the end of the waiting period (usually 30 days after the diagnosis). In that case, your insurer will pay you the total amount provided under your contract in an amount lump sum, which you can use at your convenience.
You could use this money to make up the difference between your group insurance reimburses you and the amount you paid for medication. You could also use it to return the accommodation costs incurred by your spouse if you were to be treated outside your region. You could hire a housekeeper or babysitter. You could even use some of the funds for a weekend getaway to relax and unwind during your recovery.
How much does critical illness insurance cost
When you purchase your insurance, the younger and healthier you are, the lower your monthly premium. Usually, the longer the contract term (10-year term, expiration at age 75 or age 100), the higher the premium. Contracts that cover more illnesses cost more. Adding optional benefits, such as the return of premiums at expiration or death without ever making a claim, also costs more.
