Personal Finance | Life cover boosts medical costs
Rather than taking out comprehensive medical cover, some members are taking out a basic hospital plan, adding gap cover and then supplementing with a critical illness benefit. Alternatively, they are opting for primary healthcare insurance combined with critical illness benefits.
Liberty claim statistics show that cancer remains a major cause for claims. The prevalence of particular types of cancer in South Africa is also evident. Death and impairment by cancer and leukemia were the top reasons for claims, representing 27%. This was followed by cardiac and cardiovascular-related causes, comprising 20% of all claims. Cancer and leukaemia constituted 25% of overall claims last year in men and 31% in women.
As she recovered over the next few days, she learnt that the mass had spread across her entire chest and that doctors were concerned that intensive growth meant she was in an advanced stage of cancer. Khumalo assumed that medical aid was enough to cover the treatment and that the minimal disability and basic critical illness cover would be sufficient to prevent the financial implications that came with such a serious disease.Sadly, this wasn’t the case. I never really thought I’d need to use the cover, at least not when I was so young. So it was a basic plan and, even though it helped, I’m still heavily indebted.
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