The Lies We Tell Ourselves and Protecting Ourselves Against Financial Ruin

It doesn't run in my family.

I eat right and exercise, I'm safe.

It only happens to other people.

Only (insert population group here, i.e. children, women, men, old people, young people, poor people, African American people, white people, etc....) get it.

All these (except maybe the eating and exercise one) I told myself.  Cancer doesn't run in my family.  I actually do eat pretty normally and move around and for no reason whatsoever, one of my Y chromosomes decides to mutate.  The doctor asked me tons of questions about exposure to benzene, working at a gas station, exposure to chemicals, but I haven't.  Come to find out, the bottom line is that it just happens sometimes for no reason and this time it happened to me.  I didn't have per se leukemia, I had a combination of several things that is considered cancer.  My white blood count was going up, my platelets and red blood cells going down, I was getting more tired little bit by little bit every day.  

It had happened to me.  It was unpreventable.  And no one is immune.

One of the things that I have realized is that cancer is expensive.  Very very very expensive.  People regularly go bankrupt with cancer, leukemia, lymphoma and other nasties.  Protecting yourself and your family financially is critical and needs to start NOW.  If you wait until you get a diagnosis, it's 30 days too late.  How do I know this stuff?  I was once an insurance agent, I have seen first hand the financial devastation illness can wreak.  

DISCLAIMER:  Always consult a reputable licensed life and health insurance agent for advice when making any insurance decisions.  This is in no way meant to replace their expertise as policy guarantees vary from state to state.  I can't give advice but can share what had benefitted me.

So hopefully I have scared you to start thinking about the unthinkable.  What do you need to look into?  Let's explore a couple of options:

Critical Care Policy:  This policy pays a lump sum of money when you have one of the big nasties (heart attack, renal failure, cancer, stroke, it varies from company to company...).  You can buy it in different amounts (i.e. from 5000.00 to whatever, depending on how much you can afford).  Do NOT use this as a cancer policy.  Repeat, do NOT!  Although it pays a seemingly large sum for cancer, this policy is a drop in a bucket most of the time in comparison to a cancer policy which can easily pay 10x more.

Cancer Policy:  A cancer policy is a policy that pays for (surprise) cancer.  They sometimes can be offered with some kind of wellness benefit that pays you back to have some sort of yearly cancer exam as a mammogram, colonoscopy or PSA blood test.  They can come with something called a building benefit rider which is a one time lump sum payment upon initial diagnosis of cancer.  Usually they require a pathology report as proof of a diagnosis, which is usually easily obtained.  A cancer policy pays a sum per whatever you have done, as x amount of dollars for a night in the hospital, x amount for radiation therapy, x amount for chemo, and so on.  Some even cover an amount for wigs or prothesis if needed.  This policy will help stave off financial hardship and perhaps ruin.

Short Term Disability:  Short term disability is simply pay check insurance.  Worker's Compensation does NOT cover you for sickness.  Usually it can go up to 6 months, and is about 60% of your normal paycheck.  Covers not only cancer but accidents and other sicknesses you might encounter that keeps you from working.  Needs a form filled out by the doctor saying that you need help with toileting, feeding yourself, dressing yourself, transferring, and so forth.  

Regular Health Insurance:  The debate rages onward on whether it is a privilege or a right for health insurance in America.  Not to go down that path, I have become more and more empathetic with people that cannot get access to health care.  I know of a man down the way from me who kept going to the free clinic for indigestion.  They kept giving him antacids and sent him back home, not doing an x-ray because there was no way to pay for it.  He actually had stomach cancer and died.  If there is any way, get some health insurance.  

My particular cancer is usually priced at 1.2 million.  I am having to rent an apartment next to the hospital in case I start rejecting my transplanted stem cells and wouldn't have time to make it from where I live 65 miles away.  I will have caretakers, co-pays, deductibles, food, furniture rental, and my other bills just don't stop because I'm laid up recovering.  Hopefully you get the expensive picture and will consider at least researching why you need to protect yourself and your family from potential financial ruin.