(video credit to Global news. Read full article here: https://globalnews.ca/news/10249685/cancer-financial-struggles-canada/)
A study published in BMJ Oncology found that since 1990, there has been a 79.1% raise in Cancer cases in young adults (among people aged 15 to 49 years) in 2019.
“Cancers historically perceived to be more common in older age groups are now being diagnosed in younger adults, including colorectal, breast, esophageal, gastric, and pancreatic cancers, among others,” said Dr. Ashleigh Hamilton, a clinical lecturer at the Centre for Public Health at Queen’s University Belfast.
What does this mean for you financially?
While cancer diagnoses have risen, so have the survival rates. Since the early 1990s, survival rates have improved from 55% to 63%. As the cost of living rises for Canadians, a cancer diagnosis is no longer just a health crisis but also a financial crisis. Canadians relying solely on government assistance will receive only 26 weeks of financial assistance, receiving 55% of their earnings up to a maximum of $668 a week. For many in Ontario, $2,672 a month will not cover their mortgage, let alone extra monthly expenses such as groceries or utilities. Many work benefits plans do not include critical illness payouts, and those that do are usually underinsured or lose the benefit if they are no longer with their employer. This is why Critical Illness insurance is important. It will provide you with a lump sum of cash ranging from $25,000 to $3,000,000, helping cover not only lost income but also medical expenses and other financial burdens that may arise during recovery. Start looking into adequate insurance coverage that can provide peace of mind and create a plan for financial stability during challenging times.
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