Trauma Cover and Cancer

Trauma Cover and Cancer

Trauma insurance gives a lump sum benefit repayment on diagnosis of a a critical illness. You must have satisfied the situations specified in the policy. The lump sum is to get the best medical and rehabilitation service to adjust to your new life.

Medical costs would include hospital treatment, specialist medical services, allied health services, health administration costs, residential aged care and medicine costs. Meanwhile, rehabilitation costs include therapy costs, special education, community care costs, transport, home modifications, counseling programs, electronic aids and educational materials.

The costs for cancer trauma cover are the non-financial burden of disease costs which include the suffering, pain and premature death that cancer brought. Since it is the most difficult cover to measure, it is often qualitatively and quantitatively calculated according to the healthy years lost. Another non-financial cost is the government loss expenses for foregone taxes and welfare payments.

Meanwhile, the costs which bring financial impact to the cancer patient are the productivity costs which are calculated through losses in productivity, employment impacts, absences and career costs. If the patient is self-employed or is running a business, it should be specified in the cover policy so that its rightful amount can be estimated.

A trauma insurance patient that has cancer will have an estimated lifetime economic cost of about $966,000. From this number, $851,000 goes to non-financial costs while $114,500 is dedicated for financial costs. From the financial costs, about one-third of which or about $40,000 are dedicated to rehabilitation and medical expenses.

However, expenses for the rehabilitation and medical needs may vary from one cancer type to another. Cancer types such as lung cancer non-Hodgkin lymphoma and leukemia can cost more than the $114,500 average insurance cost. Trauma insurance patients can also get financial support from sickness allowance, career payment, worker’s compensation, disability support, rent assistance and charities.