Forget the debates about the future of our health care system; Where are we now?
Illness is one of the leading causes of bankruptcy in both the U.S. and Canada. A recent article in the New Woman magazine gives detailed data on the costs incurred by an American woman who had to go for mastectomy because of breast cancer. The total costs of her travails were $43,834.76. Though some of such costs can be covered with OHIP in Canada, there are many possible consequences that are not covered. According to the estimate of the Canadian Cancer Society, about two thirds of cancer treatment related costs are not covered by provincial health plans.
A motorized wheelchair is about $8,000-10,000, a nurse is about $240 per 8 hour shift, the conversion of an existing minivan to the needs of a disabled person is more than $12,000, that of a toilet, shower and sink is about $8,000-15,000, ... and the list could be continued with the extra costs from alternative therapies, vitamins and dietary supplements, child care expenses, and so on.
You can find more relevant data on the site of The Heart and Stroke Foundation.
Top page (on personal financial planning)
Key areas:
Life and health insurance (including disability, critical illness, and long-term care protection)
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