Do Medicare & Health Insurance fully cover cancer treatment? Not always…

Our Medicare system is one of the best public health systems in the world. Combined with health insurance, it means most Australians get the medical treatment they need. But not always.

Medical research is constantly advancing so new drugs are being developed all the time. Imagine if there was a drug available that might help you win your battle against cancer, but it was too new to be funded by the government. Imagine if that meant it would leave you hundreds of thousands of dollars out of pocket?

This is a possibility, and a reality for some Australians, as this article in the Herald Sun from 2014 explains (also available here in PDF).

There is often a large out of pocket cost for patients who want the best care, even with Medicare and Health Insurance. This gap could be funded by using up your savings, taking out an extra mortgage, borrowing from family or friends, or with a Trauma Insurance payout.

Trauma insurance can give you emergency cash if you’re diagnosed with a serious illness like cancer so you can focus on recovery without worrying about money. 

Talk to your financial adviser or contact Suggars & Associates to find out if you should have Trauma insurance.

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