Nothing can wipe out a savings account like a catastrophic illness. Even people who thought that they had good health insurance are learning that when faced with a heart attack or cancer, they can exhaust their coverage pretty quickly. High priced medications and procedures are often paid at only 80%, leaving the patient to figure out how they are going to pay for the rest.

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It is no stretch to expect to see a bill for $150,000 or more for heart bypass surgery which is often necessary after a heart attack. The cost of radiation treatments for cancer can top $50,000. Paying the bills are the last thing that someone facing a life threatening illness is concerned about but eventually they will have to be covered. One way to protect yourself and your family is by purchasing a separate catastrophic illness policy.

The supplemental insurance policies which provide coverage for catastrophic illness are relatively inexpensive if they are purchased when you are healthy. Premiums are based upon your age and risk factors of developing a life threatening disease. For example, if you smoke you are going to pay a much higher premium than someone who does not.

Too often, people don’t think about the cost of health care until they are caught in the middle of it because they are sick or they are dealing with a close relative who is ill. When you plan ahead, you not only give yourself the additional peace of mind but you are simplifying the job of a caretaker who is forced to try and sort out all of the medical bills on your behalf.