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Chapter 3: Paid and Paid …
This journey has taught me so many lessons—the importance of savings and insurance being two of them.
When my mom passed away in 2002, the hardships associated with her illness and her subsequent funeral were evident. I was already employed at the time, and I started a family indemnity plan, which later helped with the funeral costs for my dad in 2014.
I also started life and critical illness insurance policies for myself. When my sister was hospitalised in 2020, I became very sure that the public health system was not for me, and I started another policy which would provide assistance with medical costs at private institutions.
On 16 May 2024, I dusted off those policy documents, and on 17 May 2024, I called all my agents.
For me—and I would assume for most people in a similar position—the stress of illness was already a lot, so the stress of finances associated with medical care is not anything I wanted to add.
From blood tests to CT scans to MRIs, to doctor visits, to surgery and then to chemotherapy (AC) treatment, I can safely approximate my costs to be north of TT$500,000 within that six-month period.
For example, after my first cycle of AC, my white blood cell count dropped to 0.0, which resulted in me needing to be warded overnight at a private hospital.
We got there at 5.00 pm, and thankfully, I was able to be discharged by 4.00 pm the next day. The bill for that less-than-24-hour period was TT$23,000, and I needed to pay that amount before we left the hospital.
Another example of the exponential cost is medication. While on AC, your WBC takes a hit, and daily injections are needed to jumpstart your body into producing more. Each of those injections is TT$1,300.
On average, my portion of the bill for AC was TT$5,000 per session.
For Taxol, which was weekly, it was TT$3,000. That, coupled with blood work for each session, medication and other testing, took my bill to about TT$60,000 for treatment alone.
This was the amount that I was responsible for after insurance.
For me, in the absence of insurance coverage, my savings would have been reduced to nil.
Thankfully, I was able to make insurance claims on all my policies, including the group health plan through my employer. This helped significantly.
In cases where I was required to pay upfront and wait to be reimbursed, having savings helped. I was able to make those payments comfortably and replenish my savings when the insurance claims were processed.
Another point of grace was my employer’s sick leave policy, which allowed me to be on extended leave with pay. This allowed me to continue to meet my monthly commitments without having to use my savings.
Imagine being ill, having to worry about medical bills, not being able to work, and not getting a salary, too. I have and will continue to say: God is with me throughout this journey.
On the days that I can talk about this ordeal, I find a way to work the cost into the conversation.
Not because I am trying to be boastful or money-focused, but because I want to take the opportunity to stress the importance of savings and insurance to those close to me.
Insurance is a cost that we really only see the value of when we most need it, and if you think TT$500 per month in an insurance premium is a lot, try covering major surgery or long-term medical treatment from your savings.
Mine is a real-life example of how your life can change in a second and how what you think is “enough” could be gone in a flash.
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Insurance is a cost that we really only see the value of when we most need it, and if you think TT$500 per month in an insurance premium is a lot, try covering major surgery or long-term medical treatment from your savings.
Mine is a real-life example of how your life can change in a second and how what you think is “enough” could be gone in a flash
Thank you, Josie. Let him who has ears hear!