Discover Why Catastrophic Drug Insurance is Necessary for Canadians

By: Updated: December 7, 2016

 

With treatment for patients increasingly moving to the home rather than the hospital, the costs of prescription drugs used to treat illnesses have been shifted to individual Canadians.

Currently, Canadians have little to no protection for treating catastrophic illnesses or rare and chronic conditions that require treatment for lengthy periods of time. This means that Canadians are forced to bear the costs of prescription drugs beyond what is offered in their private benefit plans—if they can access benefits at all. Given that prescription drug prices can be incredibly high, this burden threatens the financial well-being of Canadians who are already suffering from illnesses.

Moreover, the prevalence of high cost drugs is expected to accelerate in the coming years as more high cost specialty drugs enter the marketplace. For example, treatments for auto-immune diseases such as Rheumatoid Arthritis and Crohn’s Disease along with new treatments for cancers can have annual drug costs well over $20,000 annually and, in many cases, can be expected to continue long term.

Take, for example, Pierette Breton*, who in October 2009 was diagnosed with a neuroendocrine tumour in her pancreas. It metastasized into her liver and bones. A single drug helped her fight the cancer – but at a hefty $8,000 a month.

For a few months, her company’s insurance provider covered the bill. After that, insurance brokers warned Breton that her company’s premiums would have to take a steep climb. She was already taking sick leave from work, and paying thousands of dollars for her medication each month wasn’t plausible.

“It was a nightmare for me. It’s way too stressful, some days you can barely cope with going out the door,” she stated.

*Source: Chai, Carmen, Global News, November 6, 2014: “The cost of cancer: How much do cancer drugs cost?”

Unfortunately, Breton’s story isn’t abnormal for Canadians battling cancer.

Your cancer treatment could determine your financial future

The fate of some Canadians – in health and in medical coverage – is ultimately determined by the drugs that will hopefully save them. If they’re handed a treatment plan with oral medication instead of therapy delivered via IV in hospital, patients may have to pay out-of-pocket for their care depending on where they live in Canada.

There are numerous disturbing cases: a patient in PEI who had to remortgage his home to free up some cash; a couple in Nova Scotia who cashed in their retirement savings for the drug that could save a life; and a family in Ontario who max out credit cards to buy more treatments.

What’s worse are some patients who decide that they won’t bankrupt their families. Instead, they decline treatment altogether.

Protect yourself and your loved ones against potentially devastating prescription drug costs

Catastrophic drug insurance is aimed at easing the financial burden of those afflicted with catastrophic, chronic, or rare illnesses, by helping them cover the cost of expensive prescription drugs and treatments.

It's an emergency back-up fund for when prescription drug costs get out of hand.

Being suddenly diagnosed with a medical condition can be stressful and expensive. With Olympia’s Catastrophic Drug coverage, once you reach your deductible, you are able to submit prescription drug receipts for reimbursement up to $25,000 per year, with a lifetime maximum of $100,000.

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