The younger generations are exposed to an array of methods to raise money for different causes, including to pay medical bills.

Social media channels have now implemented functions to raise money for individual and personal causes. And the number of crowdfunding platforms – e.g. Go Fund Me - has multiplied, providing even more avenues to ask the community for help paying medical expenses.

The increasing number of ways for the public to secure money to pay medical bills is creating a false sense of security within a proportion of the younger generations. From afar, it appears easier than ever to secure financial support, when in reality, very few online fundraising and crowdfunding campaigns manage to go viral and succeed.

To suggest that you can lean on community donations should you ever need them is a falsehood that needs to be addressed. So, what other options are available when you need to protect yourself against eye-watering medical bills?

Protecting yourself with CIC

Critical Illness Cover (CIC) is a policy that pays out if you are diagnosed with one of the critical illnesses stated within the policy. The lump sum paid out is used to cover the costs of treatment and to prevent financial insecurity, such as paying off your mortgage.  It generally covers illnesses that stop you from working and require immediate or long-term treatment.

Examples of illnesses typically covered in these policies are heart attacks, strokes, cancers, Parkinson’s, Alzheimer’s and major head trauma. Some policies cover as many as 50 different illnesses.

It is often wrongfully assumed that your employer will continue to give you sick pay under the aforementioned circumstances. However, employer sick pay usually only lasts for six months before you are switched to statutory sick pay. The latter may not cover your medical expenses and cost of living. This could add to your stress and make your condition worse.

Using Global Treatment to fund medical services

Global Treatment is a type of insurance that covers yourself and dependants should any of you require medical services for a serious or life-threatening condition. For example, having Global Treatment could cover most or all of the expense needed to pay for cancer treatments, heart valve surgeries, neurosurgery and coronary bypass surgery. These policies typically cover medical service charges, as well as accommodation and transportation costs as required. If emergency treatment is needed whilst abroad, the policy will continue to cover costs when you’re back home.

Global Treatment works by charging either an annual or ongoing monthly fee for the cover. It can cost as little as £5 per month to cover a family.

Why consider Global Treatment?

The National Health Service provides an excellent service, but waiting lists for treatment and services can be lengthy. Statista reports that between April 2020 and March 2021, 470 people died waiting for a transplant due to further complications. Having Global Treatment cover will enable you and your loved ones to access some of the best care available swiftly. Thus, ensuring you receive the care you need quickly to potentially avoid those further complications.

Where to find Global Treatment cover?

Global Treatment is available through a selection of insurers. Understanding the details of policies and what’s right for your family can be confusing. Luckily, our experienced team can help you find the most suitable and beneficial policy that matches your preferences.

Please note:

• If the policy has no investment element then it will have no cash in value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse.
• The policy may not cover all the definitions of a critical illness. For definitions please refer to the key features and policy document.
• The value of the investment can go down as well as up and you may not get back as much as you put in.