Parents 'Facing the Financial Cost of Cancer' Could Save Money with Family Health Insurance

Children’s charity CLIC Sargent interviewed 245 parents whose children were suffering from cancer. Their findings, published in a report entitled Counting the Costs of Cancer, show that 76 per cent of these people have suffered serious financial difficulty after diagnosis.

The survey also revealed that two in three parents were building up debts to deal with costs relating to their child’s treatment. 42 per cent of parents admitted to borrowing from a credit card and 20 per cent had to take out an additional loan to pay the bills.

In total, parents spend an average of £367 each month on cancer care, amounting to an annual spend of £4,000. With cancer treatment lasting up to three years, families can end up paying over £13,000, despite their children being treated on the NHS.

£4,000 is more than triple the yearly premium of a family health insurance policy. A mid-range policy for a family of three costs around £90 a month, totalling just over £1,000 a year.* Not only will this cover your child for private cancer treatment, but it will also help save money on the everyday costs of staying in hospital.

The CLIC Sargent report estimates that an NHS hospital will charge a minimum of £10 a day for parking, on top of the £86 parents spend on travel every month. CLIC Sargent also found that 16 per cent of parents had to pay for additional accommodation whilst their child was in hospital. An extra £48 a month went on meals for themselves or for their children.

Family health insurance will cover the cost of these hidden expenses. Your policy will give you choice of a local private hospital for your child to be treated in, with parking free of charge. Private hospitals also offer a wide choice of specially prepared food for cancer patients and their parents, so money does not have to be spent elsewhere.

Richard Theo, of health insurance comparison website, said: “There are many benefits to family health insurance, including cover for home nursing and access to cancer drugs not available on the NHS.

“Certain policies will also cover the costs of additional accommodation if parents want or need to stay close to their child.

“Health conscious parents should compare health insurance policies for the family online to see if they could actually save money in the long-run, as well as guaranteeing the best level of care for their loved-ones.”

*Subject to status

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