Is Cancer Insurance Right For You?
Cancer insurance was created in response to the increasing rate of cancer diagnoses worldwide and is designed to help reduce the cost of cancer care. But, is it right for you?
What is Cancer Insurance?
Cancer insurance is a type of supplemental insurance policy that helps reduce the cost of cancer treatment. It doesn’t replace your health insurance policy through work or Healthcare Marketplace. But, it was designed to complement it by covering additional expenses that may not be covered by your current policy.
To be eligible for cancer insurance, you cannot have a pre-existing cancerous condition. For example, you cannot have been diagnosed with uterine cancer or prostate cancer and then apply for a policy. In most cases, people who previously were diagnosed and treated for cancer also will not qualify for coverage.
What Does Cancer Insurance Cover?
Coverage varies based on the provider and policy details, but most plans cover both medical and non-medical expenses. Medical expenses can include co-pays, extended hospital stays, medical tests and other disease-specific treatments. Non-medical expenses can include home health care, loss of income benefits, child care expenses, travel expenses and dietary restriction aids.
Before purchasing a cancer insurance plan, it is important that you understand what is covered in the policy. You should also compare the benefits to your current health insurance plan to see if there is any overlap in coverage.
Do You Need a Cancer Insurance Plan?
Here are some points to consider when thinking about buying a cancer insurance plan:
- What is your cancer risk? Do you have a strong, familial history of cancer? If so, cancer insurance may make sense for you. Those with a strong family history of cancer may want to take a look at their current policy and see how cancer insurance may compliment their current policy.
- Remember that two policies may not equal to double the coverage. Having a basic comprehensive health insurance plan along with a cancer insurance plan does not necessarily mean that you will get double the benefits. Most major insurance policies have a coordination of benefits clause that states that it won’t cover expenses that the other plan does. By purchasing cancer insurance, you may be degrading your basic policy!
Before You Buy
Before you sign your name on the dotted line of cancer insurance policy, shop around. Many plans are available and comparing them is highly recommended. This includes shopping around for other types of plans like disability insurance which may be a better option for you than cancer protection.
Still have questions? Give me a call and let’s talk about your options.