A cancer diagnosis can be overwhelming enough before you even start to consider the financial ramifications. Cancer insurance policies were created fairly recently in response to rising cancer rates. These policies are designed specifically to help curtail the expenses related to cancer care.
What is Cancer Insurance?
Cancer insurance is a supplemental insurance policy, meaning it does not take the place of an entire health insurance policy. It is used to cover the costs of cancer treatment that are not included as part of a standard policy. Cancer insurance can be a great help to cancer patients, allowing them to focus on their recovery rather than worry about mounting medical bills. However, it is not available to everyone.
Cancer Insurance Eligibility
To qualify for a cancer insurance plan, you must be totally free of any pre-existing cancerous conditions. This is all the more incentive to plan for the future by purchasing a cancer insurance plan before it is needed. In most cases, you will also not be eligible for coverage if you have been successfully treated for cancer in the past.
Cancer Insurance Coverage
Although plans vary from policy to policy, most cancer insurance plans allow for coverage of medical and non-medical expenses. The medical expenses include such things as hospital stays, medications, and cancer-specific treatments. The non-medical coverage extends to other costs that have been accrued as a direct result of a cancer diagnosis. This includes things like the loss of an income, the costs of home childcare, and special dietary needs. Loss of income coverage can be especially helpful when a cancer patient is unable to work due to their illness. Non-medical can also cover things like transportation, such as the ambulance or helicopters used to bring patients to the hospital.
Choosing a Cancer Insurance Plan
Because policies can differ greatly, it is always important that you take the time to fully understand and compare each cancer insurance plan before you make a decision. One quick way to get the most efficient pricing on a plan is to compare it to your health plan. This can help you discover any overlap in coverage between the two policies and allow you to make the most cost-efficient choice. After all, you don't want to pay for any kinds of coverage in your cancer insurance plan that you are already paying for in your health plan.
Disease-specific insurance policies are currently a topic of considerable debate. While some argue that the general benefits of cancer insurance could be met by a traditional health insurance plan, others have found cancer insurance to be an invaluable complement to their health plan. While this can change from person to person and plan to plan, there are a few things you can think about to help you decide if you should purchase a cancer insurance plan. Does your family have a significant history of cancer? Does your career or lifestyle put you in a higher risk group for cancer? Is your current health plan equipped to handle any medical and non-medical costs that could arise if you were diagnosed with cancer? Answering "yes" to any of these questions is a good indication that you should look into a cancer insurance policy.
For people at a low-to-average risk for cancer, it might be a more financially sound move to update their current health insurance plan with coverage aimed at cancer-related costs. This could cost less than the addition of a whole new disease-specific policy. However, it's important to realize that this could mean giving up the non-medical expenses offered by a cancer-specific policy, including loss of income.
Finally, keep in mind that cancer insurance is not a replacement for a standard health insurance plan. It is meant as a supplement and not designed to stand on its own. A solid cancer insurance policy will work with your health plan to make sure all your bases are covered in the event you're diagnosed with cancer. Everything should be covered, such as chemotherapy, experimental treatments, transportation to and from the hospital, loss of income, child care, medication, and more. With three out of seven Americans contracting cancer in their lifetimes, this might be the right time to give yourself the peace of mind that comes from full coverage.
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