Cancer insurance policies are meant to provide you with the income necessary to manage the risks associated with a cancer diagnosis. Many insurance companies offer additional health insurance that provides you with a massive benefit payment if you are diagnosed with qualifying types of cancer.
Cancer insurance is recommended for people who don’t have savings available to pay for unexpected health emergencies, especially if you feel you are already at risk of developing a serious diagnosis.
What does Health Insurance Cover?
There are various kinds of cancer insurance plans with different designs and coverage. It depends on the carrier of your choosing what will be offered in their cancer policies. But in general, there are two main types of cancer insurance plans: cancer expense plans and cancer check plans. Both types of insurance plans give similar coverage but differ in the ways in which they provide it to you.
Cancer expense plans cover medical expenses for cancer treatment in real time. In case you get diagnosed with some type of cancer and you end up admitted to the hospital and in need of paying for services like surgery, and chemotherapy treatment, your cancer expense insurance plan will kick in and cover costs produced by treating your cancer diagnosis. You will get covered for expenses up to whatever amount you have purchased through your cancer insurance plan each year for as long as you have a cancer diagnosis.
Cancer check plans function through monthly premiums. If you ever receive a cancer diagnosis before which you have continuously paid for the plan’s monthly premium, you will get a check in the mail, with the amount agreed with the cancer insurance policy. For example, if your monthly premium is $20, and it is agreed that you will get a $20,000 check in case of a diagnosis of cancer. If that day comes, you will automatically be financially safe for the moment and can redirect your focus from financial concerns to your treatment only.
Is Cancer Insurance Worth It?
Traditional health insurance plans usually pay for most healthcare needs and services so if a person receives a cancer diagnosis he or she should be covered. That being stated, it is generally not necessary to get insurance specifically for a cancer diagnosis. You may want to consider securing yourself with an additional policy if you do not have significant coverage through your regular healthcare coverage.
If you find yourself wishing for some assistance on the matter of this disease or needing the extra coverage that a cancer-specific insurance plan can provide it is wise to consider getting this type of insurance and increase your feeling of safety.
Also, if you are aware of a family history of cancer or any kind of gap in your health insurance plan, these would be additional reasons why to get Cancer Insurance. Ultimately, it comes down to weighing what you can afford against what benefits you would need in case you receive a cancer diagnosis.
How Do Cancer Insurance Policies Work?
If you own a cancer insurance policy and get diagnosed with a form of cancer that is covered by the policy, you will be paid a benefit amount that is stated in your policy. Some policies will cover specific benefits up to a certain amount meaning they have scheduled benefits. For example, a plan may cover up to $30,000 for radiation treatments but only $3,000 for transportation to and from cancer treatment visits.
Some other plans provide beneficiaries with a lump sum if they are diagnosed with a covered form of cancer. The payment is made in full once a positive diagnosis is received. This type of plan is popular because the money can be used for non-health-related expenses, such as housing costs.
Costs Of Cancer Insurance Policies
Treating cancer can be costly but mostly because the treatment is made of various components such as surgery, chemotherapy, radiation, hormone therapy, etc. It is a complex procedure that usually implies many different approaches as well as a variety of doctors and caretakers.
Statistics from AARP and others say the average true cost for cancer treatment is $150,000 in the US. The cost can be much less or it can be an expense that amounts to millions.
How To Pay For Cancer Insurance?
For starters, if you have cash intended for paying for specific healthcare services, that may or may not be covered by your health insurance, if you even have one, you can just pay for it that way. Keep in mind that, in case you don’t have some kind of health insurance coverage, your expenses might be much greater than by securing yourself with any kind of health insurance coverage.
The second option you can consider while paying for Cancer Insurance is getting financial assistance. This is especially relevant if you find yourself or someone close to you diagnosed with a rare kind of cancer.
Financial assistance can come in form of cancer-specific programs or more inclusive forms of Medicaid that can drastically reduce or eliminate costs.
Insurance For Low-Income Or Uninsured Patients
There are ways in which low-income or uninsured patients can secure themselves with appropriate cancer insurance. For more detailed information about this, make sure to read our blog about cancer insurance for low-income patients.
If you realize you are in need of financial assistance, there are common healthcare assistance programs available to you such as Medicaid, Medicare, Social Security Benefits, Financial aid for Medical treatments, Hospital care assistance programs, and others. There are also Health insurance programs that specifically target children. That being stated, in case there is a child in your close surroundings that is in danger of developing a cancer diagnosis or already has one, it would be wise to check which programs of this sort are active in your area.
Other than healthcare assistance programs, these are some of the other important contacts and resources to have in mind while researching for financial assistance:
- Case managers
- Oncology social workers
- Oncology doctors and nurses
- National and local service organizations and centers are responsible for providing help to people with cancer who are facing financial challenges.
Hospitals and physicians in your area may treat low-income or uninsured patients. You would need to contact them directly for more information.
You can most definitely go without cancer insurance but as with every health concern, it is best to be safe and insured. Unfortunately, one of the deadliest diseases known to humankind is omnipresent and if it is not you who develops a diagnosis, there is a chance someone from your surroundings might. This is why getting cancer insurance is a smart move as it instills a sense of security that even if you or someone close to you ever find yourselves in these life-threatening conditions, you’ll be covered, or at least a part of your expenses will be.