Cancer
Being diagnosed with cancer is a difficult thing to deal with. Cancer insurance can make this troublesome time less overwhelming. With a cancer insurance plan, you get access to coverage that will pay you a lump sum or help pay your costs if you’ve been diagnosed with cancer.
Considering a cancer plan for yourself or a loved one? Here’s what you should know about this type of coverage.
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Insurance Consultation
What Is Cancer Insurance?
Cancer insurance plans are ancillary insurance policies that are designed to supplement your major health coverage. Insurers understand that the out-of-pocket cost of treating cancer can be incredibly expensive. So, they’ve positioned cancer insurance as a solution that can help pay the costs that major health insurance doesn’t cover.
Upon being diagnosed with a qualifying type of cancer, the insured receives a benefit payment that can be used to pay for out-of-pocket costs, as well as other expenses. Some common expenses that are paid using cancer insurance include wage replacement, housing, and travel costs for trips to treatment facilities.
What Does Cancer Insurance Cover?
Cancer insurance helps cover costs that aren’t paid for by your major medical policy. It isn’t meant to replace major medical insurance, instead, it acts as a supplement. If you are diagnosed with a form of cancer that is covered by your policy, you can get help paying the following costs:
- Co-payments
- Deductibles
- Lost wages
- Experimental treatments
- Out-of-network providers
- Travel costs
- Child care
- Costs that exceed your major health plan’s coverage
Who Needs Cancer Insurance?
1 in 3 people will be diagnosed with cancer in their lifetime and nearly 64% of cancer survivors are 65 years of age or older, while only 1 in 10 are younger than 50 years of age, according to the American Cancer Society. With this in mind, people who feel they may be at risk should think about preparing for the worst-case scenario. Cancer takes a massive physical toll on the body, but it can also be a financially devastating disease to combat. The average cost of cancer treatment exceeds $100,000, and cancer patients are often forced into bankruptcy by their treatment costs.
While it is possible to minimize your risk of contracting cancer by living a healthy lifestyle, sometimes these efforts just aren’t enough. People who need cancer insurance the most are people who have a family history of cancer, people who have gaps in their health insurance coverage, and people who have high-deductible coverage. In all of these situations, the likelihood of you needing the lump sum benefit payment from a cancer insurance plan is high.
Costs Of Cancer Insurance
The cost of a cancer insurance policy depends on your age, health history, and the coverage amount you’ve selected. Rates can be as low as $20 per month or as high as $200 per month. The cost varies, so speak to an insurance professional to learn more about what you can expect to pay.
By calling the experts at Hamil Legacy today, you can start planning ahead for a potential cancer diagnosis. For a cancer insurance consultation at no cost to you, give us a call at 972-332-8054.