It is always a sad day when the words “It’s cancer” are uttered. Yet, what if the doctor was talking to you? What if the doctor was telling someone in your family that he or she has cancer? Sadly, cancer insurance is becoming more important each and every year. With each passing year, more and more families see a loved one infected with cancer. There is no denying the risk of getting cancer is great, and increasing. In the United States, men have around a one in two lifetime risk of getting cancer. Women don’t fare that much better. In the United States, women have around a one in three chance of developing cancer. This means it’s likely you’ll get cancer or see a loved one diagnosed. The least you can do is protect yourself from the inevitable.
What Is Cancer Insurance
The easiest way to do so is through a cancer insurance policy, a form of supplemental insurance. Cancer policies are created to help protect individual’s income and savings from the cancer-related expenses your major medical coverage does not cover. Cancer treatments, drugs, therapies and numerous other expenses add up quickly, especially when a life is at stake. You will receive a lump sum payment when you or a covered family member is diagnosed with cancer.
What Cancer Insurance Offers
This lump sum payment can be used for whatever you’d like. As cancer treatments often require the help of world-renowned specialists, many individuals and families use payment for: out-of-pocket medical expenses, out of network specialists, travel and lodging costs for out of town treatments, experimental treatments, unexpected loss of income, normal living expenses and much more. Some cancer insurance coverage offers preventative care treatments and covered medical services. Routine screenings are often encouraged because they help find cancer at its earliest stages when it can be the most treatable. As well, some plans offer payments for benefits like breast reconstruction and hairpieces. By reading the fine print of any policy you’re interested in, you’ll be able to find out what is covered and what isn’t.
Why Cancer Insurance Was Created
A relatively new form of health insurance, cancer insurance emerged onto the health care scene around 50 years ago. As the number of individuals suffering from cancer continued to grow, so did the demand for a cancer-focused insurance policy. The coverage was created to meet the emerging demands of cancer patients and sufferers. American Heritage Life and Aflac were two of the first companies to offer cancer coverage. Cancer coverage was never intended to replace regular health insurance policies, but to augment them and help offset the astronomical costs that can be associated with cancer. Recently, new policies have been created to cover individual forms of cancer, like a breast cancer plan or uterine cancer coverage.
Why You Need Cancer Insurance
You can’t predict the future. You don’t even know what is headed your way tomorrow. The only thing you can do is prepare yourself for what is to come – prepare you and your family for the worst-case scenario. If you or a covered loved one receives a positive diagnosis of cancer, you want to be prepared. You want to make sure your family is prepared to cope, both financially and emotionally. Traditional major medical insurance plans often have gaps in coverage with regards to critical illnesses like cancer. By purchasing cancer insurance, you ensure you and your family have the protection you need. The goal of cancer coverage is to allow individuals to focus on his or her health without the worry of financial consequences in the back of one’s mind. A free mind means a focus on health. Once healthy, you can get back to living your life – a life without a heaping load of debt on top of it because you chose to protect your interests with a cancer coverage policy.
The Costs Of Cancer Insurance
The cost of premiums for cancer insurance policies can vary greatly. The amount of coverage will ultimately determine your premium. Plans typically have a maximum benefit amount ranging from $10,000 to $50,000. Some plans allow you to choose how long you pay premiums as well – ranging from 20 years of payments to a lifetime payment plan. However, most cancer policy premiums do not increase as you age.
The Downside to Cancer Insurance
Complications surrounding the disease often have a great effect on cancer coverage policies. While cancer coverage can be a great financial options for many, some individuals will not be eligible for any policy. Cancer coverage does not allow for many pre-existing conditions. If you’ve been diagnosed with cancer in the past, you will not be eligible for coverage. As well, if you’ve been diagnosed with HIV or AIDS, you also won’t qualify for a cancer policy. Another factor to consider when deciding if cancer insurance is right for you – only certain types of cancers are covered. While every policy is different, most plans only pay benefits to a first diagnosis of a cancer in an internal organ. Occasionally, the skin cancer known as malignant melanoma is also covered in a policy.
Cancer Insurance & You
Each and every individual will have to decide if purchasing a supplemental cancer policy is right for him or her. Each and every family will have to come to an agreement on whether or not a cancer insurance plan could benefit them in a time of need. No one plans to get cancer, but it’s best to be prepared if the time were to come. Fighting cancer takes much more than strength. Determination will only get you so far in the fight against cancer. Willpower will not cure your cancer. You need to combine these traits with one thing – insurance. A Cancer policy allows you to focus on your health because you know your family’s finances are protected. If you are considering a cancer insurance policy, it’s best to speak with a specialist in the field. You will want to make sure you read the fine print of any policy that interests you before making an informed decision.