20 Nov 2018

Does Insurance Cover Cancer Treatment?

Does Insurance Cover Cancer Treatment?

The short answer to this question is yes.  But there are important caveats that deserve to be discussed.

A cancer diagnosis can be a devastating thing; and most people will be affected by it at some point in their lives.  With the National Cancer Institute showing that new cancer drugs can cost more than $400,000 per year, the financial implication is only slightly overshadowed by the impact on your health and family.

What is covered?

The good news is that, with the Affordable Care Act, health care coverage for cancer treatments has become more accessible and affordable than ever.  Under this law, patients even have coverage for treatments provided by approved clinical trials and for things like regular cancer screening, treatment and follow-up care.

What isn’t covered?

That being said, there are limitations.  You might find that your health insurance plan doesn’t cover all of your medical costs.

If you have Medicare but no additional insurance like Medigap, you could find yourself paying for 20% of treatment costs.  With the sky-high cost of cancer treatments, you have to ask yourself: “would I be able to afford it?”

If your answer is no, you should consider switching to a higher premium plan that will cover more of your costs in the long run at the next Open Enrollment period.  You can get additional coverage through an employee benefits plan from work, a Medicare supplement or an individual plan available through the Health Insurance Marketplace.

Do I have the right coverage?

38.4% of people are expected to be diagnosed with cancer at some point in their lives.  There’s a chance you’ll be affected so it makes sense to make sure you’re protected.

If you want some additional information, the Cancer Support Community has put together a handy Cancer Insurance Checklist to help you choose the right plan.

That said, instead of trying to decipher complex jargon like ‘out-of-network’ costs, ‘copays’ and ‘COBRA’ benefits on your own, it makes sense to get help.  If you’re concerned about whether you have enough coverage for this common ailment, get in touch with the cancer insurance experts at HealthQuoteInfo.com or call 855-614-5057.

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