Cancer insurance is a supplemental insurance policy that can help you cover more costs than what you can have from health insurance alone. While optional, it can relieve a substantial financial burden in a way no health insurance policy can.
Why Get Cancer Insurance?
Cancer is physically, mentally, emotionally, and financially devastating. It is a diagnosis no one wants to get, but something that half of men and a third of women will receive at some point in their lives. When you’re diagnosed, life as you once knew it becomes compromised.
Individuals with cancer are more than twice as likely to file bankruptcy than others. Treatment costs average a whopping $150,000, and health insurance can only go so far. This is also not to mention that cancer interferes with your ability to earn income. You may have to temporarily stop working while you receive treatments, adding onto the debt while leaving you no choice but to watch the bills pile up.
Cancer insurance relieves this financial burden. This is a way to mitigate those expenses so you can focus on your recovery instead of the expenses.
How Does Cancer Insurance Work?
How your cancer insurance policy works depends on which one you choose. Types of cancer insurance include:
- Expense incurred – covers a percentage of covered expenses listed on the policy (up to policy limits)
- Indemnity – functions like expense incurred, except it covers listed expenses up to a certain dollar amount
- First diagnosis – pays lump-sum once you are diagnosed with cancer
These plans cover treatment-related costs like screenings and surgeries, as well as non-medical expenses such as child care and lost wages. If you opt for first diagnosis cancer insurance, you can use the lump sum disbursed to you for anything. Filing claims is a quick process, too – you can do it online directly after a diagnosis.
Cancer insurance is still useful when you are not actively battling cancer. Some plans allow for yearly screenings to detect cancer early, further sparing you from high treatment costs. Other plans may give you benefits in case of cancer returning.
Is Cancer Insurance Right For Me?
Cancer insurance is optional, and there is a chance you may not need it. Not having cancer insurance is not as detrimental as being without health insurance. However, there’s no way to predict whether you will get cancer at some point in the future. It can happen to anyone, and its effects are earth-shattering.
It’s worth considering for anyone – especially those who have a family history of cancer. It is also worthwhile for those who have insufficient health insurance coverage.
Cancer may not be preventable, but with cancer insurance, you can prevent the financially devastating effects.
Be Prepared Today
At Senior Health Solutions, we want to help you be prepared for whatever life throws your way. We’ll get you the best plan for the lowest price. Call us today at (636) 244-4415 for more information.