Comprehensive Medical Packaging
Cancer 101
What is Cancer Insurance?
Everyone knows someone who has been diagnosed with cancer. Life-threatening disease can quickly become financially devastating, but having cancer insurance can help.
According to the American Cancer Society, 1 in 3 people will be diagnosed with cancer in their lifetime. If you've ever had cancer or know someone who has, you're well aware of how this disease upends the lives of everyone it touches. The physical toll cancer takes on the human body is devastating, as are the adverse effects it has financially on those impacted by it.
According to research by AARP, average costs for cancer treatment can run in the $150,000 range. That same research stated that cancer patients are 2 ½ times more likely to declare bankruptcy than healthy people.
You can take certain steps to minimize your risk of contracting cancer, such as eating a healthy diet, being physically active, and protecting yourself from the sun. But is there anything specific we can do to protect ourselves financially from a cancer diagnosis?
Many people believe there is, and they invest in it monthly.
It's called Cancer Insurance.
Cancer 101
Additional Information
Cancer insurance is a type of supplemental insurance that pays a benefit if you, the policyholder, are diagnosed with cancer. It's not intended to replace group health insurance coverage you have through your employer or an individual health insurance policy you've purchased.
But you can purchase a cancer insurance policy by itself as a stand-alone policy without having any other type of health insurance coverage. Oftentimes, people find it confusing when they are presented with the opportunity to purchase a cancer policy because they already have health insurance that includes coverage for a cancer diagnosis and treatment. They question whether it makes financial sense to pay for additional cancer coverage that they believe might duplicate benefits. But is that really the case?
Your group insurance or individual major medical policy may pay for procedures and treatments related to a cancer diagnosis. Still, there may very well be other related expenses that aren't covered by your health insurance.
The Cancer Plan Payments help you pay:
• Co-pays
• Deductibles
• Lost wages
• Experimental treatments
• Out-of-network providers
• Travel costs for treatment
• Child care
Costs exceeding your primary plan benefits For many people, financial bankruptcy becomes a reality not because they didn't have health insurance, but because of the numerous cancer-related expenses not covered by their primary health insurance policy.
Rather than focus entirely on cancer, critical illness insurance provides supplemental coverage for other worrisome illnesses. Heart attack and stroke are the most common examples. In some cases, critical illness insurance Riders or policies sometimes covers kidney failure, major organ transplants and ALS, too. Just confirm these options, if that interests you, prior to purchasing your plan.
This makes it relatively easy to purchase both types of coverage at the same time, if needed. Critical illness insurance policies usually pay out a lump sum shortly after you’ve been diagnosed.
As is the case with some cancer insurance policies, this payment can be used for medical or non-medical expenses. Something to keep in mind as you consider this type of insurance is critical illness plans or a Critical Illness Rider to add to your Cancer Policy.
Critical Illness Insurance:
Many companies sell critical illness insurance plans that help mitigate high out-of-pocket costs and cover a variety of serious conditions. Strokes, heart attacks, comas and more, all qualify as critical illnesses. Specific insurers have their own criteria, but most consider cancer a critical illness, too, and cover it as such. Critical illness plans usually favor a lump-sum payout, though some use a staggered payout. Other critical illness plans provide direct payment to health providers. Yet others pay for travel and housing costs if patients need to travel to specialists.
See More Information Below.
Cancer Insurance Policy types
Expense Incurred Policy
Expense Incurred Policy
Expense Incurred Policy
A policy that pays a percentage of all covered expenses listed in the policy, up to the policy's limits.
This policy continues to pay you as treatment is incurred until the policy limits are met.
Indemnity Policy
Expense Incurred Policy
Expense Incurred Policy
An indemnity policy is similar to the expense incurred policy, but instead of paying a certain percentage of all covered expenses, it lists a specific dollar amount of each individual covered treatment.
This policy continues to pay you as treatment is incurred until the policy limits are met.
First Diagnosis Policy
Expense Incurred Policy
Indemnity + First Diagnosis
This policy pays the policyholder a lump-sum payment upon the first diagnosis of cancer.
This policy is done after the inital payment to you is made.
Indemnity + First Diagnosis
Indemnity + First Diagnosis
Indemnity + First Diagnosis
An Indemnity Policy + First Diagnosis policy is a combined policy, but instead of just paying a specific dollar amount of each individual covered item, it also pays a lump-sum payment upon the first diagnosis of cancer.
This type of plan pays a lump sum initially and then continues to pay you for the remainder of your treatment.
Additional Riders
Indemnity + First Diagnosis
Additional Riders
Heart Attack Rider
Stroke Rider
Waiver of Premium Rider
Spouse Rider
Indemnity + First Diagnosis
Additional Riders
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