No one wants to think about the possibility that they, a spouse or a child could ever be diagnosed with cancer. Unfortunately, about 1.8 million Americans will be diagnosed with cancer every year — and the unfortunate truth is that this deadly disease can strike anyone at any point. Cancer insurance is a supplemental insurance policy that can help you pay for some of the many costs associated with cancer diagnosis and treatment that may not be completely covered by your health insurance.
Do you think an additional cancer insurance policy might be right for your needs? You an use for supplemental insurance like this from these trusted providers.
Nationwide coverage VIEW PROS & CONS: securely through Blue Cross Blue Shield Health Insurance's website No enrollment period health insurance VIEW PROS & CONS: securely through Sidecar Health Access Plan's website Access to Kaiser medical specialists VIEW PROS & CONS: Same day coverage available VIEW PROS & CONS: Pharmacy programs VIEW PROS & CONS:Cancer insurance is a supplemental insurance policy intended to work in conjunction with your health insurance to assist you in paying for costs not covered under your health insurance plans.
If you’re diagnosed with cancer, your health insurance will be your primary source of assistance paying for your treatment. Thanks to measures put into place by the Affordable Care Act (ACA), your health insurance provider must provide coverage for cancer treatment, and your health insurance company cannot put a lifetime maximum on the dollar amount your health insurance will pay for treatment.
This means that, so long as you are truthful on your initial health insurance application and you continue to pay your premiums, your health insurance cannot stop paying for your treatment.
This doesn’t mean that your health insurance will cover every cost associated with a cancer diagnosis — this is where cancer insurance can come in handy. Most cancer insurance plans will include coverage for some or all of the following extra expenses:
As you can see, there are many nonmedical expenses associated with receiving treatment for cancer. If you anticipate that you’ll have trouble covering these expenses, it’s a good idea to consider adding a cancer insurance policy to your list of home coverages.
Most insurance companies will deny coverage if you have already been diagnosed with cancer. This makes it especially important to begin reviewing your insurance coverage while you’re healthy.
If you have health insurance, you might assume that you don’t need to add another insurance policy to your coverage. After all, ACA-compliant health insurance plan providers are required to provide you with comprehensive coverage for cancer diagnoses and treatments — why would you add another bill to your monthly expenses if you already have coverage?
The unfortunate truth is that cancer can affect anyone — and you might not realize the full cost of cancer until you’re stuck with thousands of dollars in unpaid bills. Research your family history and see which types of cancers you have a predisposal to. If your family shows multiple types of cancers, you should seriously consider investing in cancer insurance in addition to your health insurance.
Before you purchase a cancer insurance policy endorsement, look at your current health insurance policy. Review your out-of-pocket maximum and your deductible before you decide whether you need to add a policy endorsement.
Though some health insurance policies have very high maximums and deductibles, others have very low out-of-pocket costs. For example, if you pay a higher monthly premium for your insurance plan, you likely have a lower deductible and out-of-pocket maximum. Some insurance plans even have zero deductibles. If you have a comprehensive health insurance plan that offers a ton of coverage and you have a fully complete emergency fund, you might not need extra insurance for cancer.
Cancer isn’t the only life-threatening illness that can take a toll on your finances. Other conditions (like a heart attack or coronary bypass) can cause a major financial strain as you receive treatment and take time off from work to recover. If you don’t have an emergency fund or a health savings account, you may find it difficult to keep up with even basic living expenses while receiving treatment.
A critical illness insurance policy is a more inclusive supplemental insurance option that can help you pay for mounting costs when you suffer a debilitating illness. Some examples of things that a critical illness policy can help cover include:
If you have a family history of heart disease, cancer or another condition that can lead to a critical illness, you may want to consider adding this insurance to your current health insurance plan. The right critical illness coverage can help you stress less over bills and focus on healing and resting.
Cancer insurance isn’t the same thing as health insurance — it is meant to be used in conjunction with your health insurance plan. Knowing your current health insurance benefits can help you choose the best cancer insurance to complement your coverage. For example, if you have a plan with a $20,000 out-of-pocket maximum, you might want to consider a cancer insurance policy with a limit of $20,000 or more.