Cancer Insurance

Cancer is the second leading cause of death in both men and women in the US. While there has been remarkable progress in the last several years in successful cancer treatment, this treatment is often both rigorous and expensive. These costs can cause people to delay treatment or to totally deplete their family savings to pay for the treatment. Medical insurance that covers cancer treatment is a wise buy for most people.

Insurance Plans That Cover Cancer Treatment

There are a variety of insurance plans that will cover treatment for cancer, including the following:

Comprehensive Plans

A comprehensive health insurance plan, such as an HMO or PPO, that pays a percentage of any covered medical treatment, including cancer. These plans have co pays and deductibles, but usually have a limit to how much you would need to pay out-of-pocket in one year. They may also have a high life-time limit of up to $5 million.

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Major Medical Plan

A major medical health insurance plan, which might have a large deductible and co pays, but which would pick up the majority of costs for a devastating illness or accident of any kind, including cancer.

Supplemental Cancer Policy

A special health insurance policy that only pays for expenses relating to cancer treatment. Some of these policies are sold as supplemental policies, to be used in addition to Medicare or other comprehensive coverage.

Factors to Consider When Buying Cancer Insurance

If you are considering supplemental cancer insurance, you need to shop around to find the best coverage for your needs. There is a wide range of what is actually covered in these policies. Some things you should be aware of are:

  • If you already have cancer, you will not be able to buy this kind of policy.
  • If you have coverage from another, more comprehensive policy, you will not receive double payments if either of the plans have a coordination of benefits clause.
  • Ninety percent of people do not get cancer. You need to be sure you have a comprehensive health care policy, or Medicare with a comprehensive policy, before you purchase insurance for a single disease. Don’t purchase more insurance than you actually need.
  • Some cancer policies have relatively low, flat dollar limits for treatments. Others only pay for certain services, or only for hospitalization. Since most cancer treatment is out-patient treatment, this limited type of policy may not be right for you.
  • Some expenses related to cancer or to any devastating illness are not medical, i.e., loss of wages, or cost of travel to and from the treatment center. Most medical insurance will not cover these expenses, but there are other types of insurance that may help, including disability insurance.

Before deciding on any health insurance policy, be sure to do your research and take all relevant factors into account. Also, it is essential that you speak with a licensed representative who can answer questions you may have about the different cancer insurance policies available.