What is Cancer Insurance and is it worth it?
Cancer insurance, a form of ‘supplemental’ health insurance that has been around for more than 75 years. The need for coverage is worldwide and increase in demand has soared. The main reason people buy this type of plan is to protect themselves from medical bankruptcy that often come from getting cancer.
How it works is simple. A cancer plan pays the insured separate from health insurance, which is NOT enough coverage since the majority of those that had a medical bankruptcy had tradition medical coverage in place. The value of cancer insurance is clearly meant to offset the cost of the huge and sudden financial bills that emerge suddenly when a person gets diagnosed.
Why health insurance alone does not cover all the expenses.
Much of the bills are non-medical related, meaning a major medical policy is a false sense of security when dealing with a critical illness.
Looking at this example will paint a better picture to understand how a cancer insurance policy works.
Janet received news from her younger sister Karen, she had been diagnosed with breast cancer and is spreading.
After approximately a couple of months of treatments, she is still out of work recuperating, and plans to be for the rest of the year. The good news is with modern medicine she is going to survive, but will she financially?
She receives only a bit over half of her income from her disability insurance (link out?) which didn’t begin right away yet her bills are starting to pile up fast. She is terrified she might wind up broke since she has a $5,000 deductible to satisfy along with travel expenses to a cancer treatment center she would like to go. Karen needs to stay at a location nearby the hospital since it is far from her home. When she gets back home she needs a nurse that may or may not be covered. She may even decide now to get a lesser specialized place to receive treatment rather than better care as she cannot afford it. In addition to her income being cut and out of work she is using up her savings rapidly. Luckily Karen, although single, has her sister to help her instead of a nurse but now Janet is taking off from her work to be by Karen’s side.
Although it could have been worse- the cancer could have been more extreme and needed experimental treatments and clinical trials which also might not be covered.
Karen survives, but unfortunately didn’t have the supplemental coverage that would have protected her and has to claim bankruptcy.
Having a cancer insurance policy would take care of much of the bills with receiving a fast cash payment directly to her for as much as fifty or $100,000 which starts as low as only twenty dollars a a month.
If you knew you would have cancer by next month, what you do to protect yourself to day?
See how a cancer insurance plan would cost instantly