Every year, billions of dollars are spent on cancer care in the United States. Cancer is one of the most costly diseases, cancer care typically costs an individual roughly $100,000 per year. According to the American Cancer Society, one of every two men and one of every three woman will develop some form of cancer in their lifetime. Cancer insurance can be a savior for those that have been diagnosed with the disease.
Doesn’t Health Insurance Cover Cancer?
Unless otherwise stated, health insurance does cover some costs associated with cancer. Health insurance may cover preventative screenings, diagnostic tests, doctor visits, and certain types of therapies. However, the treatment methods that are covered may be limited and only certain physicians and specialists may be considered “in network.” Health insurance will also only cover a percentage or portion of costs as specified in the policy, up to a previously agreed upon maximum.
How Does Cancer Insurance Work?
Cancer insurance works a little differently than most other types of insurance. While a monthly or yearly premium must be paid as with other types of insurance, the benefits are paid directly to the policy holder in the event of a cancer diagnosis. This allows the policy holder to decide how to spend the money paid out. This can be very helpful if the health insurance policy maximum is exceeded.
Cancer Insurance Benefits
Once cancer insurance benefits have been received, policy holders can use the money as they see fit. This is a definite advantage over simply relying on health insurance, as patients can opt to participate in clinical trials, see leading experts, and experiment with homeopathic remedies – all of which would not be covered by typical health insurance policies. Patients may also utilize benefits to help pay for travel costs to medical appointments, lodging, and daily costs of living as needed or desired.
Who Needs Cancer Insurance?
Cancer insurance can be helpful for people of all ages and walks of life, as cancer can affect anyone. Those who have previously been diagnosed or treated for cancer and those that have been regularly exposed to known cancer causing agents may be particularly susceptible to developing cancer, so it may be prudent to purchase cancer insurance. A family history of cancer may also indicate a genetic predisposition to cancer.
Purchasing Cancer Insurance
Cancer insurance is generally much cheaper to purchase than health insurance. Purchasing cancer insurance in addition to health insurance may only raise monthly or yearly premiums by a small amount and may even be available at a discounted rate when purchased through the same company. A qualified health insurance agent can help you decide whether cancer insurance fits your needs and budget.