Do I Need a Cancer Insurance Policy?
While the typical health insurance plan was designed to cover you in a variety of health-related situations, the annual increase in the number of people diagnosed with cancer can make even a healthy person wonder whether their coverage is sufficient. If you’ve been considering purchasing a supplemental cancer insurance policy, it’s a good idea to learn more about the types of coverage available and who can qualify.
Qualifying for cancer insurance
Perhaps the single biggest problem with supplemental cancer insurance plans is that you can’t buy them once you’re diagnosed with cancer. In fact, many plans will deny coverage if you’ve had a cancer diagnosis within a certain number of years—even when your cancer is in remission or was completely removed—or if a doctor has suggested you get checked out for cancer. Even suffering from HIV or AIDs could also make you ineligible for a cancer policy.
Cancer insurance coverage
If you’ve already looked at the risk factors in your family history or lifestyle and are concerned that cancer may be a future health concern you’ll have to face, remember that not all cancer insurance policies are created equal. While some will provide a lump sum payout at the time of your cancer diagnosis, other policies will help cover the medical and non-medical costs of cancer as you incur them. For instance, your supplemental cancer policy may cover:
- Child care
- Copays
- Deductibles
- Dietary assistance
- Hospital stays
- Out-of-network specialists
- Procedures and treatments
- Travel and lodging for non-local treatment.
Of course, the typical cancer insurance policy won’t always cover every one of these, so it’s critical to read and understand all the fine print in any policy you’re considering to ensure it has the characteristics you need in a supplemental plan.
It’s also important to realize that buying a cancer supplement policy doesn’t automatically double the cancer coverage you have. Since your basic health insurance policy will already provide some level of cancer coverage, be sure to review what you’re already receiving before you spend the money on a cancer policy.
Cancer insurance alternatives
In addition to cancer insurance, many people may also have the option to purchase a critical illness policy. This type of policy would offer coverage not just against cancer, but also:
- ALS
- Heart attack
- Kidney failure
- Major organ transplants
- Stroke
Taking a closer look at your family medical history is the best way to determine whether a critical illness policy makes more sense than a cancer insurance policy.
It’s also worth noting that you could apply the cost of cancer insurance premiums to upgrading your existing healthcare coverage to an insurance policy that provides a higher level of cancer coverage. For individuals using Medicare, a Medigap plan could be more cost-effective than cancer insurance without sacrificing the enhanced cancer coverage.
Ultimately, only you can decide whether buying a supplemental cancer policy is the right financial move for your family. Even if you ultimately decide your cancer risk is average and opt not to add the coverage, you may still want to consider increasing your savings account contributions to help better prepare against the high costs of cancer—or any other serious health condition—treatments.