Supplemental Cancer Health Insurance - Do I Need It?

Supplemental Cancer health insurance isn't something people talk about every day. It's actually something that most people never even think about. But recent reports tell us that just having major medical health insurance won't protect us from high costs. People who have major medical health insurance are finding that it won't cover their cancer expenses.

American men have a 44% chance of developing some form of cancer during their life, and American women have a 37% chance. Most people have an approximate 6% chance of developing colon cancer at sometime in their lives.

When we buy insurance we expect it to protect us but more and more cancer patients are finding out that their basic medical insurance won't do that for them. This is why it's so important to know your options and consider taking action before you become ill.

Regular Policies Might Not Cover All of Your Cancer Costs

Cancer patients are running up large amounts of debt, filing for bankruptcy, and even avoiding treatment. They simply can't afford care.

• It might be because their policies won't cover their illness.
• It could be because the need to take time off work or even leave a job finds them without insurance.
• It might be because their major medical insurance has a lifetime maximum that they exceed with colon cancer treatments.

No matter how it happens, people are incurring large personal expense and debt related to their cancer illness.

• Look at your health insurance if you're at risk for developing cancer or you already have this disease.
• You may be surprised to find out that the health insurance you've been paying for all these years doesn't cover you as much as you'd assumed.
• High cost sharing and benefit caps could leave you vulnerable when you need coverage most.
• Your employer-sponsored coverage could go away if you become too sick for work.
• You may not be able to find new coverage you can afford if you have to shop for insurance on the individual market.
• Or you might find that high risk insurance pools don't help you the way they should.
• Major medical health insurance is meant to help us, but it often falls short.

Protect Yourself Financially

There are a number of resources and things you can do to protect yourself financially.

• Be proactive
• Know your insurance plan inside and out and ask about any clauses that seem confusing.
• Take the time to learn your rights and the laws that protect you.
• If you leave your job, you're protected and allowed to retain your health insurance coverages for a given period of time under COBRA. This doesn't apply if you're fired.
• Investigate plans like Medicare and Medicaid to see if you're eligible for benefits through them.
• Some states also have plans which may help you pay for your colon cancer care or other treatment.
• Some hospitals offer free or low cost services to those who can't pay. They receive government funds to offer these.
• You may also be able to buy health insurance from your state if you can't find a company that will insure you. You may not be able to get these if you're eligible for other programs.
• Investigate supplementing your major medical insurance with supplemental cancer health insurance.
• Get screened for colon cancer on a regular basis after age 50 or sooner if recomended by your doctor.
• If you're recieving treatment, keep good records of your payments.

Insurance Options for the Terminally ill

Some families choose to sell off benefits from life insurance policies to help pay for cancer treatment plans. This is usually done when the person selling benefits doesn't have long to live. A doctor must certify that this is the case.

You should also talk to financial advisors about estate planning and trusts in this situation. You may also choose to get a third party loan and use your life insurance as collateral.

Insurance for Cancer Survivors?

If you're a cancer survivor and cancer free for five or more years you may be able to purchase a health insurance plan made for cancer survivors. These can be a big help for people who have had cancer.

Beware of insurance plans that won't provide the coverage you need. They may charge very high fees or have high deductibles. Many people believe that this kind of cancer health insurance is the only kind they can get after recovering. That simply isn't true.

Be sure to read these plans over carefully before purchasing them. They can be a big help in taking care of tests, drugs, and routine doctor visits.

Cancer insurance plans that can help you are out there. You just have to be able to read through to find the ones that will really work. Be sure to ask a professional if you have any questions, but don't give up!

Protect Yourself From the High Cost of Cancer

Naturally, insurance works best when it is purchased before you become ill. A good option is to purchase supplemental cancer health insurance. It will cover co-pays and other costs not covered under your major medical insurance in the event that you become ill with colon cancer. If you would like to learn more about supplemental cancer insurance you can click here.

Written by Grace Palmer - 9/3/09

Reviewed by Stephen Goldner - 9/5/09

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