What Is A Cancer Insurance Plan?

A cancer insurance plan is something that everyone should consider. This is because American men have a 44% chance of developing some form of cancer during their life, and American women have a 37% chance. And most major medical insurance plans do not cover all the expenses related to treating cancer.

A long bout with cancer can leave a family in financial distress.A cancer insurance plan is personally tailored to your situation and is usually some combination of major medical and supplemental cancer insurance. Supplemental cancer insurance provides benefits that help cover treatment costs not covered by your major medical insurance. It may also help you pay for other expenses related to your disease.

You may think your regular health insurance will cover you in the event of cancer, but in many cases that's not true. People everywhere are finding out the limits of their health insurance coverage after developing cancer.

Supplemental cancer insurance can offer you peace of mind. No one wants to get a serious illness like cancer, but it helps to know you have the extra coverage if it happens. Supplemental cancer insurance can help you:

• pay your medical bills
• take care of your family and
• keep up with your mortgage when you can't work.

This kind of protection can come pretty cheap considering all you'll get from it, but you do need to know how it works. Take the time to learn about supplemental cancer insurance and other supplemental health insurance plans. Find out what they cover and what they don't.

Then you can decide if this kind of plan is right for you by contacting one of our experts. They will help you develop a personalized cancer insurance plan.

How Supplemental Cancer Insurance Works

Supplemental cancer insurance plan benefits are paid directly to you and are tax free. This is different from the way typical major medical insurance works. Major medical insurance usually pays the hospital and providers.

Supplemental plans aren't meant to take the place of your major medical health insurance. They offer the ability to cover out of pocket expenses and deal with loss of income related to your cancer.

A personalized cancer insurance plan will help cover expenses that your major medical insurance won't.

You can get coverage for more than just medical fees. Supplemental cancer insurance can also pay you tax free money for your lost income when you're not able to work and help you take care of your other bills.

It could be the thing that stands between you and defaulting on your mortgage or having to file bankruptcy.

One important thing to know is that your cancer insurance plan won't pay until your regular coverage is exhausted. That means that you can't choose to use your supplemental benefits first.

You must have a regular major medical insurance plan in place in order to qualify for supplemental cancer insurance. Your supplemental cancer insurance won't cover basic medical visits or other non-cancer related routine treatment.

It's specifically geared to help you with expenses related to your cancer treatment. These might include anesthetic, chemotherapy, surgery and radiation therapy. Cancer insurance may also cover care designed to prevent cancer such as colonoscopies and other screening exams

You have to buy your cancer insurance before you need it. Insurers aren't likely to cover you after you've been diagnosed with the disease.

That means that you'll need to look into it soon if you're at high risk for any reason.

Your doctor and financial advisor can help you decide whether this kind of insurance is a good idea in your situation. People who've had cancer before or who have a family history of the disease should think carefully about a cancer insurance plan.

Be sure to consider estate planning and trusts when you talk about your insurance, too. Some insurance policies may affect them.

Not for Everyone

Insurance for cancer isn't for everyone:

• Although affordable, it does mean that you will have an additional monthly expense.
• Some policies may exclude coverage for certain cancers.
• Most existing medical conditions will not be covered, or the insurer may raise premiums.
• Some people may even have their application rejected because of poor health or other problems.
• You might not be ready to buy cancer insurance if you're in the wrong financial situation or if the disease you're most at risk for isn't one that insurance will cover.

But cancer insurance is the right choice for many others.

It's important to take the time to decide if supplemental cancer insurance is what you need. Look at all the factors carefully and be willing to talk to professionals about your situation.

Your doctor can help you understand your risk of developing cancer and the probable costs involved. Then you can decide whether this extra coverage is worth your consideration.

Supplemental cancer insurance offers real protection in case of an emergency. It picks up where major medical health insurance stops and it can be a real lifesaver for people in the right situation. Take the time to look at all your options so you can decide if it's right for you.

Written by Grace Palmer - 9/4/09

Reviewed by Stephen Goldner - 9/6/09

Back to top