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August 15, 2020

What Types of Expenses Will Cancer Insurance Cover?

cancer insurance coverage

A healthy diet, exercise, and regular doctor visits are some of the best things we can do for our health. But even though good lifestyle choices may increase our chances of having a longer, healthier life, sometimes we face illnesses we cannot avoid such as cancer.

While certain behaviors can decrease our risk of getting cancer, like avoiding tobacco and maintaining a healthy weight, no one is completely immune to the possibility of cancer. In fact, according to the American Cancer Society, “In the U.S., an estimated 40 out of 100 men and 39 out of 100 women will develop cancer during their lifetime.”1

What is an option you can have to prepare for the possibility of cancer?

Cancer Insurance

You may want to consider purchasing cancer insurance, a type of supplemental health insurance.

Cancer insurance is meant to be purchased in addition to your existing health insurance policy and can help with some of the costs associated with cancer and its treatment.

Medical Expenses

If you are diagnosed with cancer, cancer insurance can help cover some of the costs your primary health insurance does not cover. Such costs could include copays, deductibles, long hospital stays, diagnostics tests, and cancer treatments.

Non-medical Expenses

Cancer insurance can also help pay for non-medical expenses you could incur, like childcare, travel and lodging, or lost income.

Cash Payout

While some cancer insurance policies pay for medical and non-medical expenses due to cancer, others have a cash payout. It’s up to you how you use this cash payout, and payouts vary in amount, depending on the policy.

Policy Specifics and Limitations

Cancer insurance policies vary in how payments are made, the amount of payment, and in eligibility requirements. It’s important you fully understand the benefits and limitations of any insurance policy you’re interested in before you buy it.

If you have any questions about cancer insurance, contact a licensed insurance agent.

  1. American Cancer Society, PCancer Facts & Figures 2020, 2020
  2. Verywell Health, How to Decide If Cancer Insurance Is Worth the Cost, 2020

Categories: Cancer Insurance, Insurance

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