This article discusses what cancer insurance covers to help you determine if it’s ideal for you.
More patients are surviving cancer yearly due to reductions in smoking, enhanced treatments, and early detection. However, medical treatment can be expensive. Cancer insurance could help you and your family prepare financially for a possible cancer diagnosis and treatment. This helps to ease the emotional stress of this situation if it occurs. This article discusses what insurance covers to help you determine if it’s ideal for you.
How Does Cancer Insurance Work?
Cancer insurance is a supplemental insurance that helps cover the costs of cancer diagnosis and treatment. There are numerous types of cancer policies:
- The expensive-incurred policy pays a specific percentage of treatment costs.
- Indemnity policy covers expenses for approved treatments, but only up to a limit. The maximum payout might be lower than the actual costs of care.
- Lump-sum policies pay a fixed amount of money after a cancer diagnosis
You Must Buy a Policy Before a Diagnosis
If you have recently been diagnosed with cancer and choose to purchase a policy now, that policy will not provide any coverage associated with the form of cancer you have. You must purchase cancer insurance before you find out you have the illness. Some companies will dismiss you from purchasing cancer insurance after a positive result. Other companies might allow you to take out a policy after diagnosis, but this policy would only work if you developed another cancer type later down the line.
Most Cancer Policies Usually Cover Medical and Non-Medical Costs
Cancer insurance will typically cover medical and non-medical costs. Medical costs include tests, copays, treatments, and other procedures relating to the hospital. Non-medical expenses include things such as child care and income replacement. This way, you can be financially stable in areas where you might need help to keep up with as much as you were previously.
When researching cancer insurance, remember it might not be the ideal financial choice if you have recently been diagnosed because you won’t receive any of the benefits for this type of cancer. Call MWE Partnership at 410-394-9617 to speak to one of our licensed life agents for more details on cancer insurance.
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