Cancer insurance is a specific type of health insurance that has become very popular in recent years, for good reason. While cancer is usually covered under major medical policies, there are invariably a host of associated expenses that end up falling on the shoulders of the patient. This is where a cancer policy comes in. It can help to defray these costs and prevent financial disaster.
What is cancer insurance?
It is a type of health insurance with very small premiums but large benefits which kick in upon diagnosis of most forms of cancer. These benefits are used to take care of a variety of costs associated with cancer, such as coinsurance from a major medical plan, stem-cell transplants, rehabilitation, and income loss, to name a few.
Who is it for?
Cancer doesn't discriminate, so an insurance policy designed specifically to cover costs associated with cancer is a good idea for just about anyone. Those who are at the highest risk for developing various forms of cancer due to family history should be first in line to take out a cancer policy. The only person not eligible for a cancer policy is someone who has a pre-existing cancerous condition or who has been treated for cancer in the past.
How does it work?
Different policies work in different ways, but the basic tenet of a cancer policy is there is a defined benefit amount that is paid out when the insured is diagnosed with cancer.
What are the different types of policies?
Cancer policies can differ from one another in a few ways. Some pay strictly for medical expenses associated with cancer, such as for copays, testing, and anything else not covered by the insured's major medical policy. Others are designed to pay cash so the insured can continue paying other bills and living expenses while unable to work due to cancer treatment. Some cancer policies actually pay the lump sum benefit immediately upon diagnosis.
What are the benefits?
Everyone knows cancer is expensive to treat, but until someone is unfortunate enough to experience it personally, they usually don't realize just how many costs are associated with this awful disease. As previously mentioned, not all of these costs are covered by traditional health insurance. A cancer policy can ensure that a cancer patient can return to a normal life after treatment - a life that doesn't involve cleaning up a financial tsunami.