While most people don’t expect to face serious illnesses such as cancer, statistics show that one in two men and one in three women develop a form of cancer in their lifetime. While you can look at family history to determine the risk, they don’t usually tell the whole story. While environmental and heredity factors can play a significant role, inherited genetic influences make up only about 5% to 10% of all cancers.
Thanks to early detection and more effective treatments, more people are surviving cancer. If you are diagnosed with cancer, you may find that your health insurance does not cover every expense. In this article, we’ll discuss the benefits of cancer insurance and what is covered by the cancer policy.
What Does Cancer Insurance Cover?
Ultimately, cancer insurance coverage depends on the policy you purchase and the cancer insurance company you purchase it from, but many policies pay for basic medical and non-medical expenses. Some of the medical expenses covered by a cancer policy include:
- Deductibles
- Copays
- Child care
- Radiation therapy
- Experimental procedures
- Long hospital stays
Cancer treatments cost thousands of dollars. While your 20/80 coinsurances may appear reasonable when you have a bill of $100, a bill of $200,000 can bankrupt you. The major benefit of a cancer insurance policy is its ability to help with certain costs that would have come directly from your pocket. Things such as home health care, meals, transportation, and loss of income are not covered by your standard health insurance.
How Cancer Insurance Plan Works?
Cancer insurance policies are not designed to stand-alone or replace the regular health insurance plan but to supplement the traditional policy by paying for treatment-related expenses not covered by it. There are two ways in which cancer insurance policy works:
With most cancer insurance plans, if you have been diagnosed with cancer, your cancer insurance company will pay you a lump sum of money that you can use for both medical and non-medical expenses. You basically use the money received any way you choose to make up for the deductibles, lost wages, and copays.
A cancer insurance plan may offer coverage for cancer-related expenses beyond what your main primary health insurance plan covers. What this plan actually covers varies massively, and sometimes, it may have the same omissions as the benefit in your main plan.
Speak with a Qualified Agent
For more personalized assistance with your cancer insurance needs, contact Kannonball Insurance to speak with an experienced insurance expert.
