If you, your significant other, or your child were detected with cancer, would your present health insurance strategy cover all the possibly costs that could be associated with its treatment?
If not, would you or your loved ones be able to afford your part of those bills– or the innumerable expenses your plan does not attempt to cover, like experimental treatments, check outs to out-of-network experts, home health care, and even your everyday living expenditures associated with loss of income?
It isn’t uncommon for people of all walks of life to consider these concerns when worrying about the occurrence of cancer, which is the second most common cause of death in the United States (it represents almost one of every four deaths), and its treatment.
A couple of examples:
According to the American Cancer Society’s Cancer Facts & Figures 2015 report, males in the US have a 1 in 2 opportunity of being diagnosed with some form of cancer throughout their lifetimes, and a one in four opportunity of passing away from it
American women, on the other hand, have a one in three opportunity of developing cancer within their lifetimes, and a one in five possibility of passing away from the effects of cancer.
Likewise, it’s expected that just over 1.6 million new cancer cases will be identified this year, which nearly 600,000 people in the United States died of cancer during 2015.
Finally, the Agency for Healthcare Research and Quality recently estimated that the “direct medical expenses” tied to cancer (in 2011) were $88.7 billion, with half of those expenses coming from outpatient or office-based care, a little over a 3rd originating from inpatient healthcare facility stays, and 11 percent coming from prescription medications.
A Newer Type of Insurance coverage, However Do You Required It?
Provided all the above, there are an increasing number of insurance carriers that are offering supplemental policies that concentrate on, and make a concerted effort to decrease the costs related to, cancer diagnosis and care.
Another factor that cancer insurance plans appear to be showing up more and more is that many basic medical insurance plans do not cover all the expenses that have the tendency to follow in the wake of a cancer diagnosis.
The question is: are the premiums you’ll pay for this kind of insurance policy worth the comfort it may offer?
Unfortunately, you’ll need to respond to that question on your own after weighing all the choices in front of you, although the following pieces of information should help you come to a conclusion one way or another.
This type of insurance coverage is to decrease the cost of cancer treatment
That is among the most essential things to keep in mind if you’re considering paying for cancer insurance coverage.
To puts it simply, the point isn’t really to take the place of the benefits supplied by a traditional (standard) health insurance policy. Rather, cancer insurance is expected to enhance those benefits by providing you with coverage for some of the expenses your standard policy does not deal with.
Cancer insurance policies can cover a lot of costs
Depending upon the type of policy you purchase, cancer insurance coverage can cover a vast array of both medical and non-medical expenses should you or a family member be diagnosed.
A few of the medical costs that tend to be covered by these types of policies are: co-pays, deductibles, medical facility stays (particularly prolonged ones), check outs to out-of-network specialists, and various tests, treatments, and procedures. Non-medical expenses that may be covered, on the other hand, include those associated to childcare, dietary assistance, as well as travel and lodging when treatment is far away from house.
That stated, they typically won’t cover all them
A couple of cancer insurance policies cover every one of the expenditures discussed above, and even the ones that do may still leave “gaps” in your protection– which implies you could be left holding a bill that you’ll be responsible for paying.
Likewise, some cancer insurance coverage doesn’t cover any of the expenditures talked about up until now. In reality, a few of them, for example Aflac, offer a specific onetime payment you receive after you are diagnosed. So, don’t enter into these scenarios presuming all plans essentially provide the exact same benefits or coverage, since that’s not always the case. To understand how various plans work, let us assist with discovering the best cancer insurance plan for you.
You may NOT be able to get this type of insurance coverage if you were diagnosed with cancer in the past.
Some business will turn you down if you have actually been diagnosed with or dealt with for particular type of cancers– generally leukemia, internal cancer (cancer discovered on or in an internal organ), or melanoma– in the last three or five years. Others might turn you down if you have actually ever been diagnosed and treated for cancer.
At least one service provider likewise will consider you disqualified for cancer insurance coverage if you have actually been detected with or treated for a variety of other health issues, too, such as AIDS, AIDS Related Complex, Hodgkin’s disease or if you have actually tested favorable for the Human Immunodeficiency Virus (HIV).
So, again, it’s a good idea to put in the time to read the fine print– or even an insurer’s FAQ page– prior to you get too thrilled about a specific plan.
Pay close attention if you have a family history of cancer.
Cancer insurance doesn’t make financial sense for everybody. For instance, if you’re young, healthy, not risk-averse, and you don’t have a family history of cancer, you might wish to use the money you ‘d hand over for this type of policy for something else.
If a variety of your relatives have actually been identified with or dealt with for numerous type of cancer, however, acquiring a policy with these strategies may be worth your while than it is for individuals without a family history of the illness.
It’s possible your standard health insurance strategy is more than enough for you and your household.
Piggybacking off of the previous point, if you have an average or better danger of establishing cancer, it might make more sense for you to simply depend on your standard health plan, instead of one of these extra strategies, to secure you and your loved ones.
Or, you might take the money you would invest in cancer insurance and utilize it to improve or upgrade your basic plan, specifically considering that this alternative makes certain to provide you with an even wider range of advantages.
Vital illness insurance may make sense for you, too.
Rather than focus totally on cancer, this kind of insurance, which has actually been popular outside of the US for a long time now, offers supplemental coverage for other critical diseases, too– with cardiovascular disease and stroke being the most typical, however others, like kidney failure, major organ transplants, as well as ALS (likewise referred to as Lou Gehrig’s illness) in some cases being covered too.
Some cancer insurance coverage suppliers usually provide critical disease policies. This makes it relatively simple to buy both types of coverage at the very same time, if one is so likely.
Critical illness insurance plans generally pay out a swelling sum quickly after a medical diagnosis has actually been made, and like a few of the cancer insurance policies discussed earlier, the resulting payment can be utilized for medical or non-medical costs.
Like cancer insurance, however, critical illness plans have their reasonable share of critics, the majority of whom say there are better methods for you to utilize your cash to prepare for one or more of these diseases.
If you’re enrolled in Medicare, Medigap also could be an option
Undoubtedly, you have to be enrolled in Medicare to be able to make the most of one of these supplemental insurance policies, but if that explains you, Medigap may be a much better alternative for you than cancer insurance coverage.
The reason: with Medicare Part B covering 80 percent of most of the outpatient treatments you’re likely to experience should you be diagnosed with particular types of cancer, Medigap might help you pick up the remaining 20 percent of the costs.
You cannot rely on cancer insurance coverage alone
You’ll most likely wish to start by making certain whatever basic health insurance strategy you have is up to snuff before you provide any serious factor to consider to the sort of supplemental coverage that cancer insurance plan from companies.
Don’t assume that duplicate coverage will offer you with double the benefits
Not only can it be expensive to double up on insurance protection– by, state, acquiring a cancer insurance coverage that covers the exact same ground as your fundamental health plan– but it’s unnecessary, too.
Instead, your goal must be for your cancer insurance plan to complete a few of the gaps that may be left open by your basic health plan.
Call Insurance Services of Myrtle Beach to help you research the need for cancer insurance. We represent a full line of insurance carriers and can help you select the right cancer insurance coverage for you and your family
MB Insurance Services
Myrtle Beach, SC 29577