What is cancer insurance?

By | November 12, 2021

Cancer insurance is one of the most feared diseases or you can say the most feared state that you can be in. It eats away your body from the inside and takes you closer to death faster. Cancer can be treated but only in the early stages and unfortunately before most of us realize it, we reach the last stage of cancer, which cannot be treated and is fatal. Even if you are diagnosed in the first stage, you will require medication and even will have to spend some time in the hospital.

What is cancer insurance?

This can be a very expensive affair especially with all the tests, X-rays, brain scans, laser surgery and medicines etc. How can you cut down on this expensive? It is not as easy as it seems but you can buy cancer insurance. The limitation is that cancer insurance will provide benefits only if you have cancer. There are no policies that will offer cancer cover without the diagnosis of cancer.

What is cancer insurance?
What is cancer insurance?

According to market studies, 10% of the US health expenses are comprised of cancer treatments. In fact, it is the only single disease that accounts for such a high proportion of America’s public health care bill. Hence it becomes more important to have cancer insurance. The first thing to actually look at is a good medical policy.

Most of the medical policies cover a large part of your medical expense after you pay a deductible. Most of the medical insurance policies have quite high maximums in the range of $100,000 to $1,000,000. A good medical insurance policy will cover you if you had any sickness including cancer or an accident.

There are many cancer insurance policies that advertise payout of better benefits. The truth is that your basic policy might also have a coordination of benefits clause. This basically means that you will not receive duplicate benefits. Hence, before you even buy a cancer policy, you need to check if any clause is there on your basic policy regarding cancer treatment or medication coverage.

There are some cancer expenses that will not be covered even in a cancer policy. The treatment costs for cancer varies with the type of cancer you may have and the stage.

What is cancer insurance?
What is cancer insurance?

A study shows that a major chunk of your cost (78%) goes into hospitalization. The doctors or the physician fee accounts for 13%. The rest of the 9% is accounted for by various other services like medication, drugs, nursing home care etc. Most cancer patients end up paying huge non-medical expenses, which are not covered by the cancer insurance policy.

Some of the limitations of a cancer insurance policy are:

Some of the cancer insurance policies only pay for hospital care. Cancer care treatment requires the use of various methods like chemotherapy, and also surgery.

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There are many cancer insurance policies with fixed dollar limits.

None of the cancer policies can be purchased before you can be diagnosed with cancer.

Most of the cancer insurance policies don’t cover cancer-related illnesses.

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