Cancer is an illness that can come at any stage of our life. It can be without warning, without a timeline, and when we are not financially ready. It can act swiftly, or you may have time to get things in order. The uncertainty of a cancer diagnosis should not be burdened with the price tag for treatment. The cost of treatment can reach around $10,000 each month for single cancer medication, and your out-of-pocket expense can be around $2,500 for the medication.1

These costs differ from the types of cancer and treatment needed to what your insurance covers. Depending on the frequency and duration, this all plays a factor in the cost, rising with the ever-changing economy.  The lease terminal cancers are usually the most costly, but whichever form we are battling with, we can never be certain about the cost.

What is Cancer Insurance?

Cancer insurance is supplemental insurance that is used directly for patience diagnosed with cancer. Once your primary insurance is billed, the cancer insurance then picks up what other costs are not covered.2 This insurance covers a variety of cost that comes with battling cancer such as:

  • Prescriptions drugs
  • Treatments such as chemotherapy, radiation, and other forms of cancer treatment
  • Doctors visits
  • Nonmedical cost such as transportation, child care, even loss of income

These policies are designed to cover the financial gap between what is covered by insurance and the cost of everything else that comes with becoming ill. Lengthy hospital stays, treatments, and the overall feelings associated with your illness can leave you exhausted and financially drained. Cancer insurance can help you feel at ease that you and your loved ones are properly cared for.

How to get Cancer Insurance

If you are currently employed, check with your employer if they offer or have access to providing you with cancer insurance. Some employers provide plans in bulk provided at a discounted rate for them, which then translates into a discount for you. If you are not an employee or your employer does not offer cancer insurance, there are private plans to purchase independently.

You can contact some of the cancer insurance market leaders to find a plan that best fits your situation. Cigna, Aflac, United Healthcare, MetLife, and many other insurance groups have great plans at low cost.2 Some life insurance policies also offer cancer insurance, so be sure to look at all avenues to find the best plan. Compare all plans and decide how much you may need to cover the cost if you need to utilize this insurance in the future.3

Final Thought

We can never be fully prepared for all that comes with receiving a cancer diagnosis. The financial stress alone with medical costs can take its toll on us, so think about eliminating some of the worries by considering extra cancer insurance coverage. These policies can help you in your time of need to support your medical needs and your family’s necessary financials. Contact your current policyholder or reach out to your employer to get information on how to sign up for cancer coverage.



Published On: March 16th, 2021 / Categories: Cancer Insurance, Critical Illness Insurance /

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