The Centers for Disease Control (CDC) reports that the national economic burden due to the costs of cancer care was $21.09 billion in 2019. On top of that, the out-of-pocket costs were higher for some cancers than others.
Female breast cancer is one of the most expensive cancers in terms of out-of-pocket costs, amounting to $31.4 billion. It is followed by prostate, colorectal, and lung cancers.
The word ‘cancer’ is enough to make anyone panicky. There are so many expenses associated with it, from screening to treatment to follow-up care. And if you do not have insurance or enough savings to cover the costs, it can be overwhelming.
That is where a cancer insurance policy comes in. Such policies are designed to provide financial protection to cancer patients and their families. They provide a lump-sum payment upon diagnosis of the disease, allowing patients to focus on getting the best treatment without worrying about how to pay for it.
Cancer insurance policies typically cover medical expenses related to cancer, such as chemotherapy, radiation, surgery, and doctor visits. They may also cover additional costs such as transportation to and from treatment, childcare, lodging for out-of-town treatments, and lost wages due to missed work.
Cancer insurance is usually best purchased a stand-alone cancer policy. It will provide more comprehensive coverage and will not have the restrictions of a health insurance policy, such as copays and deductibles.
Cancer insurance can help you manage the tremendous financial burden of cancer, allowing you to focus on what is truly important—your health. Before you or a loved one is facing a cancer diagnosis, consider purchasing a cancer insurance policy to help cover the costs.
Why Get Cancer Insurance?
According to the National Cancer Institute, the cancer incidence (rate of new cases) is 442.4 per 100,000 people. By 2040, new cancer cases will rise to 29.5 million per year. Meanwhile, cancer-related deaths are expected to reach 16.4 million.
These figures indicate that cancer is one of the leading causes of death in the U.S., and it is probably not going away anytime soon. It is essential to be prepared for the financial burden that comes with a cancer diagnosis and treatment.
If you are of young age and in good health, you might think that your health insurance will provide enough coverage for cancer care. Unfortunately, this is not always the case. Although most health insurance policies cover some cancer treatments, they usually do not cover the total cost of care. Cancer insurance provides an additional layer of financial protection to help you cover these costs.
There is no restriction as to who should get cancer insurance. Young or old, healthy, or not, everyone should consider getting this type of insurance. It is especially important for those who have a family history of cancer or who are at risk for developing the disease.
However, the cost of cancer insurance depends on various factors, such as your age and health history. Talk to an insurance agent about the best options for you and your family.
What Does Cancer Insurance Cover?
Cancer insurance covers the following costs:
- Doctor Visits
- Prescription drugs
- Hospital stays
- Transportation Costs
Some policies may also cover non-medical costs. For example, if you cannot work due to cancer, some policies may help cover lost wages. The coverage you get with your policy will depend on the provider and the type of plan you choose.
The following factors may determine the cost of your policy:
- Age and gender
- The type of plan you choose
- The amount of coverage you want
- Your location (as some states may offer different plans)
You must read your policy carefully before purchasing to understand what it covers and does not cover. Alternatively, work with an insurance agent to find the right plan for you.
They will help research any potential discounts based on your age, health history, and lifestyle that could lower the cost of your premiums. You can get a cancer insurance plan for yourself, your family, or even for an employer-sponsored group.
Get In Touch to Learn More About Your Insurance Options
If you have any questions about whether or not you need cancer insurance, I can help. As a cancer insurance agent, I can help you understand your options and find the right coverage for your needs. Contact me today to discuss your insurance options.