Which Cancer Insurance Policy Is Right For You?

According to the American Cancer Society, an estimated 1,735,350 new cases of cancer will be diagnosed in 2018. Also this year, approximately 609,640 people will die of cancer in the United States. This makes the disease the second leading cause of death in the nation.

If cancer runs in your family, or for some reason you are more likely to develop it than the average person, a cancer insurance policy may provide some peace of mind.

What is cancer insurance?

It is an add-on to your primary health coverage. Most medical plans pay some costs associated with a serious illness or disease, but not all. As with any type of supplemental insurance, a cancer policy can fill in coverage gaps. It can also lessen your overall financial burden.

What does a cancer insurance policy cover?

Lump-sum plans provide a cash payment upon diagnosis. The recipient can spend it as they wish. Treatment-based plans, on the other hand, pay over time. These usually cover chemotherapy, hospitalization, surgery, transportation and lodging costs.

Some cancer policies have deductibles that must be met before coverage begins. Others have certain limitations. Also, keep in mind insurance companies may cover different types of cancer.

Which cancer policy is right for you?

Consider these factors when making a decision:

• Would your needs be best met by a lump sum payout or a treatment plan?
• How much coverage do you require? (The more you get, the higher the premium.)
• Are clinical trials covered in the plan you’re reviewing?
• Some plans have add-on features called riders, providing extra benefits such as the return of premiums if the policy is not used.

Steps to take while employed

The American Cancer Society notes that if you are diagnosed and you have a disability benefits policy through your employer, it can help replace lost income if you become unable to work. The ACS recommends you confirm exactly what the policy covers, and determine when the benefits go into effect, before leaving your job.

A short-term care policy can provide income as you wait for a disability policy or long-term care policy to kick in. It’s important to make sure there are no gaps in your overall health insurance coverage, as this could prevent you from getting coverage in the future.

If you are not employed, there are private insurance plans available. Among them are long-term care insurance, individual disability plans, critical illness plans and cancer and intensive care unit (ICU) plans.

Act now to be ready later

We hope you do not need a cancer insurance policy. However, if you are diagnosed with the disease, as millions of Americans are each year, it may be difficult to get the scope of coverage you need.

At AmeriLife, we are committed to meeting your insurance and retirement needs and helping you the achieve the peace of mind that comes with being prepared. Contact an AmeriLife agent to explore options for yourself or family members and determine what would best fit your situation and budget.