Cancer Insurance

One of the most recent introductions into the world of health insurance programs is cancer insurance. This type of insurance has specifically been created as a direct response to the dramatically increased rate by which cancer is being diagnosed worldwide. There are certain forms of treatment and care that will be required if you have been diagnosed with cancer, however, up to 60% of the fees involved will not be covered by any particular health insurance policy. You could say that cancer insurance has been created to help reduce the overall costs of care and treatment.

Cancer insurance can best be described as a supplemental insurance policy that will typically help to dramatically reduce the cost of cancer treatment. It is extremely important that you are aware that cancer insurance is not designed to replace another traditional health insurance policy. In fact, cancer insurance has been designed to complement any existing health insurance policies you may have. In order to be eligible for cancer insurance, you must not have had a pre-existing cancerous condition. Unfortunately, if you have previously been diagnosed and treated for any form of cancer you will not be eligible for this type of policy.

The type of coverage you can expect from a cancer insurance policy will vary according to the specific insurance provider you choose, and the overall details of your policy. However, with that said, the vast majority of cancer insurance plans will cover both medical and non-medical expenses. Amongst the many medical expenses that cancer insurance will cover are extended hospital stays, certain procedures such as stem cell transplants, co-pays, medical tests and any other treatments that are generally specific to cancer. Your non-medical expenses will typically include loss of income benefits, home health care, dietary restriction aids and childcare expenses.

You should always fully understand what a cancer insurance policy will cover prior to making a purchase. It is also advisable that you compare the benefits offered in a cancer insurance policy with your current health insurance plan. Often, you may come across an overlap in coverage and therefore it will make absolutely no sense in purchasing a cancer insurance policy if your current health insurance policy provides the coverage that you need.

There are certain factors that you will need to consider prior to purchasing a cancer insurance plan. Many people, unfortunately, believe that a disease-specific health insurance plan is a complete waste of time. So what type of questions should you be asking?

What is the risk of you getting cancer? - If you have a family history of cancer then this type of policy will make perfect sense. Should you have a family history of cancer you should initially look through your current health insurance policy and see what additional benefits a cancer insurance plan is able to offer.

Rather than purchasing a cancer insurance plan, can I simply upgrade my current health insurance policy? - Upgrading your current health insurance policy can be a suitable alternative to purchasing a cancer insurance plan. You will typically find that an upgrade will cost far less money and you may even have a wider range of benefits to choose from. You should only ever consider this course of action if you have an average risk of developing cancer.

You should also remember that having two policies does not mean that you have double the coverage. You will actually find that the vast majority of insurance policies will have what is known as a coordination of benefits clause. This will generally mean that one policy will not cover the expenses that another plan does. Therefore, you should ensure that you are not downgrading your current health insurance policy prior to purchasing cancer insurance.

It is recommended that you shop around for a cancer insurance policy. As this is a relatively new type of health insurance, the likelihood is that most companies will want to offer the most competitive products and premiums possible. You may also find that you do not specifically require cancer insurance, and that another plan such as disability insurance may be a better option for you.

Cancer insurance is definitely not something that most people would like to think about. However, there are numerous statistics that can be a cause of concern. Were you aware that men have a one in two chance and women have a one in three chance of developing cancer? The American Cancer Society estimates that up to 1.5 million new cases of cancer will occur in the United States each and every year. You should also be aware that your risk of contracting cancer will increase with age, and it is believed that well over 75% of all cancers will typically occur in individuals who are aged 55 or over. Cancer is also known as the second leading cause of death in both adults and children. In adults the leading cause is heart disease, and in children the leading cause is accidents. However, it is not all doom and gloom and it is estimated that the five-year survival rate for all cancers combined is approximately 60%.

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