Should I Get Cancer Insurance?
Cancer insurance is a supplementary health insurance policy that can cover many of the costs associated with this disease. While your regular health insurance may cover some procedures, people often find out at a critical juncture that some of the most expensive costs involved in their cancer recovery are not covered by a health plan. A serious disease can be a strain not only on your health but on your savings as well.If you aren’t sure whether cancer insurance is right for you, find an agent in the Nationwide Life Plans network today. A local member agent can help you compare cancer insurance policies and quotes from multiple companies and customize the best plan for your unique situation.
The Cost of Cancer
- Cancer in the U.S. costs an average of $228 billion per year
- $93.2 billion is spent in direct medical costs
- The average cost is rising by 15% each year
- Prescriptions alone can cost over $50,000 per year; for example, Provenge, a prostate cancer treatment costs $93,000
What Does Cancer Insurance Cover?
Ultimately, coverage depends on the plan you buy and the company you buy it from, but many cancer insurance policies cover basic medical and non-medical expenses. Certain medical expenses can include things like radiation therapy, long hospital stays, co-pays, deductibles, and even experimental procedures. Cancer treatments easily cost thousands of dollars, and while your 20/80 coinsurance rates may seem reasonable on a $100 bill, a $300,000 charge can bankrupt the average person.
An attractive feature of a cancer insurance policy is the ability to assist with certain costs that otherwise would come straight out of your pocket. Things like transportation, meals, home health care, loss of income and extra child care can strain your finances and aren’t covered by regular health insurance.
Cancer insurance will pay benefits to you directly. You may receive a lump sum upon diagnosis, but anything above and beyond the limit may require reimbursement receipts. In the long run, hanging on to your receipts might be easier than paying exorbitant out-of-pocket costs.