Cancer Insurance
According to the American Cancer Society, an estimated 41% of men and 38% of women in the U.S. will develop some form of cancer in their lifetime. This amounts to billions of dollars spent each year on medical and treatment costs. Most traditional healthcare plans will only cover some of those expenses and provide little to no safety net to keep the insured financially afloat if the illness and/or treatments prevent them from earning a regular paycheck.
Cancer Insurance is a form of supplemental health coverage designed to help with costs not covered by standard plans. It will also provide financial support to the policyholder when the illness and/or treatments prevent them from working for an extended period of time.
A Cancer Insurance policy only pays out when the policyholder is diagnosed with cancer, and therefore must be purchased before a diagnosis is given. There are three common types of policies: Expense-incurred, Indemnity, and Lump Sum.
Expense-Incurred
Pays for a percentage of all covered treatments up to the specified maximum dollar amount of the policy.
Indemnity
Covers all approved treatments. However, it sets a limit on each treatment, regardless of the actual cost.
Lump Sum
The insured receives the full amount of the policy in one payout if diagnosed with cancer. There are little to no restrictions on how the insured uses the money.
Typically, these payouts can be used to cover living expenses, lengthy hospital stays, deductibles, travel expenses if the treatment they require is not available nearby, or to undergo treatment not covered by their regular healthcare plan.
Premiums for Cancer Insurance are fairly affordable but do vary depending on the type of policy and other personal factors (age, lifestyle, health history, etc.). Other advantages of a Cancer Insurance policy can include early-detection tests and access to wellness programs. The biggest benefit of all comes from knowing that, in the unfortunate event of a cancer diagnosis, you can focus on fighting this devastating illness, rather than struggling to pay the bills.
To learn more about adding a Cancer Insurance policy to your overall healthcare plan, call Family Tree Financial Group today.