You have to think ahead. If you’ve already been diagnosed with cancer, you are probably not eligible for a cancer insurance policy. Cancer insurance is purchased ahead of time, to be used in the event of a diagnosis. If you have a history of cancer in your family, it’s definitely something to consider investing in.
Cancer insurance is supplemental. This insurance is not meant to replace your current health plan. While your current health plan can cover your everyday medical costs, these cancer insurance plans cover costs such as co-pays, lengthy hospital stays, and out-of-network specialist visits. Other non-medical cancer-related costs may be covered, such as child care and travel expenses to far away treatments.
There is no one-size-fits-all policy. Every policy will have different levels of coverage. More expensive policies may cover most of your associated costs as they come up. Other plans, such as Aflac’s, may present you with a lump sum after your diagnosis for you to budget as necessary. Don’t treat your cancer insurance like your standard health insurance plan, as key elements will be different.
Consider the scope of your plan. Three out of 10 Americans will develop cancer at some point in their lives, which means that a majority of people in this country will never battle it. If you’re looking for insurance to cover cancer but are worried that it’s too specific and you might never use it, look into policies that cover additional medical issues, such as a heart attack, organ failure, or stroke.
Even if cancer insurance isn’t for you, think of other ways to save. If you decide that your cancer risk is low and your resources are better used elsewhere, there are plenty of ways to plan ahead. One such option to save for a rainy day is a Health Savings Account (HSA). This is a way to save money for treatment costs of various illnesses that also has certain tax benefits.
Read the fine print. This goes without saying when purchasing any sort of insurance. Don’t assume anything when it comes to coverage. Many policies won’t cover cancer treatments that haven’t been approved by the FDA or other similar health organizations, and you’ll want to find this out sooner rather than later.