- Posted by Laura Martin
- On October 20, 2020
What would you do if you, your spouse, or your child were diagnosed with Breast Cancer? Would your current health insurance plan cover all of the potentially astronomical costs for treatment?
Would you or your loved ones be able to afford your portion of those bills? How about the many bills your plan doesn’t address? Bills like experimental treatments, visits to out-of-network specialists, home health care, or even daily living expenses?
It isn’t unusual for people of all walks of life to ponder these questions, especially considering the prevalence of cancer. It is the second most common cause of death in the US, killing 1,600 Americans every day.
Finally, the Agency for Healthcare Research and Quality estimates that the “direct medical costs” tied to cancer (in 2014) were $87.8 billion. More than with half of those costs come from outpatient or office-based care. 27 percent of costs come from inpatient hospital stays.
Fortunately, health insurance companies now offer a plan specifically designed to alleviate these costs. It’s called cancer insurance, though some companies offer it in a bundle of critical illness insurance.
Cancer insurance is intended to be a supplemental insurance product that works in conjunction with your primary health insurance plan.
Cancer insurance is more common because many basic health insurance plans don’t cover all the costs from a cancer diagnosis.
“The right time to consider a cancer insurance policy is when you are in good health,” says Jesse Slome, director of the American Association for Critical Illness Insurance.
The answers to those questions depend on your personal situation. Factors like your finances, health, and form of cancer all impact whether or not cancer insurance is right for you.
Cancer insurance policies can cover a lot of costs.
Depending on the policy you buy, cancer insurance can cover a wide range of both medical and non-medical costs.
These are some of the expenses that tend to be covered by these plans:
- Hospital stays (especially lengthy ones)
- Visits to out-of-network specialists
- Various tests, treatments, and procedures
- Child care
- Dietary assistance
- Travel and lodging when treatment is far away from home
Get in touch! We love talking to employers about adding even more value to your benefit package! Email email@example.com or call 484-321-5752.