Cancer shows no favoritism, and can be a devastating disease, both physically and to your family’s finances. If you’ve had cancer, you know you needed to focus not only on treatment, but also on what your insurance did and did not cover, and on what you were responsible for paying.
If you had a supplemental cancer insurance policy, it may have been beneficial in covering the costs your primary health insurance did not cover. Supplemental cancer insurance can pay a lump sum benefit or pay benefits that cover certain costs associated with the illness, depending on the policy.
The most appealing feature of a cancer insurance policy is the support it provides to help assist with certain costs that would otherwise be out-of-pocket. These policies can help cover costs such as transportation, meals, home health care, loss of income, and extra child care – expenses that may not be covered by original health care, but the extra financial cushion makes all the difference.
Supplemental cancer insurance is one of those things that may be a good idea to purchase while you’re healthy, because once cancer strikes, it’s most likely not an option anymore. According to verywellhealth.com, “To be eligible for cancer insurance, you usually cannot have a pre-existing condition that predisposes you to cancer,” and “in most cases, people who have previously been diagnosed and treated for cancer are also ineligible”1.
If you are not eligible for a supplemental cancer policy because of a previous cancer diagnosis, there may be a few options you could explore that don’t involve insurance.
REVIEW YOUR PRIMARY HEALTH INSURANCE POLICY
Primary health insurance usually covers the most common cancers. While it may not give you a cash benefit or help with the out-of-pocket expenses, it is still good to have in case your cancer regresses.
FULLY FUNDED EMERGENCY FUND
If your primary insurance covers cancer, but not the out-of-pocket expenses, you can rely on your savings fund to help cover those costs should you need to. Constantly contributing to your savings can help you protect your financial future.
LONG-TERM DISABILITY INSURANCE
Disability insurance is different from health insurance. You (or your employer) pay the premiums to keep the policy in effect. Should you become unable to work and you meet the policy’s definition of disabled, the policy can pay you for the time you’re unable to stream an income. The American Cancer Society states, “This type of policy often replaces 60% to 70% of income.”
According to goodlifeprotection.com, you may be able to purchase life insurance. For individuals who have had cancer, “The options are limited and are different than your typical traditional term or permanent whole life insurance policy; however, if you have been in remission for a while, you may have more options than you think when it comes to purchasing a life insurance policy”2.
If you have any questions about what insurance options are available to you and what’s the best choice for you, contact a financial advisor or a licensed insurance Agent.
- How to Decide If Cancer Insurance Is Worth the Cost
- Life Insurance for Cancer Patients and Current Cancer SurvivorsApril 18, 2019
Categories: Cancer Insurance, Insurance, Supplement Health Insurance