Cancer Insurance
Senior Insurance Services, a nationwide insurance broker
Why cancer insurance?
According to the American Cancer Society, 1 in 2 men and 1 in 3 women will develop cancer in their lifetime. Additionally, more than 1.6 million new cancer cases will be diagnosed this year resulting in over 600,000 cancer-related deaths. These statistics are not meant to be scare tactics, but simply the reality of cancer in the US. For this reason, some people choose cancer insurance to protect themselves in the event they receive the dreaded diagnosis from their doctor.
Who needs cancer insurance?
There may be some cancer-related expenses that medical insurance doesn’t cover. That’s why it’s always important to thoroughly review your policy to be prepared those unexpected high medical costs. If you are on Medicare and have purchased a Medicare supplement policy, many cancer-related expenses may already be covered but even these policies only go so far. Depending on the cancer insurance policy you purchase, it can help offset some of the costs and cover additional items such as the ones listed below:
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- Deductibles and co-pays
- Out-of-network treatment
- Travel, lodging and meals during treatment
- Child care
- Dietary assistance
- Various tests, treatments, and procedures
- Home health services
- Surgery
- Blood transfusions
- Prescription drugs
- Ambulance rides
- X-rays
- Radiation
- Chemotherapy
- Nursing
- Doctors’ visits
- Hospital stays
It’s crucial that you always consult with your independent agent to review all these options and your questions about what will and will not be covered.
Types of Cancer Insurance policies
Cancer insurance policies vary in the way they are administered giving you options for how you will be covered.
Lump-sum cash payouts: These come just as the name states, a lump-sum payout upon a cancer diagnosis. These benefits are flexible because they can be used to pay for mortgages, living expenses, out-of-pocket medical expenses and more.
Critical illness plans: These cover more than just cancer. Critical illnesses could include strokes, heart attacks, comas and more. They tend to favor lump-sum payouts and may use a staggered pay-out plan or direct payment to health providers.
Expense-incurred: Pays for a percentage of covered treatments. Generally, they come with a maximum dollar limit and reimburse you after you pay out-of-pocket expenses.
Indemnity policies: Similar to expense-incurred except each treatment has payout limits. Some plans pay a maximum amount per day for specific items such as radiation, chemotherapy or hospital stays.
What does it cost?
It all depends on the coverage you choose, but coverage can start for as little as $1 per day! Lump-sum payout plans with a $5,000 payout will be far cheaper than a lump-sum payout of $100,000. Insurance premiums differ widely from one provider to another. That’s why working with an independent agent is so important. We can find the right policy for you at the right price. Plus, we know all the specifics of these plans and can advise you according to your goals so there are no surprises when you submit a claim. Age is also a factor when it comes to cost.
Keep in mind that if…
- You have previously been diagnosed with cancer
- Have been diagnosed with AIDS, HIV or ARC (AIDS-related complex)
- Been advised to undergo cancer tests by a doctor
…you are unlikely to qualify for cancer insurance.
Give our licensed agents a call today at 1-800-594-5393. Our expertise will help you assess your current needs and health history to determine if cancer insurance is an option for you.
Senior Insurance Services
2801 Summer Tree Lane
McKinney, Texas 75071
1-800-594-5393
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