I have read many articles about the pros and cons of cancer insurance. When I first heard about cancer insurance, I didn’t believe in it either. This all changed when a family member had a policy and had to use it. I have found that this is the case with most people. You don’t truly see the financial impact of cancer until a family member or friend goes through it. A good health insurance policy typically pays a majority of the medical expenses associated with battling cancer but what about the non-medical expenses. I call these have to bills. Have to bills are bills you have to pay no matter what. Examples of have to bills are the mortgage/rent, car insurance, gas & electric, putting food on the table for your family. You may have disability insurance however this only pays up to 60% of your income and has elimination periods. Most people these days need 100% of their income to survive. Add to this your health insurance deductible and co-insurance, cancer can be a financially devastating disease. It is one of the leading causes of bankruptcy.
How does Cancer Insurance help? First it pays a lump sum up front benefit upon the initial diagnosis between $5000 and $70,000 depending on the policy you purchase. You then may have benefits that pay over the course of treatment for things like hospital confinement, radiation and chemotherapy, transportation, nursing care, nausea medicine, and other treatments you may have to go through
Putting the cash from a cancer insurance policy in the bank and using it for your day to day expenses allows you to not have to worry whether you will lose your house and puts your focus on battling the cancer.
Cancer Insurance is financial protection that you hope to never have to use. If you do ever have to use a policy you will be thankful you had it. Most policies do provide a yearly wellness benefit to help you stay on top of your health.
Read more about a cancer insurance policy by clicking here.
Check out this article where we answer the top 7 questions on cancer insurance.
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