Most of us think that cancer insurance seems like an investment that is never going to be used. Although the American Cancer Society predicts 1,660,290 new cancer cases this year, most of us feel that cancer insurance is a pure waste of money. Health and financial experts recommend knowing about cancer insurance first, and then moving forward with a decision.
Most cancer insurance policies don’t offer coverage for illnesses caused due to cancer complications like infections, diabetes, and pneumonia. Hence, before buying a cancer insurance policy, study all the terms and conditions thoroughly.
It is unfortunate, but at present, America is surrounded with cancer from all four corners. According to latest research from the American Cancer Society, cancer will attack one of every three Americans, three of every four families, and one in every eight women will be diagnosed with breast cancer.
People shouldn’t forget that after being diagnosed, they won’t be able to work for a while. This means no income. Relying on disability insurance is not advised, as it might take some time before it actually starts paying up, and even if it does, it might not be able to cover the maximum expenses incurred. To ensure that cancer treatment costs aren’t heavy on the pocket, cancer insurance is available, but is it worth it? Let’s find out in this HealthHearty article.
What is Cancer Insurance?
Choosing a policy can be decided by looking at the company’s track record, brand, the benefits it offers, and lastly, the price. However, there is a catch in buying a cancer insurance policy. People who have been diagnosed with a cancerous condition can’t apply for this insurance, and those who have had cancer within the last five years cannot purchase this insurance policy.
Should I Buy a Cancer Insurance Policy?
The Risk of Getting Cancer
A cancer insurance policy is highly beneficial for those who belong to families in which cancer is prominent. People belonging to such families might want to look at their current health plan, and compare how taking cancer insurance might help them.
Upgrading the Current Health Plan
For those who aren’t sure about cancer insurance, they can think of upgrading their existing health plan. The company might provide the new plan at a discounted rate, with an increase in the number of health benefits.
Check for Overlapping Benefits
Before buying a cancer insurance policy, it is advised to check for a Coordination of Benefits Clause (COB) to avoid any duplicate coverage, as it results in unwanted expenses.
In the end, the question of buying cancer insurance basically boils down to individual choice. As mentioned before, experts do recommend taking cancer insurance for those who come from a family associated with the disease. Consumers also have the option of upgrading their existing health plan, which ensures maximum coverage against critical illnesses.
Disclaimer: The information provided in this article is solely for educating the reader. It is not intended to be a substitute for the advice of a professional.