October is Cancer Awareness Month. As such, it’s only fair that we take some time to talk about it. One of the biggest questions anyone can face has to do with whether or not they should purchase cancer insurance. Compared to other insurance programs related to critical illnesses, it’s still a somewhat new concept. It is incredibly helpful, though; consider how expensive cancer care is in the US and how far your carrier will go to provide you with coverage. That’s one of the reasons why supplemental insurance, for any condition, matters so much.
At a Glance: What is Cancer Insurance Meant to Be?
So, first things first, you’re probably curious about what cancer insurance is meant to be. It’s all there in the name. It doesn’t supplant your primary health insurance plan; it supplements it instead. It fills in the gaps that you might not have the means to pay for out of pocket. You’ll typically receive a lump sum that you can allocate towards medical costs and non-medical expenses. Some policies are even more comprehensive than that. Unfortunately, this is rare, and in most cases, the policy doesn’t take effect right after you buy it. The insurance company must receive proof of your cancer diagnosis before authorizing the insurance payments. And this comes with a waiting period, so be aware of that possibility.
How Do You Know If You’re Eligible?
The specter of pre-existing conditions is always looming. And in this particular case, those issues can disqualify you from receiving eligibility. If you have been diagnosed with and treated for cancer before, you’d be ruled ineligible. Anyone with HIV, for example, would also be excluded since it amplifies the risk for cancer.
The Limits to Its Coverage
No insurance policy, no matter how thorough, is limitless. Consider several constraints as you begin shopping for the policy that suits you the best. The coverages and exceptions are determined by the carrier or the brokerage that you work with, so pay attention to relevant details. Even so, both medical and non-medical expenses can be offset by such programs. Copays, hospital stays, lab tests, and stem cell transplants are examples of the medical expenses cancer insurance can help you afford.
Necessary Considerations That Influence Your Decision
Before you buy, find out how likely you are to develop cancer. Family history, age, and genetic predispositions are part of your due diligence for this aspect of the process. You might be able to get by with a simple upgrade to your current plan. Regardless, be sure to review the Coordination of Benefits clause to avoid any misunderstandings.
A Customer Testimonial
As we mentioned last week, here is some more information from Barry Goldberg of Ambassador Services: “My policies cover for any sort of injury, on or off the job, and as well as time missed from work if it’s due to an accident or illness. It is unreal how helpful the policies are! I’m appreciative of Ambassador Services for making these plans available and to my reps Tammy Jones and Drew Skibitsky for all their help with understanding and working through claims.” Thanks so very much, Barry!
Get Your Voluntary, Supplemental, and Health Insurance Policies with the MWE Partnership!
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