This blog post shares the things you must know before purchasing cancer insurance.
More patients are surviving cancer every year because of reductions in smoking, advanced treatments, and early detection. However, medical treatment can be costly. Fortunately, cancer insurance could help you and your family prepare financially for a potential cancer diagnosis and treatment. As a result, this helps to ease the emotional stress of this situation if it occurs. This blog post shares the things you must know before purchasing cancer insurance.
What is Cancer Insurance?
Cancer insurance is a kind of supplemental insurance that provides coverage for cancer diagnosis and treatment costs. There are several types of cancer policies:
- The expensive-incurred plan pays a specific percentage of treatment costs.
- Indemnity policy covers expenses for approved treatments, but it is limited. The maximum payout might be lower than the actual care costs.
- Lump-sum insurance policies pay a fixed amount of money after a cancer diagnosis.
You Must Purchase a Policy Before a Diagnosis
Suppose you have recently been diagnosed with cancer and choose to purchase an insurance policy now. In that case, that policy will not cover any costs associated with the form of cancer you have. You must buy cancer insurance before you discover you have the illness. For instance, after a positive result, some businesses will dismiss you from buying cancer insurance. Other companies may permit you to take out a policy after diagnosis, but this would only work if you developed another cancer type in the future.
Most Cancer Policies Typically Cover Medical and Non-Medical Costs
Cancer insurance will typically cover medical and non-medical costs.
- Medical expenses include tests, copays, treatments, and other procedures related to the hospital.
- Non-medical costs include things such as child care and income replacement. This way, you can be financially stable in areas where you may need help to keep up with as much as you previously did.
Remember, cancer insurance may not be the ideal financial choice if you have recently been diagnosed with cancer because you won’t obtain any of the benefits. Call MWE Partnership at 410-394-9617 to speak to one of our licensed life agents for more information regarding this type of insurance.
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