Cancer insurance coverage is under the category of supplemental insurance due to the fact that it does not replace normal health insurance but instead provides additional coverage for any expenses incurred during cancer treatment that the normal health insurance may not fully cover. Cancer policies can be offered by employee benefit plans on top of the usual health insurance policy.
It is important to note that cancer policies are not able to be provided to those who have a current diagnosis of cancer. Additionally, anyone who has previously been diagnosed with cancer and been a recipient of treatment is also not eligible for this coverage from most companies.
Cancer coverage is designed to provide benefits for a policyholder who is afflicted with cancer, as outlined under the terms of the policy provided. All cancer policies will cover medical costs related to cancer treatment. Many policies will also offer coverage for non-medical costs. What is eligible for coverage under these policies can include copayments for the traditional insurance coverage, hospital expenses when one is in for an extended stay, any associated medical tests and procedures like stem cell transplants, for example. This is in addition to many other covered expenses as well. Other covered expenses of a non-medical nature include health care at home, lost income and child care expense compensation. Speak to your insurance professional for more information on options available.
Most of these kind of policies will provide compensation of a specified amount for each medical or non-medical expense that is covered. Some of these cancer insurance coverage types will simply pay a lump sum upon diagnosis that allows one to utilize the payment as they see fit to help with medical and non-medical expenses that are related to the cancer diagnosis.
Cancer insurance is really quite straightforward. It will pay out when one receives a diagnosis of cancer and is designed to cover any holes in one’s normal medical insurance. It also helpfully provides assistance with non-medical expenses. Each policy is different and has its own litany of available benefits.
Arguably, one of the biggest initial benefits in obtaining a cancer policy is the peace of mind it gives to the individual purchaser who may be facing usual medical benefits that are less than desired and perhaps underwhelming. Supplemental cancer insurance coverage also ensures that one will be able to handle cancer-related non-medical expenses so that he or she can remain financially healthy while being treated and made physically healthy- a great combination!
Cancer insurance, like all insurance, exists because anyone can be the recipient of the unexpected, in this case becoming ill. Should one have a family history of cancer or even if the proverbial slate is clean, there nevertheless is always a risk that cancer can strike an individual. Receiving a diagnosis and then undergoing treatment of cancer is all stressful enough, add on the additional financial stress and cancer insurance is an obvious choice to consider.
Now, while one is cancer-free, is the time to purchase a cancer insurance policy so that you will be able to enjoy the benefits of it when you really need it.