Cancer affects a large portion of the population, causing a great strain on not only our emotional resources but our financial stores as well. Serious illness comes with a hefty expense and hospital costs can quickly add up, as will your expenses for travel, lodging, meals, child-care and more. Cancer insurance provides a lump sum or per day benefit to help ease the financial burden of your illness so you can focus on getting better. To learn more about cancer insurance and cancer insurance with recurrence plans, speak with The Coleman Agency today.
Cancer insurance can help you pay for more than just the tremendous costs of treatment. The benefits from cancer insurance can also help you pay for the non-medical expenses that come along with treatment, including loss of income, added child-care expenses, travel and lodging expenses, deductibles, co-pays, and more.
Cancer Insurance Coverage
Cancer insurance pays benefits through either a lump sum payment or a per day basis. Each policy is different. Once a person is diagnosed with cancer, their cancer insurance plan will pay either a lump-sum cash benefit upon the first-time diagnosis or pay on a per day basis. Both of these options have limits. You can expect a lump sum benefit to have a cap of around $50,000 and the per day basis to have a limit of around $300/day for the first 300 days and up to $450 for the next 200 days of hospital confinement.
Who Needs Cancer Insurance?
Unfortunately, cancer rates in the United States are high. Cancer affects 1 in 2 men and 1 in 3 women during their lifetimes. These diagnoses often come with unexpected expenses. When someone becomes ill with cancer, they may not be able to work, which limits the family’s income. The strain on the family’s resources also impacts the ability to pay for child-care expenses along with travel and lodging related to seeking treatment for the cancer.
Cancer treatment is expensive. You will need to pay your health insurance deductible along with any copayments and coinsurance. There is no guarantee that your treatment will be covered in large part by your insurance carrier either if you happen to have a type of cancer without a widely tested course of treatment.
Securing with Supplemental Insurance
Some cancer insurance plans have a recurrence benefit to protect you financially in the event your cancer returns. You can pursue these and other plan options to protect your finances while you focus on your treatment. Consult with The Coleman Agency to learn more about whether cancer insurance is a supplement that you should add to your health insurance.