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a cancer insurance policy can work in two ways

How Does a Cancer Insurance Policy Work?

If cancer runs in your family or you have cause to believe you may be diagnosed in the future, you’re probably wondering what insurance options are available. Purchasing insurance for the event of a cancer diagnosis is an excellent way to be prepared. There are two types of cancer policies available, so let’s go over your options and figure out which one is best for you.

What to Consider

Chances are that if you’re considering a cancer insurance policy, you already have basic health insurance. If you don’t have health insurance, consider purchasing a policy before you begin shopping for a cancer insurance provider. Selecting health insurance is important and can provide for many more situations besides a cancer diagnosis.

Types of Cancer Insurance Policies

This type of insurance covers the costs of medical services that are intended to treat or diagnose cancer. There are two types of cancer insurance policies. One type pays benefits on diagnosis and the other pays benefits once you begin treatment, each of which being good options when preparing for the future. If you choose to have your benefits paid out upon diagnosis, you will receive your payment in a single lump sum. With this type of plan, you are free to use the additional funds as you see fit, meaning you don’t always have to use the money to pay for treatment. This is an excellent feature of this policy, as you can use the remaining money to cover debt or other medical bills. Not having specifications about what the money must be spent on can grant financial freedom.

If you choose a cancer insurance policy that pays for treatment, you will not get a lump-sum payment upon diagnosis. Instead, your insurer will pay some or all of your cancer-related health care expenses. When you sign up for cancer insurance, you will know exactly how much money you get upon diagnosis or if you chose a treatment coverage plan, you will know what portion of your costs are covered by the policy. 

Ready to Buy a Cancer Insurance Policy?

If you’re beginning to research the cancer policies available, let us know. We can provide you with support and select the right type of policy for your situation. Cancer insurance doesn’t have to be overwhelming, even though there are many providers out there. Give us a call and begin your journey to purchasing cancer insurance today.