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What does a cancer policy cover? - Trusted Senior Specialists

12/01/2020 | 06:00 AM | 7 Min Read
What does a cancer policy cover? - Trusted Senior Specialists

If you feel you do not have the financial security needed to deal with an untimely cancer diagnosis, purchasing an insurance policy that explicitly benefits cancer patients may help protect you from unmanageable health care costs. This is what you need to know before shopping for cancer insurance policies

What Is Cancer Insurance? 

Cancer policies are a supplemental type of insurance that exist to mitigate the risk of costs associated with cancer diagnosis and treatment. It is not intended to act as a standalone insurance product, nor will it effectively replace a traditional major medical insurance policy. A cancer insurance policy will not cover every expense related to your cancer diagnosis and treatment, but it will provide a massive cushion that can protect you and your loved ones from the significant financial burden associated with cancer treatment. This is critically important, as many cancer treatments can cost in the range of tens of thousands, or even hundreds of thousands of dollars. 

What Benefits Are Offered By Cancer Insurance

Cancer insurance covers a variety of costs, including the following:

  • Deductibles
  • Copayments
  • Hospital Stays
  • Medical Procedures
  • Network Specialists
  • Lodging
  • Travel

Your plan will likely only cover health care services that are provably tied to your cancer diagnosis. Though, the benefits featured in the above list should cover, up to a certain amount, surgeries, chemotherapy, doctor visits, ambulance services, medications, and more. 

Types Of Cancer Insurance

There are two types of cancer insurance; traditional policies and lump-sum cash benefit policies. Each offers different benefits and has a different payment structure. Here are the specifics of each policy type: 

Traditional Cancer Policy

Traditional cancer policies come in two common structures, expense-incurred plans and indemnity policies. Expense-incurred plans pay out a percentage of all treatment costs with a maximum limit on how much money can be dispersed to a single beneficiary in a specific benefits period. Indemnity policies disperse benefits more directly, paying a specified amount for every benefit stated in your policy contract. 

Lump-sum Cash Benefit Policy

When you sign into a lump-sum cash benefit policy, you are agreeing to a predetermined cash payment amount that will be dispersed to you upon providing your insurer with evidence that a licensed doctor has diagnosed you with a qualifying form of cancer. If you receive a lump-sum cancer policy payout, you are free to spend the cash as you please and are not required to spend it on treatment. 

Find Cancer Insurance

Do you need cancer insurance? You might not know the answer to that question. The experts at Trusted Senior Specialists will help you determine which insurance options are best for your circumstances. Contact us now to schedule a free consultation.

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