Will this type of coverage provide you with anything more than peace of mind?
Cancer insurance is a type of supplemental policy that goes above and beyond what standard health coverage provides, but whether or not it will actually benefit you depends on you unique financial situation and family medical history.
A policy is relatively inexpensive, at only $20 to $40 per month and will provide significant coverage.
Many of the out of pocket expenses from standard medical policies – such as co-payments and deductibles, as well as co-insurance – are increasing, especially in the case of employer subsidized plans. This means that even those who are covered could still face very high expenses if they should ever receive a cancer diagnosis.
What cancer insurance provides is a way to fill the gap that is left behind by typical coverage.
Furthermore, these policies will allow you to seek care outside of your plan’s provider network and will help you to cover your monthly expenses, such as rent or mortgage, utility bills, etc, during the time that you are unable to work and will therefore not have an income. Individuals who receive a late-stage diagnosis of the condition may also be able to have their experimental treatments covered.
The most common types of policy are lump-sum, indemnity, and expense-incurred. They function as follows:
• Lump-sum policy – this provides you with a single, pre-determined payment should you ever receive a cancer diagnosis. This can be spent in whatever way you want, from treatment to bills, transportation costs, or whatever else you need.
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• Indemnity policy – this is coverage for all forms of approved treatment expenses, with a fixed maximum amount for each form of treatment, no matter what its actual cost may be.
• Expense-incurred policy – here, the policyholder receives a set percentage of the costs for all of the covered treatments, up to the maximum amount on the policy.
When you choose a cancer insurance policy that reimburses you for your medical expenses, then you may receive payments per hospital or treatment center trip, per treatment, or per day. On the other hand, a lump-sum policy will simply pay you the entire amount and you can use it for whatever you want, from a vacation to paying off debt, or actually covering your treatment.