Cancer insurance is a special type of policy that provides an extra layer of protection to your health coverage. If you are diagnosed with cancer, your health insurance may not provide you with the extent of financial support you need. These policies pay for various out-of-pocket costs, including:
- Health insurance copays.
- Deductibles.
- Transportation for medical treatments.
- Groceries.
- Rent or mortgage payments.
Cancer Insurance & You
Cancer is not rare. About 39.5% of people are diagnosed with cancer at some point in their lifetime. Cancer insurance can be a lifesaver if you are diagnosed. The costs incurred during the treatment phase can add up quickly. You may need help with child care or other household expenses during your course of treatment and care, and this insurance can be of great assistance.
Cancer Insurance vs. Critical Illness Insurance
Some insurance companies offer critical illness insurance, which covers a range of illnesses, such as heart attack, stroke, or other qualifying illnesses. Cancer and critical illness insurance are generally very affordable for younger people, with premiums increasing as you age, but are generally still reasonable in cost.
Every policy is different. Some have lump-sum payouts, while others pay for the medical expenses you incur due to cancer up to a specific limit. If you are considering cancer insurance, contact our insurance agent to evaluate and explain the current options on the market and help you choose the policy that will make the most sense for you and your family.