Health is wealth. No one would realize the significance of this idiom better, than those who have been diagnosed with some critical illness like cancer. Cancer is a 'dread' disease that can snatch the sleep out of your nights. Besides, the cost for the treatment can literally make your family spend sleepless nights.
It's no wonder that having a health insurance can let you have the peace of mind in such conditions. You'll know that at least you'll be able to continue the expensive treatment for the illness. Along with the conventional health insurance coverage, you can buy a cancer insurance to help pay for the treatments.
What is cancer insurance?
Cancer insurance is generally not available as a conventional health insurance policy. It is usually bought as a supplemental medical coverage that goes along with an individual's health insurance policy. The monthly cost for the additional coverage ranges from $20 to $40. This type of policy lends financial assistance to the insured for his medicines and treatment, when he or she is diagnosed with cancer.What is usually covered by cancer insurance?
Cancer insurance doesn't function like a regular health insurance policy since it pays for both medical and non-medical expenses. It even pays for the out-of-pocket expenses which a conventional health insurance doesn't cover. A cancer insurance plan usually offers assistance in the following ways:- It pays for the co-payments or co-deductibles, before the medical insurance comes into play.
- It covers expenses for the hospital stays over extended time periods.
- It makes payments for the cost of the medical tests.
- It lends financial support for the disease specific treatments and special procedures like stem cell transplants etc. It might even sponsor the experimental treatments for those who have been diagnosed with a late-stage cancer.
- It might also pay for the transportation costs for the insured, like the expenses for moving the patient to and from the medical center or hospital.
- It might even provide loss of income benefits, when the insured misses work due to the illness.
- It might even provide coverage for the out-of-network providers, under your health care plan.
- Other non-medical expenses that a cancer insurance plan might cover include expenses for home health care, child care, dietary restriction aids etc.
What should be considered before buying a cancer insurance plan?
The following points should be kept in mind before purchasing a cancer insurance plan:- Opting for a cancer insurance plan only makes sense if you have a family history of cancer.
- One must review the extent of coverage offered by his health insurance plan before buying additional coverage for cancer. Otherwise, he or she may end up paying extra for a plan that his conventional health insurance policy might also cover.
- Instead of purchasing a new cancer insurance plan, one can update his or her existing policy with the intended coverage. This might also help to keep the costs under control.
- Usually health care providers don't allow individuals to buy a cancer insurance plan, if he or she has been diagnosed with cancer. Thus, individuals with pre-existing cancerous condition or even those who had been cured within the last 5 to 10 years are considered ineligible for this kind of insurance protection.
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