It’s hard to believe in this modern world of computer-phones, health screenings, and self-driving cars, that we are still worrying about diseases like cancer. And yet, dealing with cancer is a modernized, less stressful process just like much else around us. One major way the landscape has changed for this illness is via the rise of the cancer insurance policy.
What exactly is a cancer insurance policy? Cancer insurance policies follow the same general logic as a life insurance plan or flood insurance. It is meant to act as supplemental insurance to a general health plan, and will kick in if you are ever diagnosed with cancer. A typical cancer insurance policy would cover the costs of medications, blood transfusions, nursing care, chemotherapy/radiation, surgery, hospitalization, and many other combinations of treatment plans. Plan limits vary but you could potentially get a cancer insurance policy worth up to one million dollars. The question is…is it worth the premiums? Some would argue that the fact that cancer is currently the second place cause of death in the US is reason enough to purchase. However, if any of the following criteria apply to you, you might want to give cancer care insurance special consideration:
1. There’s cancer in your family. Although many factors have been attributed to cancer over the years, family history has consistently been one of them, especially for breast cancer. If you’ve got more than one cancer blip on your family tree, you might want to get proactive about DNA screenings and cancer insurance. Early detection and aggressive treatment that you can afford could go a long way in improving a cancer prognosis.
2. You don’t have a nest egg. The exorbitant cost of healthcare has been the topic of much policy debate recently. People who suffer from chronic illnesses like cancer bare the most of this cost burden, accounting for over two thirds of medical expenditures in the U.S. If you’re not independently wealthy (and even if you are), buying some sort of chronic illness insurance to supplement your existing coverage couldn’t hurt.
3. You’ve been exposed to a known carcinogen. Are you a smoker? Did you spend long hours out in the sun during your youth? Were you exposed to asbestos or breathe in toxic chemicals at some point? Are you a bacon lover? While some might throw up their hands and say that everything is a carcinogen nowadays, there are certain ones everyone agrees on, like cigarette smoke and ultraviolet rays. If you know you haven’t been as careful as you should be, don’t just regret it. Preempt the consequences with cancer insurance.