Do You Need a Special Policy for Cancer?

Some employers offer supplemental health insurance policies to cover the costs that your Triage Cancer Blog Cancer Policytypical health insurance policy doesn’t. These policies could cover things related to a “critical illness” or a specific medical condition, like cancer.

These are policies that your employer pays for as part of an employee benefits package, or that you can buy directly from the insurance company through your employer.  AFLAC would be an example of a company that offers these policies.  If you aren’t sure if this type of policy is available to you at work, you’re your human resources representative, or whomever handles the employee benefits at work.

Depending on where you live, you may be able to buy a supplemental cancer insurance plan directly from an insurance company.

Be aware

Before you considering buying a supplemental plan, here are some things that you should consider.

  • The two types of policies
    • There are two different types of cancer insurance plans. The first is very similar to a typical health insurance plan in that it pays for a certain portion of your medical expenses. The second pays a predetermined lump-sum for various expenses, such as transportation and lodging when you need to travel to receive treatment. It may also pay cash payments when you have surgery or receive other types of medical care. The lump sum payments can be used for anything, including your daily living expenses.
  • Different plan = different coverage
    • Depending on the cancer insurance plan, a policy can cover a lot of medical and nonmedical expenses, including co-pays, hospital stays, treatments, fertility preservation and dietary assistance. However, there are very few plans that will cover this range of expenses. Additionally, they won’t pay for costs that are already covered by another health insurance plan.
  • Critical illness insurance is a reasonable option
    • Some insurance providers offer critical illness insurance along with a cancer plan. This kind of insurance provides coverage for strokes, heart attacks, and other critical illnesses.
  • You may not be able to purchase cancer insurance if you had cancer in the past
    • If you have been diagnosed with or treated for certain kinds of cancers or other medical conditions in the last three or five years, some companies will deny you coverage The protections against pre-existing condition denials that are available for regular health insurance coverage, do not apply to these supplemental plans.
  • Know your history
    • A family history of cancer may be a good indication to purchase cancer insurance for yourself of your family members.
  • Cancer insurance is not a stand-alone product
    • Cancer insurance is meant to cover the gaps in your regular health insurance plan, not serve as a stand-alone product to cover your medical expenses.
  • Read the fine print
    • Read everything before you buy a policy because many have gaps in the terms. For instance, some policies’ coverage kicks in months after purchasing while others stop paying out after a certain time.
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