If you are considering cancer insurance, ask yourself three questions: Is my current
coverage adequate for these costs? How much will the treatment cost if I do get
cancer? How likely am I to contract the disease?
If you have Medicare and want more insurance, a comprehensive Medicare supplement
policy is what you need.
Low-income people who are Medicaid recipiants do not need any more insurance. If
you think you might qualify, contact your local social service agency.
Duplicate Coverage is Expensive and Unnecessary. Buy basic coverage first, such
as a major medical policy. Make sure any cancer policy will meet needs not met by
your basic insurance. You cannot assume that double coverage will result in double
benefits. Many cancer policies advertise that they will pay benefits no matter what
your other insurance pays. However, your basic policy may contain a coordination
of benefits clause. That means it will not pay duplicate benefits. To find out if
you can get benefits from both policies, check your major medical insurance as well
as the cancer policy.
Some Cancer Expenses May Not be Covered Even by a Cancer Policy. Medical costs of
cancer treatment vary. On the average, hospitalization accounts for 78% of such
costs and physician services make up 13%. The remainder goes for other professional
services, drugs and nursing home care. Cancer patients often face large, non-medical
expenses that are not usually covered by cancer insurance. Examples are home care,
transportation and rehabilitation costs.
Don't be mislead by emotions. While 3 in 10 Americans will get cancer over a lifetime,
7 in 10 will not. In any one year, only one American in 250 will get cancer. The
odds are against you receiving any benefits from a cancer policy. Be sure you know
what conditions must be met before the policy will start to pay your bills.