A Source of Financial Security When Cancer Strikes
According to the American Cancer Society, almost I out of every 3 Americans living today will be diagnosed with cancer.* There are few of us who haven't been touched by cancer in some way. Perhaps you've had first-hand knowledge of the effects of cancer. Or, maybe you've known a friend or a relative who has developed the disease.
If you've had your own personal battle with cancer, you're well aware of the toll it can take on you and your loved ones. If you're fortunate and have not had any symptoms in five or more years, technically you're "cured." Your life expectancy could be considered the same as a person who never had cancer. But, your financial well-being may not be as secure as it once was.
Basic Medical Insurance May Not Be Enough
Although new cancer treatments, procedures and equipment have undoubtedly saved more lives, they have also contributed to rising health care costs. Those of us who are still able to afford the high premiums typical of basic medical plans may find, to our dismay, that the coverage isn't as "comprehensive" as we imagined.
Typically, many major medical plans do not cover all hospital and doctor bills, specialists' fees, prescription drugs, operations, nursing care and therapists. You must pay the remainder of the cost, until you reach your plan's out-of-pocket expense maximum. Today, many major medical plans are forcing insureds to pay a larger portion of the cost, either through higher copayments or premiums.
If your plan doesn't have a limit on out-of-pocket expenses, you could be under-protected. For example, chemotherapy is a commonly prescribed form of cancer treatment, but it's extremely expensive. Without supplemental insurance, your savings could be in jeopardy. Or, you could be forced to go without the treatment you desperately need. If you want to try an experimental treatment, you'd probably have to pay for it out of your own pocket.
Out-Of-Pocket Expenses Can Get Out-Of-Control
If you look at the numbers, it's clear that out-of-pocket expenses can get out-of-control. According to the 1994 Source Book of Health Insurance Data, if you or someone in your family is diagnosed and treated for lung cancer, you can expect to pay $29,000. Other cancer treatments may be just as costly.
Supplemental Insurance Can Help Prevent Financial Hardship
Cancer expense insurance has become a popular way to supplement basic medical insurance. The concept of supplemental cancer expense insurance is very simple. Benefits are paid directly to you, regardless of any other insurance you may have. You can then use the benefits to help pay for all of the extra costs associated with your cancer treatment.Typically, this type of plan provides a lump sum payment on the first day the cancer is positively diagnosed (except skin cancer). Thereafter, you receive daily cash benefits--to use any way you wish. One important reason cancer expense insurance has gained in popularity: the price. You can purchase this type of insurance--for yourself and your entire family--at reasonable rates.
While we can all hope for a cure, the best advice is to take a pro-active, preventative approach. Eat right, don't smoke and see your physician on a regular basis. And, make sure you're better protected from financial strain with cancer expense insurance.