Cancer Health Insurance
Cancer insurance’ is typically known as a ‘specified disease’ or ‘dreaded disease’ policy that provides benefits to a person who has been diagnosed with cancer for his treatment for the disease. Like any other health insurance coverage, Cancer health Insurance also excludes policy benefits for any pre-existing disease or illness diagnosed before the policy was bought.
Unlike, general health insurance policies, policies for Cancer command higher premium rates as they generally provide higher benefits and more comprehensive coverage than any other disease. Also, premium amounts tend to get higher as the policy holder gets older or if the total claims cross the policy amount. Most cancer insurance policies offer benefits for treatment of the disease along with other related health care expenses. Some Cancer insurance policies offer a lump sum of money to the insured as benefit, upon diagnosis of the disease.
But, it is advisable; to be covered by a comprehensive general health insurance policy first, and then go for buying a Cancer or any other specified disease policy. This is simply because, your chances of suffering from general illness, is much more than cancer.
True that Cancer can happen to anyone, but in America, the yearly rate is only 30%. While every 3 American out of 10 is liable to get cancer, so are individuals with a strong family history. So Insurance Companies typically urge individuals with a strong family history of cancer, to go for this Insurance, as they run a greater risk of contracting the disease genetically. It’s an additional safety measure which keeps you financially secured if ever, such a dreadful and disastrous disease hits you.
Some Important notes about Cancer Health Insurance Policies:
All expenses related to the treatment of Cancer may not be covered within the insurance policy that you have bought. We all know that medical expense for the treatment of cancer varies considerably. Cancer patients often incur huge expenses with regard to hospitalization, chemotherapy, physician visits, tests, drugs and other expenses related to medical care and treatment.
As a result of a mammoth and elaborate procedure of treatments, incurred expenses often exceed benefits provided by cancer coverage. So before taking up such a specialized policy, it is important to understand the offerings of the policy and why it is charging a premium higher than usual. However, this kind of insurance provides valuable supplementary benefits especially to those with a strong and established family history of cancer. If you consider buying cancer insurance for yourself, choose the policy that covers the maximum number of treatment areas at an affordable premium rate.
Be sure to read and comprehend the policy well before you sign on the dotted lines. Before you buy a cancer policy, make sure that your Cancer Insurance Policy answers the following questions:
• Does the total policy coverage include hospital stays, medicines, surgery, doctors' visits; radiation and chemotherapy treatment are covered.
• Whether any medical problems related to or resulting from the disease or treatment of the disease are under coverage.
• Would travel expenses of the insured and one attendant is covered or not.
• If the benefits provided by general health insurance policies are affected in anyways or not.
Cancer Health Insurance Policies are of three types
• Expense Incurred Policy – A type of Cancer policy which allows a percentage payment for all expenses of the enlisted benefits or up to the maximum dollarlimit of the Policy.
• Indemnity Policy –A Cancer Insurance Policy that pays a fixed dollar amount for all benefits listed in the policy; and not as per actual expense incurred.
• First Diagnosis Cancer Policy –A Cancer Policy that pays a specified sum of money, upon the first detection of cancer, irrespective of its pre-existence. If the disease is diagnosed after the policy date, the company is liable to pay.
Most cancer health insurance policies will cover the following areas of treatment of the disease
• Hospitalization
• Treatment by a physician
• Nursing care while in hospital
• Surgical intervention
• X-ray, radiation and chemotherapy and other treatments required cancer
• Professional ambulance service to and from the hospital
• Blood and blood plasma for transfusion
• Prescribed drugs (recognized by the Food and Drug Administration)
Nowadays, newer policies for Cancer have come up that offer additional benefits such as out patient treatment. So if you are planning to take this policy, look for coverage that offers more benefits. Causes for Concern
While it has been said before, that all policies do not offer 100% treatment expense for cancer, here are a few other causes for worry. There are certain cancer policies which exclude the benefit for treatment of specific cancers from their policies. Take the example of skin cancer. Some cancer insurance policies may specifically exclude treatment for Skin Cancer. Also, some cancer policies will not pay unless the insured is hospitalized.
Policy Shortcomings
Being covered for a disease like cancer is very beneficial and takes care of a lot of financial worries, if you feel threatened by the disease; but the insurance policies for such a dreaded disease also come with certain short comings. Some of the limitations are:
• Policy may just include hospitalization treatment
• Promise of increase in benefits only after a patient completes 90 consecutive days in the hospital.
• Fixed dollar limits.
• Cancer diagnosed or suspected before the date of application may not be covered.
• All policies do not cover cancer-related illnesses
Armed with this knowledge, about cancer insurance policies in general, refer to some reliable insurance companies, who offer you value for money while offering you cancer insurance policies. Get in touch with the North Carolina Department of Insurance at their till free no: 800-546-5664.
So, if you already have a general health policy, it’s always better to be insured against a dangerous disease like cancer which can drench you off financially once the disease sets in!
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