Cancer Insurance

Cancer Insurance has become popular primarily due to the devastating nature of the disease on families; the huge costs involved in treatment and the increasing rates of both incidents of the disease and survival rates with proper treatment.

According to the American Cancer Society, anyone can get cancer! Because of the nature of cancer, most people contract cancer either because of heredity or the environment.

The American Cancer Society has revealed some startling facts, for example:

· One of every three Americans will develop cancer.
· Cancer will strike three of every four families.
· Cancer is the second leading cause of death in men.
· Cancer is the leading cause of death in women between the ages of 40 to 79
· Cancer is the leading killing disease of children ages 1 to 14.

During the 1940’s about one in four patients had any hope of long-term survival from cancer. Now the rate is four out of ten patients will survive five or more years after diagnosis. More important, 100,000 more lives could be saved each year with early detection and treatment.

According to the American Cancer Society, in 1998 the overall cost for Cancer was estimated at $107 billion. $37 billion (34%) was for medical expenses, but nearly twice his amount, $70 billion (66%), was spent on non-medical expenses.

Many people, unless they have had a loved one or someone close, are unaware of the large out of pocket cost associated with cancer. The thought is “I have insurance”. But lets look at this statement.

Yes Life Insurance does pay for cancer if you DIE! Your Car Insurance is not going to pay. Of course you didn’t contract cancer on purpose, but your Accident Insurance is not going to pay. Because cancer is not usually a disabling disease until the latter stages, Disability Insurance usually does not pay. You must be confined to a bed, under a doctor’s care and then you may receive up to 66% of your normal salary. I’m not sure about you, but I can’t live on what I make now; how am I going to live on less than half of my income? No, Disability is not the answer either. What about my Major Medical Insurance? Yes it will generally pay while you are in the hospital and for some out patient services. But, just run jump in your car on the way to your cancer treatment center, and stop by your local Exxon service station, hand the attendant your Blue Cross-Blue Shield card and say “Fill’er up!” I DON’T THINK SO!

If you are looking to buy Cancer Insurance to replace your expensive health care coverage, don’t. That would not make any more sense than buying car insurance to take care of your home. It doesn’t work. Cancer policies, accident insurance and other supplemental products are designed to enhance your major medical coverage, not replace it.

There are two kinds of cancer policies that are sold as we speak. The “scheduled policy” and the “lump sum policy”. The scheduled products are sold for a long term illnesses. Because of the advances in medicine and early detection, patients very rarely spend the time in the hospital as in days gone past. The average stay for cancer today is 13 days in the hospital. Most policies that pay a “per day” hospital rate don’t measure up today as they have in the past because you are not in the hospital as long. The “scheduled policy” paid on a scheduled benefit structure either by percentage or specific dollar amount. Many people, including some insurance agents, contend that was a duplication of benefits. Because most cancer policies pay directly to you or anyone you choose, the money paid on these benefits came to you to help defray your out of pocket cost, not pay the hospital bills.

The new “Lump Sum” policies are the simplest and in today’s world, the best. On the first diagnosis of cancer you will receive your total amount due. Some products start at $5,000 and you can add to them from there. The beauty part of the “Lump Sum” is there is no if, ands, or buts. No up to but not to exceed, depends on what you got, depend on what you get paid. When the pathologist says your have cancer, you get $5,000, $10,000, $15,000 or whatever amount you have predetermined. This money comes to you during the initial stages of your cancer so you can fight, treat and beat the cancer. Not after a long term fight, when you may no longer be here.

Cancer Insurance is a very viable product especially given the small amount of premium paid and the amount paid.

To learn more about your Cancer Insurance options click below.