Cancer insurance appears to be a relatively recent addition to the world of health insurance. Regardless of its type, having cancer can cause many problems, among them financial burdens. With the number of cancer cases on the rise and the frequent inflated charges of treating cancer, supplemental cancer insurance became a growing trend.
But the question is: Is it worth it? Here are some essential things you should know about cancer insurance!
What Is Cancer Insurance?
Cancer insurance is not meant to replace traditional health insurance but to supplement it by covering treatment costs that your policy doesn’t envelop. It works in two ways:
1) If you are diagnosed with cancer, most plans give you a lump sum that you can use for both treatment costs and everyday living expenses. You can use the money as you see fit to make up for lost income, co-payments and deductibles.
2) A policy will rarely cover cancer-related costs in addition to what your primary health insurance covers. All of what is covered varies significantly, and sometimes there are the same exclusions as in your basic package.
All of these policies become active after the insurance company receives documentation of your cancer diagnosis. In most cases, you’ll have to wait for a period after buying it before it becomes fully effective.
Buying Cancer Insurance
To qualify for cancer insurance, you must not usually have a medical condition that predisposes you to cancer. For example, you cannot be diagnosed with uterine cancer and then apply for insurance.
People who have been diagnosed and treated for cancer in the past are also usually not eligible. Certain groups, such as people with HIV, are also generally ineligible for coverage due to the increased risk of certain cancers associated with this disease.
What is And is Not covered By Cancer Insurance?
Although cancer coverage depends on the provider and the details of the policy, most policies cover both medical and non-medical expenses.
Some medical expenses may include extended hospital stays, disease-specific treatments, co-payments, lab tests, disease-specific treatments and procedures such as stem cell transplants. On the other hand, loss of income, home care, dietary restrictions, and child care costs may form part of non-medical costs.
However, most cancer insurance policies do not cover costs associated with non-melanoma skin cancers. Furthermore, individuals with early-stage cancers, such as carcinoma in situ, may receive only a reduced benefit, usually half or less of what you would receive if diagnosed with cancer.
Know The Facts Before Buying Cancer Insurance
Many debates exist about disease-specific health insurance schemes. Some favour them, while others believe they are simply money-making schemes that exploit people’s fears.
The following are a few aspects to bear in mind when thinking about buying cancer insurance:
-Be aware of your cancer risk. Individuals who have cancer in their family should look at their current insurance and see if cancer insurance could add to their coverage. This is also valid for people with a genetic predisposition to cancer, such as those with a BRCA2 mutation3.
-Keep in mind that two insurance policies do not necessarily mean double insurance. If you buy basic health insurance and cancer-specific insurance, you will not receive twice the benefit. A treatment that is excluded in one policy may often be excluded in the other.
-Check whether renewing your existing insurance will give you the cover you need. For people with a medium risk of cancer, renewing your current policy may be a better option. Renewal can cost less and provide more significant benefits for diseases other than cancer.
If you’re looking for a trustworthy insurance company to cover your cancer treatments in Toronto, visit Nonmed Insurance Inc. Their qualified and experienced team aims to provide exceptional financial products and services, including non medical cancer, life, child insurance, and many more. Besides, you won’t need any medical tests before issuing a policy. Contact them for more information!