It is no secret that cancer is a universal problem. This disease kills people all around the globe. Domestically, in the United States, one in two men and one in three women will develop cancer in their lifetimes. This frightening statistic has led many people to reevaluate their health insurance policies. Cancer insurance is among the fastest-growing policies in America as people realize their benefits can be extended to specifically cover the emergence of cancer.
A cancer policy is a relatively new type of insurance policy that extends beyond a regular heath insurance plan to specifically cover treatments and medications related to cancer. Specialized healthcare does not always fall under the umbrella of a regular health insurance policy. This becomes especially important when long-term care is necessary.
There are several varying options available for this type of policy. Critical illness policies often cover a broad range of illnesses, but the specific coverage of cancer is wise because it is so common as compared to other diseases. A cancer expense policy is one option that reimburses expenses incurred in the course of cancer treatment. A cancer lump sum policy allows the policy holder to pay one lump sum of cash upon a diagnosis of cancer. Otherwise, if no claims are made after a number of years (usually 20), premiums can be refunded.
Employee benefits are now expanding in options to include specific coverage policies such as cancer. The employer does not often offer to cover the added expense of the policy, and the employee is usually required to pay it themselves. However, benefits packages are available to those who wish to purchase them.
With the Affordable Care Act, pre-existing conditions are no longer a barrier to coverage. Patients who already have cancer can purchase these policies to ease the burden of expensive treatments. Insurance companies encourage the inclusion of a cancer policy in any health insurance package. The cost of the policy may be increased, but consider the likelihood of contracting cancer. The cost of treatment can be astronomical and may leave a burden of debt to your loved ones. Cancer insurance mitigates this unfortunately common problem among Americans.