Chances are you know someone that has been diagnosed with cancer at some point in your lifetime. Perhaps you know multiple people, or you have received this diagnosis yourself. Unfortunately, the probability of developing cancer is far too high to ignore. The United States National Cancer Institute states that cancer is one of the leading causes of death and although the rates have dropped significantly from what they were, it is never a bad idea to be prepared for the future. This is where cancer insurance steps in. If you or someone you love has been diagnosed with cancer or you are wanting to take early precautions, keep reading as we discuss three things you need to know about cancer insurance.
Cancer Insurance vs. Health Insurance
A common misconception is that cancer insurance replaces health insurance. This is wrong. Before you decide to invest in cancer insurance, you should still have a medical insurance plan. Cancer insurance will only pay out benefits if you have cancer. It does cover other forms of critical illnesses. In addition, cancer insurance doesn’t cover the entire cost of treatments, instead it supplements your current healthcare policy.
How is Cancer Defined?
When it comes to cancer insurance, you need to be sure of your limitations and what cancer is defined as in the coverage. For instance, some policies that don’t cover skin cancer. So, when searching for the best insurance plan for you be sure to read over the exclusions, limitations and restrictions. Another big factor to take into consideration is the waiting period between the policy being purchased and when the benefits are received. If you find out during the waiting period that you were diagnosed with cancer, you may not receive the benefits. It’s important to read every portion and piece of fine print before choosing a cancer insurance policy.
Don’t Duplicate Coverage
Keep in mind when deciding between cancer insurance not to pick a plan that includes the same benefits your current health insurance already provides. You want to make sure that you receive benefits from both of your policies, so it’s important not to duplicate your coverage. When speaking with the insurance provider, be sure to ask about a coordination of benefits clause. Some companies promise that they will cover expenses no matter what, but a coordination of benefits prevents duplicate coverage from occurring.
Be sure to shop around and read reviews before you choose an insurance company. Care Financial is a privately owned and operated business providing families, individuals and businesses with comprehensive wealth management strategies. Contact us online at www.carefinancialonline.com or call us at 251-633-7122.
