Benefits of Having Cancer Insurance
Did you know that out of all of the medical conditions an individual can face during their lifetime, cancer has the highest per-person price in the United States? Unfortunately, it doesn’t seem that there is going to be a solution to this high cost coming any time soon either. A study was done by the American Society of Clinical Oncology that found by 2020, the total annual cost of cancer care will reach $175 billion dollars by 2020. This will be a 40% increase since 2010. The Affordable Care Act gives some relief though by having this key provision: no one can be denied coverage or charged high premiums due to their health status or pre-existing conditions. As unfortunate as it is, even when you have health insurance the out-of-pocket expenses and non-medical costs of cancer can be an extremely large financial burden. Keep reading to decide if having cancer insurance is right for you.
Cancer Insurance Policies Cover Costs
Depending on what type of policy you purchase, cancer insurance can cover a wide range of items from medical expenses to non-medical expenses. For instance, the following are typically covered by cancer insurance policies: co-pays, deductibles, hospital stays, child care, travel and lodging, plus so many more items that will be beneficial for your family financially.
If you purchase a lump-sum cancer insurance policy, there are no restrictions. You can use the payout that you receive on what you want, when you want it. This includes both medical and non-medical related expenses that are brought on by cancer.
Loss of Income
A study by the U.S. National Library of Medicine found that women who were going through breast cancer treatment missed an average of 44.5 days from work. It also found that men who were undergoing treatment for prostate cancer missed an average of 27 days from work. A payout from your cancer policy can help you with your mortgage payments, living expenses, and utility bills if you are missing work without pay.
You Are Paid Directly
Dependent on which coverage you choose, the policy will pay the policy-holder the entire amount at one time if you choose a lump-sum cancer policy. This won’t leave you sitting around waiting for other payments. It will help you to get a jumpstart on those big bills and help you remain worry free during the treatments.
Unfortunately, the risk of developing cancer is present and doesn’t seem to be going anywhere any time soon. If your family has a history of cancer, you may benefit in the future by having cancer insurance. Contact Care Financial today for further information regarding cancer insurance and to decide if having a cancer insurance policy is right for you.
Care Financial is a privately owned and operated business providing families, individuals and businesses with comprehensive wealth management strategies. Contact us online at http://www.carefinancialonline.com or call us at 251-633-7122
© Southern View Media 2018: Reproduction without explicit permission is prohibited. All Rights Reserved. 'We Put You Online So You Don’t Get Left Behind.'