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Cancer insurance is exactly what it sounds like. If the unfortunate diagnosis of cancer was to occur in your family, cancer insurance is to help you and your family cope better financially. Cancer insurance covers the expenses that your major medical plan may not cover, such as copayments, deductibles, surgery, blood transfusions, prescription drugs, ambulance rides, x-rays, radiation, chemotherapy, extended hospital stays, travel expenses during treatment, child care, and even your daily living expenses.
American Cancer Society Statistics
Let’s take a look at some hard statistics. According to the American Cancer Society, in the United States men have a little less than a 1-in-2 lifetime risk of developing cancer; women have a little more than a 1-in-3 risk; and more than 1.6 million new cancer cases will be diagnosed this year. There are a number of things that can cause cancer in individuals, such as genetics and your family history, along with environmental factors. Early detection coupled with the right treatment plan are key in how many people are surviving and beating their cancer diagnosis.
Benefits of Cancer Insurance
Think of cancer insurance as a supplement to your medical insurance. Unfortunately, many basic health insurance plans do not cover all the costs associated with a cancer diagnosis. During your time of illness when you may need to take some time away from work, cancer insurance will step in and help alleviate the burden and stress of your expenses, so you can focus on what’s more important and that is your health and getting better. If and when the time comes that you should need your cancer insurance, you will typically receive payment as a lump sum to use when and how you need it. You will simply file a claim to be processed for payment, and payment will go directly to you.