What is not covered with cancer insurance?

cancer insurance

Cancer insurance may not be a type of insurance that raises much interest to many. It is beneficial, however, especially when medical insurance alone does not cover cancer-related expenses. In the misfortunate event that cancer is diagnosed, there are many expenses covered under the plan and some that are not. It is important to stay aware of the covered services while still being knowledgeable about what is not covered to continue to make the most use out of the insurance. 


Limitations on certain illnesses 

While cancer is a very common illness, other types of illnesses may limit an individual’s eligibility to receive any lump sum of money. Pneumonia, for example, is not considered under medical terms a “cancerous illness” that requires cancer insurance. Cancer itself is also a complex subject when it comes to what your cancer insurance may not cover. Pre-existing conditions or cancer treatments prior to being diagnosed with cancer will limit the insurance as well. Speaking to a Care Financial consultant will give you better ground on specific coverage that you are unaware of. 


Early stages of cancer 

It may seem evident that cancer insurance is covered immediately when one is diagnosed. This may not be what you are expecting as early stages of cancer are not covered. That is because coverage usually begins two to four years after adding the policy to your plan. Also known as the waiting period or fixed period, you will not be able receive benefits until the lump sum of money is available and there are no risks with other plans or treatments. Early cancers such as carcinoma in situ are sometimes eligible for a fewer payout. It is strongly advised you add a cancer insurance policy as quickly as possible especially if you know that cancer runs in your family. 


Fixed dollar value restrictions 

Unfortunately, not all charges are covered through cancer insurance. Most policies will cover a total of up to two weeks for a cancer patient’s stay while in the hospital. Any days after that are considered extended stays and can be covered by cancer insurance. Depending on the type of policy you have, it will determine the fixed dollar limit that is held per treatment. Others will offer fixed payments that are charged per hospital stay. The limit on the benefits will vary among policies so be sure to do your research on finding an insurance that maximizes the value of the costs you will receive. 

Confused about what is and not covered through cancer insurance? Let us connect you with a cancer insurance consultant today to receive more information on adding updated policies. 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.