The Benefits of a Cancer Insurance Policy

A cancer insurance policy is a supplemental health policy. It does not take the place of a major medical health plan. Many people buy cancer policies to cover expenses a regular policy might not cover, whether through pre-existing condition exclusions or just a maximum benefit. Unlike traditional policies, most cancer insurance companies pays cash directly to the patient instead of the health care provider or facility, which can help pay the bills. However, every cancer is policy is different, so you should ask plenty of questions to make sure you understand the policy thoroughly.

First Occurrence

• The first occurrence, sometimes referred to as first diagnosis, will result in a fixed amount being paid to you. The amount will depend on the individual policy. In some cancer policies, a lump sum payment at the time of diagnosis is the only benefit. The policy may actually end with that one payment

Expenses

• An expense incurred policy pays a percentage of your expenses related to your cancer treatment, such as hospital stays, chemotherapy, radiation and physician bills However, there is a monetary ceiling. Each policy has a maximum dollar limit. An indemnity policy pays a fixed dollar amount on each individual expense benefit listed.

Cancer-related Illnesses

• Cancer and cancer treatments can cause other physical illnesses, such as pneumonia or other infections. Some cancer policies cover expenses incurred for these treatments, also.

Travel for Treatment

• Many cancer patients do not have access to high-quality treatment in their hometowns, and many have to travel to a health care setting miles away. Some cancer policies cover your travel expenses, and some also cover the travel expenses for a person accompanying you.

Double Coverage

• Most cancer policies will pay benefits if you already have coverage under another insurance policy, such as a group policy from work. But a few won't. Also, some major medical insurance policies refuse to pay if you have cancer insurance. Contrary to what many people believe, double coverage doesn't always mean double benefits. People on Medicare who are concerned about cancer coverage can also look at a Medicare supplementary policy.