Cancer insurance may seem like a strange option when you are purchasing insurance. A lot of people feel that buying cancer insurance is a bit over the top but when you consider the increase in cancer cases each year it actually sounds a lot more reasonable to opt for cancer insurance. In the US the odds are pretty good that at some point in your lifetime you will.
What is Cancer Insurance?
Before we can look at the pros and cons we need to understand exactly what cancer insurance is. It is NOT insurance that pays your medical bills, nor is it health insurance. It is a supplemental insurance that will pay you directly if you should be diagnosed with cancer. You can use the payments any way you see fit whether it is to cover your co-pays or cost shares for treatments or it is to pay household bills. It is entirely up to you what you do with the money.
There are some benefits to buying this type of supplemental health insurance policy and of course there are some negatives to buying this type of policy. Read below to see if you think the pros outweigh the cons.
Pros of Cancer Insurance
1. Financial Stress Relief.
Cancer can be not only physically devastating but it can also be financially devastating. During treatment periods it can be very difficult to maintain full time employment. Of course the bills start to quickly build up leaving you stressed out. Stress and wellness are the antithesis of each other so it is important to keep the stress down and this type of insurance can help you relieve some of the financial stress.
You can spend your payments on anything that you need to spend it on. You are not relegated to spending the money in any particular way. It can be a great relief to know if you are too sick to work you can still cover some or all of your bills.
2. Can Help With Medical Costs.
Even if you continue to work through out your illness you may start stacking up bills that are not covered by your regular health insurance. Keeping the bills down can mean having to pay out of pocket. This type of supplemental insurance can give you the extra money you need to meet those medical expenses.
3. Family History.
If you have a family history of cancer there is a strong possibility that you will unfortunately contract cancer sometime in your lifetime and this insurance can help you deal with the situation better. You cannot be excluded from this type of coverage if you have a family history.
Cons of Cancer Insurance
1. Hard To Find.
While cancer insurance is available it may be very hard to find. Not every carrier offers this type of coverage.
2. It Can Be Costly.
This type of supplemental insurance can be expensive. It can have very high monthly premiums and after all it is a gamble as to whether you will ever wind up with cancer or not so you may be paying for years and years and never (hopefully) have to use it.
3. It May Have Unusual Riders Included.
There may be some unusual riders that you should consider when you are picking out this type of policy. For example it may only cover a very specific type of cancer. If you do not have the specific type of cancer may lose out on the ability to file a claim. Being cautious and reading all the fine print is the best way to proceed.
4. Past Episodes.
If you have had other incidents of cancer even if it is not the same type of cancer there is a good chance that you will not be able to buy this coverage. Even if you have been completely “cured” of one type of cancer ten years ago you will not be eligible for this type of coverage.
If you have a family history of cancer and are concerned that you may be at a higher risk for cancer than this is something that you may want to look into. There are a few things you should consider before you purchase:
- Your age
- Your family history
- Your budget
Obviously if you are in your twenties in relative good health the risk of you developing cancer is low. If you are middle age than the risk may be a little greater. If cancer seems to run in your family and there has been several first degree and second degree family members that have had cancer this may be a good investment for you.
Consider your budget and how much of a pinch it would put on things like retirement, college savings and emergency funds before you make your decision.