If you have a family history of cancer, you may want to consider getting the best cancer insurance available while you are still healthy. Cancer treatment can be expensive, easily running into several thousand dollars, and your regular medical insurance may not be enough to cover the costs in their entirety. By having additional cancer insurance, you may be able to save yourself a lot of financial stress and focus on your recovery.

Protecting yourself from the cost of cancer

You can find the best cancer insurance for you by reviewing and comparing the different policies offered by different insurance carriers. Please keep in mind that cancer insurance does not replace medical insurance but supplements it. The purpose is to protect you from the extremely high treatment costs after you get a cancer diagnosis.

You may want to consider a variety of factors before making your selection, such as age requirement, coverage limits, accessibility, no-exam options, and financial stability of the insurance company. You also want to consider if the policy offers a broad scope of coverage for cancer treatments and medications. Some policies may allow you to avail of specific programs and services that can enable you to live more healthily.

For instance, they will provide financial support for you to see a nutritionist and a personal trainer. They may also help pay for transportation to and from your doctor’s appointments. If you have children, the insurance policy may also cover child care costs while you are undergoing cancer treatment.

The costs of cancer insurance

Generally, you will have to pay a monthly premium for cancer insurance. Many people base their insurance policy selection on this amount, but you also want to consider the value of the policy. For instance, how much will it pay after a decade, and does that amount make the monthly premium cost-effective? If the policy pays out $10,000 after ten years and you end up paying that much in monthly premium in that duration, then the policy is not cost-effective. However, in some cases, the policies may provide financial coverage for various preventive benefits that you can avail of without requiring a cancer diagnosis. That can balance things and increase the value of such policies.

The typical cancer insurance coverage

The best cancer insurance will be available to anyone between the ages of 18 to 100, and there will be no reduction in benefits as you grow older. Before getting a cancer insurance policy, determine if it is any one of the following:

Lump-sum plan

This cancer insurance plan will pay you a fixed lump sum benefit when you receive a diagnosis of cancer. So, instead of being reimbursed for your treatment costs, you will receive a check and you can use the money to make your healthcare payments.

Percentage payment plan

This type of cancer insurance will work with your existing medical insurance. The medical insurance will pay up to 60% of your costs for cancer treatments like chemotherapy, radiation, and immunotherapy. The cancer insurance will cover the rest of the expenses. The insurance carrier will pay your medical provider directly.

Hybrid plan

This type of cancer insurance plan combines the lump sum option with the benefits of the percentage payment plan option. With the hybrid plan, you can get an upfront payment when you get diagnosed with cancer. You will also receive benefits for cancer treatment such as payments for chemotherapy and radiation.

What does cancer insurance exclude?

To make sure that you are getting the best cancer insurance available, it is essential to read the policy carefully in its entirety. If you are at risk from a specific type of cancer, check that it is listed in the policy. Some policies may exclude basal-cell carcinoma, for instance. Some insurance policies also exclude cancer treatment side effects. Furthermore, some policies may have specific waiting periods and can only go into effect at the end of those. If you get a cancer insurance policy with a 30 days waiting period, you will have to wait for 30 days before you can get the payout. You receive nothing if you get a cancer diagnosis before the 30 days waiting period is over.