Cancer insurance premiums vary widely. Indemnity plans limit your outpatient treatment options, while lump-sum cancer insurance plans are more flexible. In some cases, guaranteed issue life insurance may be a better option. If your cancer risk is low, a guaranteed issue life insurance plan is the best choice. However, be aware that premiums vary greatly, so be sure to compare insurance plans carefully. Below are some considerations to keep in mind when purchasing cancer insurance.
Indemnity cancer insurance plans restrict outpatient treatment options
A study by Roetzheim and colleagues found that colorectal cancer patients without insurance were at higher risk for early diagnosis and later stages of the disease, even after adjusting for differences in age, stage, and treatment. In this study, they also found that patients with private indemnity insurance had longer overall survival rates than uninsured patients. The researchers found that uninsured women were twice as likely to die from the late-stage disease, while those with publicly-funded cancer insurance had a lower risk.
Lump-sum cancer insurance plans are more flexible
A lump-sum cancer insurance policy is a proactive purchase that will pay for treatment in the event of a terminal illness. These plans are especially helpful for people with a family history of cancer or who are struggling to meet their out-of-pocket medical costs. According to an American Cancer Society study, 1.9 million Americans will develop cancer by 2021. Among these individuals, approximately one-third will have no health insurance, making the expense of cancer treatment even more daunting. But a lump-sum cancer insurance policy may help ease some of the financial burdens that comes with a cancer diagnosis.
Another advantage of a lump-sum cancer insurance plan is its flexibility. These policies can be customized to meet individual needs. For example, a Breeze policy will pay a lump-sum benefit if a cancer diagnosis is the result of a medical condition. The cash benefit can be used for treatment expenses and lost income. A Breeze policy can pay as much as $100,000. A traditional cancer insurance policy will pay benefits based on medical expenses and a percentage of treatment costs up to a certain limit.
Guaranteed issue life insurance is the best option for low-risk cancer patients
When it comes to cancer patients and life insurance, the best options are guaranteed issue policies. There are many benefits of guaranteed issue policies, including high coverage limits and limited medical exam requirements. However, a policy with a guaranteed issue criterion may be more expensive per unit of coverage than a simplified issue criterion. As a result, a cancer patient may not be able to qualify for a policy with a simplified issue criterion.
The type of cancer that a person has will determine whether or not they qualify for life insurance. Some types of cancer insurance will cover expenses on an as-incurred basis. Others will offer a lump sum payment once the disease is diagnosed. Depending on the type of cancer and the stage of the disease, cancer insurance may be the best option for some patients. Regardless of the type of cancer, there are several different types of cancer policies available for cancer patients.
Cancer insurance premiums vary greatly
Whether you are looking for a lump-sum payment or a policy that covers your entire family, cancer insurance premiums will vary greatly. Most policies cover in-patient care only, but some are designed to cover the entire process, including outpatient treatment. Depending on the type of cancer you have, the ideal limits and waiting periods will vary greatly. Some cancer policies even cover other illnesses, like pneumonia. Choosing the right plan is essential to ensuring that you have enough coverage should you need it.
Luckily, there are many ways to compare cancer insurance premiums. You can purchase a supplemental policy that costs as little as $10 a month, or you can opt for a more expensive health plan that covers more. Just make sure to read the policy definitions carefully and consider talking to an independent insurance agent. Agents will be able to explain the different terms and conditions and help you understand the jargon. Cancer insurance premiums can vary greatly, so make sure to compare policies thoroughly before making a final decision.