Supplemental Cancer Insurance – How it Can Help You Pay For Your Actual Cancer Insurance Expenses


Cancer is a serious illness that can have devastating financial consequences. Cancer patients face many financial hardships, including loss of income during treatment, travel expenses, and lodging. They also face an endless number of follow-up tests, which can add up to hundreds of dollars per visit and pile up in copays and deductibles. Insurers, meanwhile, are not offering much help. These hefty costs are forcing patients to rely on supplemental cancer insurance policies.

Costs of inpatient care

Across all cancer types, inpatient care costs for individuals on cancer insurance are higher than for patients without insurance. In 2008, Medicare paid an average of $16 346 for patients aged 18 to 64, but for the older population, Medicare spent $14 368 and patients over 65 received a median out-of-pocket cost of $8634. The researchers attributed this to the increasing cost of cancer treatment.

The study looked at data from a database provided by MarketScan, which includes the names of 27.1 million patients with cancer. They also considered 38.4 million documented procedure codes. Patients with breast cancer, colorectal cancer, and lung cancer spent more on inpatient care, compared to those without. The majority of inpatient care was covered by Medicare, but out-of-pocket payments and other public insurance covered less than 3% of inpatient costs.

Cancer-related services were identified during each of the six months preceding death. Each month was deemed to be mutually exclusive, but inpatient stays of more than two months were attributed to the month of discharge. While cancer-related costs are accounted for nearly 60% of the overall cancer expense, the highest percentage of expenditures were for prostate and lung cancer, followed by colorectal and breast cancer. Most of these patients are male, with men accounting for nearly half of the total.

Costs of indirect morbidity

In 2016, Canadian researchers calculated the cost of cancer treatment for people with age-related and physical disabilities. They divided this total cost by two: direct medical costs and indirect costs. Direct costs were determined by assessing hospitalization and outpatient visits, laboratory tests, prescription drugs, and surgery. Indirect costs were estimated by using data on public life expectancy and average wages. Costs incurred during the first three years after diagnosis were considered. Cost drivers were identified for each disease.

While direct medical costs of most cancers have risen, the economic burden has decreased. By focusing only on the direct medical costs of cancer, researchers underestimated the value of new treatments. In a recent subgroup analysis, researchers found that cancer costs increased when only direct medical costs were considered, whereas the total costs decreased when direct and indirect costs were taken into account. Despite this, these studies are far from conclusive.

Indirect costs are important because they include productivity loss and time, and are often not accounted for in traditional evaluations. Indirect costs of cancer include lost earnings, productivity, home-production, and lost leisure time. Compared with salaried patients, self-employed patients suffer more earning losses. While direct costs are important, indirect costs are not enough to determine the burden of cancer. However, these costs are important, as they allow cancer treatment providers to calculate the real economic burden of cancer.

Cost of supplemental cancer insurance

A supplemental cancer insurance plan is an additional insurance policy that adds coverage for a person’s medical expenses. This insurance typically has monthly premiums and will reimburse a person in a lump sum if they are diagnosed with cancer. While standard health insurance policies may cover some of these costs, they often won’t cover all of them. For this reason, it is important to have supplemental cancer insurance in place. These policies can also cover out-of-pocket expenses associated with cancer, such as extra expenses and missed work days.

Although the cost of supplemental cancer insurance policies may vary from policy to policy, most of them cost between $10 and $50 per month. The cost of a policy will depend on your health insurance company’s deductible and maximum out-of-pocket limits, as well as the type of cancer treatment you need. In general, most policies will provide a lump sum payout of between five and $100k. Many supplemental cancer insurance policies can be purchased for under $20 a month.

While cancer insurance may seem like a good idea for people with a family history of cancer, it is not necessary for everyone. If you are not worried about the expense, you may find a basic health insurance plan sufficient. If you are concerned about cost, you may want to check with your employer about supplemental cancer coverage. And if you do have cancer, you might want to use the money for something else. But before you sign up for a cancer insurance plan, make sure that it covers your current health insurance benefits.