Cancer Insurance: The Most Important Things You Need To Know

Cancer Insurance

Cancer is a disease that creates a major impact on society. It is a leading cause of death across the globe. Men, women and children can be diagnosed with the disease, and in some cases, there may not be an observable symptom to indicate the need for treatment until it’s already too late.

The high cost of cancer care and treatment, as with most chronic illnesses, is mostly due to medical personnel training, drug research and development, and high-tech facilities.

Fortunately, there is a specific kind of supplemental health insurance can that help patients and their families with the associated expenses.

Cancer insurance is a new insurance program that aims to provide as much financial assistance to the insured as possible. Read on to learn more about how this program works and how you can take advantage of it.

Cancer Insurance Explained

Cancer insurance is a type of supplemental insurance that pays the cash benefit directly to the insured upon confirmation of a cancer diagnosis. It is not designed to replace traditional health insurance, but rather serves as an add-on to the policy.

It can provide financial aid in paying for expenses that are related to your treatment but are not usually covered in your primary health insurance.

This can range from car and home mortgage payments to groceries, utility bills, and other typical expenses you might incur day by day. It can even cover your lost wages during the times you are unable to go to work because of your ailment.

Cancer insurance can come in the form of a lump sum release of the total amount or a continuous coverage of treatment-related expenses.

Some insurance companies offer this and more, while others do not, so it is important that you choose a cancer insurance policy wisely.

4 Factors To Consider

Not all cancer insurance policies are created equally. Some cover even your lost income from undergoing extensive treatment for your ailment while others are no different from traditional health insurances that only cover expenses you incurred in a medical facility.

Because of this, there are several things you need to consider before you choose a cancer insurance policy for yourself or your loved one, such as:

1.     Cancer Insurance Necessity

Before signing up for it, the first thing you must do is to determine if you truly have a need for cancer insurance. There are four things you need to think about under this factor, including:

  • The level of risk of you acquiring cancer based on your family history and genetic predisposition to the ailment (e.g. BRCA2 mutation)
  • The insufficiency of funds for medical bills that your main health insurance policy won’t be able to cover
  • Your role as a breadwinner for the family
  • The need to protect your family’s financial assets

Note that if you have an extensive cancer history in your family, you should also think about other considerations, like whether the type of cancer that runs in your blood is covered under the supplemental insurance you plan to get.

2.     Insurance Eligibility

Eligibility for cancer insurance is quite straightforward. The general rule is that you cannot apply for cancer insurance if you are already diagnosed with cancer. Often, the same rule also applies to people who have previously undergone cancer treatment.

Another major condition that can leave you ineligible for cancer insurance is HIV. This is because this medical condition increases your chances of acquiring cancer exponentially.

3.     Coverage

Many cancer insurance policies cover disability and medical expenses. Others can provide financial assistance for costs incurred even outside the four corners of the hospital, including:

  • Standard daily living expenses such as utility bills and food
  • Transportation expenses to and from the cancer treatment facility in the form of gas or fare
  • Car or house mortgages
  • Childcare
  • Health insurance premium payments

4.     Cost & Value For Money

Another important consideration you should think about before getting any cancer insurance policy is its cost and value for money. Aside from your monthly insurance premiums, you should also look at other costs that are included in the insurance policy.

In addition, think about the exclusions from the policy. You need to get a good grasp of what you are getting for the amount you are paying.

Some cancer insurance programs have deductible fees that need to be paid before your insurer starts paying treatment costs.

You might also need to undergo copayment of certain medical services that aren’t fully covered by the insurance company, like outpatient and emergency services.

With that said, it is strongly advised that you avoid cheap cancer insurance as it would definitely mean more out-of-pocket costs on your part.

Also, make sure to read the insurance policy’s fine print to see details about the coverage of specific medications, therapy or home care services, and follow-up surgeries and other procedures, among others.

The Takeaway

Cancer insurance is made to help you and your loved ones get through a cancer diagnosis. To choose the right one for your family, it is best to first become informed about how it works, as well as the different factors that need to be considered before making this major decision.

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Eric Fribush is the owner of, a supplemental insurance agency, and has specialized in supplemental insurance since 2003.

He helps clients compare the top supplemental insurance policies so they can make an informed and educated decision on what is best for them and their family.

Eric is an independent agent not affiliated with any one insurance provider, which enables him to give unbiased recommendations on which policies would benefit a client the most.

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