Why You Need a Cancer Policy with Medicare
A lump-sum cancer policy pays cash benefits to you, the policyholder, if you are diagnosed with cancer. You can choose how you wish to spend the money! For example, one client bought a $10K lumpsum policy for a very affordable premium. Just over 6 months later he was diagnosed with prostate cancer. His policy immediately paid him $10,000.
According to the American Cancer Society, the average risk of developing cancer in the United States is 41.6% for men and 39.6% for women. However, your risk may be higher or lower depending on your individual risk factors, which can include: Age-The median age at diagnosis for all cancers is 66 years; Lifestyle-Limiting tobacco and alcohol, eating a healthy diet, and avoiding too much sun exposure can help reduce your risk; Family history-A family history of cancer can also increase your risk; Environment-Exposure to certain substances at work, outdoor air pollution, and other environmental factors can also increase your risk.
Having a Cancer policy alongside Medicare can provide important supplementary coverage that helps offset expenses not fully covered by Medicare alone.
Here are some reasons why a Cancer policy might be beneficial:
Financial Protection: Medicare covers many medical expenses, but there are gaps such as deductibles, copayments, and coinsurance. A Cancer policy can help cover these out-of-pocket costs specifically related to cancer treatment, such as chemotherapy, radiation therapy, surgery, and prescription drugs. Medicare does not cover transportation and lodging for treatment, experimental treatments, special nutrition, and other ancillary services that can become necessary during cancer care.
Income Replacement: Cancer policies can help replace lost income if you're unable to work due to cancer treatment or recovery. This can alleviate financial strain during a challenging time.
As a Back-Up to Part D Plans: Most Medigap/Medicare Supplement plans pay the 20% coinsurance of any Part B service, including chemotherapy and radiation, for you. However, you may consider a cancer policy even with a Medigap plan because the cancer policy can help with your costs under Medicare Part D. These can be drugs to treat the cancer itself, or drugs to treat the side effects from the chemotherapy or radiation.
As a Back-Up to Medicare Advantage Plans: Most people with Medicare Advantage plans need cancer coverage due to the expense of chemotherapy and radiation, which is billed under Part B and requires a 20% coinsurance. This is a big gap, and a Cancer plan can help protect them against Medicare Advantage Maximum Out of Pocket limits as high as $8850 on Part A and B services. In addition, this maximum out of pocket amount does NOT include your prescriptions. Those are covered under Part D and have separate out of pocket maximums.
There are guaranteed issue Cancer plans with no underwriting for ages 60-79, or stand-alone cancer plans that may have underwriting. Even smokers can get a cancer plan! These policies are inexpensive, $20-$50/month depending on your age and desired coverage levels. If you get a cancer diagnosis, the plan will pay the cash benefit to you. You can use this money however you would like, to help with the added expenses, the loss of income, or to take a nice long trip.
You can sign up for these any time of the year with coverage effective immediately. Reach out to get a no obligation quote today!
Cancer policies can provide peace of mind by filling in the gaps left by Medicare coverage. It's important to carefully review the terms and coverage details of any Cancer policy you're considering. Additionally, consider your personal health history, family medical history, and financial situation when evaluating whether a Cancer policy is right for you alongside your Medicare coverage.
Mary Hiatt is President of Mary the Medicare Lady (A non-government entity.) She is a member of a pharmacist-led organization that helps her clients source savings for medications. She offers Educational Workshops on Medicare, Drug Savings, How to Stop Phone Calls, and more at no charge. Not connected with or endorsed by the U.S. government or the federal Medicare program. See www.hiattagency.com or contact licensed independent agent mary [at] hiattagency [dot] com or call or text 402 672 9449 for more information.