Should You Buy Cancer Insurance? ... Many People Don't Need It
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| If you are considering cancer insurance, ask yourself three
questions: Is my current coverage adequate for these costs? How much will the
treatment cost if I do get cancer? How likely am I to contract the disease? |
| If you have Medicare and want more insurance, a comprehensive
Medicare supplement policy is what you need. |
| Low-income people who are Medicaid recipiants do not need any
more insurance. If you think you might qualify, contact your local social
service agency. |
| Duplicate Coverage is Expensive and Unnecessary. Buy basic
coverage first, such as a major medical policy. Make sure any cancer policy
will meet needs not met by your basic insurance. You cannot assume that double
coverage will result in double benefits. Many cancer policies advertise that
they will pay benefits no matter what your other insurance pays. However, your
basic policy may contain a coordination of benefits clause. That means it will
not pay duplicate benefits. To find out if you can get benefits from both
policies, check your major medical insurance as well as the cancer policy. |
| Some Cancer Expenses May Not be Covered Even by a Cancer
Policy. Medical costs of cancer treatment vary. On the average, hospitalization
accounts for 78% of such costs and physician services make up 13%. The
remainder goes for other professional services, drugs and nursing home care.
Cancer patients often face large, non-medical expenses that are not usually
covered by cancer insurance. Examples are home care, transportation and
rehabilitation costs. |
| Don't be mislead by emotions. While 3 in 10 Americans will
get cancer over a lifetime, 7 in 10 will not. In any one year, only one
American in 250 will get cancer. The odds are against you receiving any
benefits from a cancer policy. Be sure you know what conditions must be met
before the policy will start to pay your bills. |
