Caution: Limitations Of Cancer Insurance...
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| Cancer policies sold today vary widely in cost and coverage.
If you decide to purchase a cancer policy, contact different companies and
producers, and compare the policies before you buy. The following are some
common limitations. |
| Some policies pay only for hospital care. Today cancer
treatment, including radiation, chemotherapy and some surgery, is often given
on an outpatient basis. Because the average stay in the hospital for a cancer
patient is only 13 days, a policy that pays only when you are hospitalized has
limited value. |
| Many policies promise to increase benefits after a patient has
been in the hospital for 90 consecutive days. However, since the
average stay in a hospital for a cancer patient is 13 days, large dollar
amounts for extended benefits have very little value for most patients. |
| Many cancer insurance policies have fixed dollar limits.
For example, a policy might pay only up to $1,500 for surgery costs or $1,000
for radiation therapy, or it may have fixed payments such as $50 or $100 for
each day in the hospital. Others limit total benefits to a fixed amount such as
$5,000 or $10,000. |
| No policy will cover cancer diagnosed before you applied for
the policy. Some policies will deny coverage if you are later found to
have had cancer at the time of purchase, even if you did not know it. |
| Most cancer insurance does not cover cancer-related illnesses.
Cancer or its treatment may lead to other physical problems, such as infection,
diabetes or pneumonia. |
| Many policies contain time limits. Some policies
require waiting periods of 30 days or even several months before you are
covered. Others stop paying benefits after a fixed period of two or three
years. |
