Cancer insurance is a relatively new type of insurance policy and it is one that you need to think about and evaluate against your current needs and health insurance carrier. You should know that cancer insurance is not a substitute for a comprehensive health insurance plan. Also, be aware that many of these policies have significant limitations and may not necessarily provide the coverage you anticipate. Once again you must be educated and do your research prior to making a cancer insurance purchase.
Cancer insurance provides a benefit only if you get cancer. You can not purchase this insurance after you have been diagnosed with the disease. Cancer treatment account for almost 10% of the U.S. healthcare expense and continues to grow. It is very important that you and your family are covered for catastrophic medical cost. Almost 50% of the bankruptcy cases in the U.S. are in part attributed to medical bills and the burden these bills place on the family’s financial resources. Major medical plans will cover you for any accident or sickness, including cancer. Health insurance is more expensive than cancer insurance because it covers more conditions. If you have Medicare and need additional coverage you should consider looking into a Medicare supplemental policy. If you are currently covered by Medicaid then you do not need additional coverage.
The following are areas that you should investigate more closely and compare against your needs. Remember, cancer insurance covers cancer claims and there are limitations. Understand what those limitations are and make sure you understand your current health insurance coverage.