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APR 2nd 2014

5 Reasons Cancer Insurance Policy Demand Is Growing

APR 2nd 2014
5 Reasons Cancer Insurance Policy Demand Is Growing

These days, more people are being diagnosed with cancer, and, more people are beating cancer thanks to advances in medical technology and treatment.

However, recent medical studies and news reports in the U.S. have published a grim prognosis on the future of cancer treatment costs and cancer care in America.

For insurance brokers, this is an opportunity to help clients by offering a cancer insurance policy or critical illness plan that pays cash on diagnosis and can be used for medical and non-medical bills.

Here are five reasons on why the demand for these supplemental policies is growing, and why insurance brokers should consider informing their clients about them:

  1. Cancer diagnosis will reach new heights: According to the American Society of Clinical Oncology (ASCO infographic), the annual number of new cases of cancer is expected to increase more than 40% by 2025.  
  2. Cancer treatment costs are rising: By 2020, the cost of cancer care is projected to increase 40% – reaching an estimated $173 billion. Overall, cancer treatment costs are rising faster than general health care expenses in the U.S., going from $72 billion in 2004 to $125 billion in 2010. 
  3. Our aging population: Between now and 2030, the population of people age 55 and above will nearly double – from 60 million to over 107 million. According to the American Cancer Society (ACS whitepaper), more than 70% of all cancers are diagnosed in people 55 years of age and older.
  4. Impact of health care reform: While the Affordable Care Act will improve access to coverage for people with a pre-diagnosed condition, and newly designed plans will provide select preventive cancer screenings for adults at no cost, a recent Associated Press survey (WebMD article via HealthDay) revealed that many of the top U.S. cancer centers are not included in state insurance exchanges.
  5. Cancer costs are more than just medical bills: From lost work and wages to travel expenses, the costs of cancer treatment are a lot more than the medical bills a patients get. According to the ACS, 67% of total cancer treatment costs are non-medical.

To help insurance brokers inform their clients about cancer insurance plans and critical illness policies, CancerInsurance.com’s Broker Support Program provides licensed insurance agents with a custom-branded, mobile-friendly website along with the services and technology needed to readily offer a supplemental solution. Learn more here.

CancerInsurance.com’s cancer and critical illness insurance options from America’s top-rated carriers deliver coverage amounts of up to $100,000 on first diagnosis of a covered condition (learn more). These living benefits can be used for medical and non-medical bills, such as out-of-network treatment, co-pays, mortgage payments and utility bills.

(Image via Fox Business.)