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FEB 21st 2014

Is Cancer Insurance Worth It?

FEB 21st 2014
Is Cancer Insurance Worth It?

That is an important question … Is cancer insurance worth it?

To help you answer that, let’s review a few reports that have revealed some startling information about cancer and the costs of cancer treatment in recent years:

  • In an in-depth story titled “Cancer’s Growing Burden: The High Cost of Care,” the Associated Press highlights the factors that go into cancer treatment costs, as well as how one women fighting cancer (that believed she had “pretty good insurance”) has quickly had to go through almost half of her $25,000 inheritance to pay for the costs of cancer treatment.
     
  • ABC News reported that cancer drug prices have doubled in the past decade, from an average of $5,000 per month to over $10,000. The story also interviewed a married, working mother whose one of the many Americans who struggle to pay for cancer treatment costs, even with insurance.
     
  • According to the most recent statistics from the National Cancer Institute, approximately 40.8% of men and women will be diagnosed with cancer at some point during their lifetime.
     
  • A 2014 report from John Hopkins Medical Institutions, featured in National Geographic, indicates that cancer treatment costs are projected to increase 40% by 2020.

In addition to these reports, it’s important to highlight the more positive cancer news: The number of people beating cancer continues to increase. Thanks to advances in detection and treatment, 2 out of 3 people now live at least 5 years after cancer diagnosis, according to the American Society of Clinical Oncology.

So, these days, more people are beating cancer. But, it’s coming at a very high cost. And, even the best health insurance will not cover your needs beyond the costs of cancer treatment, like mortgage payments, utility bills, lost wages and travel expenses.

Taking these reports and studies into consideration, along with your family’s history of cancer which could increase your probability of diagnosis, can help you answer the question: Is cancer insurance worth it?

To read more information about supplemental lump-sum cancer insurance policies and critical illness insurance plans, go to www.CancerInsurance.com.

Did you have a lump-sum cancer insurance plan that helped you financially fight cancer? If you did, we encourage you to share your story with others in the comments below.

(Image via JetBlue Healthcare.)