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MAY 14th 2014

What You Should Know About Cancer Insurance Policies

MAY 14th 2014
What You Should Know About Cancer Insurance Policies

Beating cancer is a draining battle. Physically, emotionally, and financially.

The good news is that these days, more Americans are beating cancer. According to a 2014 report and statistics from the American Society of Clinical Oncology (ASCO), in the 1970s, 1 out of 2 people lived at least 5 years after being diagnosed with cancer. Now, 2 out of 3 people live at least 5 years after diagnosis.

Unfortunately, many cancer patients are fighting the disease at the cost of their retirement plans and life savings. Even with health insurance.

In 2013, the Fred Hutchinson Cancer Research Center released a study which revealed that cancer patients are nearly 3 times more likely to declare bankruptcy when compared to people without cancer.

After a cancer diagnosis, there are only so many options and resources to help cut the cost of cancer care, like the American Cancer Society’s Hope Lodge for a free place to stay if you’re traveling for the best out-of-network care, and, RxHope for access to free or low-cost critical medications.  

As more people are becoming aware of the high cost of cancer treatment through feature stories from media outlets like USA Today and ABC News, and cancer rates are expected to significantly increase in the coming years – lump-sum cancer insurance policies are getting more attention and consideration in America’s changing, consumer-driven healthcare marketplace.

One of the most common questions people ask themselves about these supplemental lump-sum policies … “Is cancer insurance worth it?”

To help with that particular question, and gather a better understanding about these plans and options, here are some important things you should know about policies at

Help with Non-Medical Costs: One of the most common misconceptions about cancer insurance is that these supplemental policies only cover medical expenses. However, plans have changed over the years and all options found online at offer a lump-sum cash payment to use as a policyholder chooses – which can help with mortgage payments, recoup your lost work and wages, travel expenses for the best cancer care and more.

You Choose the Amount: Lump-sum cancer policies offer coverage amounts of up to $50,000 – and lump-sum critical illness insurance policies provide up to $100,000 at For example, an online comparison ZIP code search of cancer plans and free quotes in Florida (pictured below) revealed one option with a $10,000 coverage amount for $4.00 per month, and another option with a $50,000 lump-sum cash payment for $20 per month. You can choose the amount you would like based on your budget and what could help give you peace of mind.

cancer insurance policy online

Support for Medical Expenses: In addition to a cancer insurance plan payout being used for non-medical expenses incurred after diagnosis, the lump-sum cash payment can be used to help support the cost of co-pays, deductibles and premiums through your health insurance coverage, as well as experimental and alternative medicine treatment for cancer.   

Generally speaking, today’s cancer insurance policies are designed to help fill gaps in health coverage and financially protect individuals and families from the significant costs of cancer treatment (medical and non-medical) in the event of a diagnosis and at a time when a patients’ focus should be on fighting cancer and getting better.

Determining whether or not cancer insurance is worth it is an important question to ask when researching and considering plans and options. There are many factors to take into account, such as your family history of cancer, which studies across medical organizations have shown to significantly increase a potential diagnosis, and other behavioral risk factors for cancer (smoking, for example).

And, like all important financial and supplemental insurance choices you and your family consider, it’s important to do your homework. Be sure to get all of your questions answered and speak with a licensed insurance agent for help before making a decision.

To learn more about cancer insurance policies, you can visit online, or, contact an agent directly to help answer your questions about plans at 1.888.552.7484.

(Images via Consumers’ Choice Health Plan and