Without trying to oversimplify the topic, cancer insurance is essentially exactly what it sounds like...
Cancer insurance is designed to provide peace of mind and added financial stability in the event that you develop internal cancers during the life of the policy.
Cancer insurance is often a new subject for a lot of people, and we have seen exactly how it can help! This is why we felt it necessary to add this topic to the vault.
What is Cancer Insurance and why should I consider it?
The percentage is rather high (we’ve seen 70%) .... Those people that live long enough receive a cancer diagnosis.
It’s not fun to think or talk about, but it’s real.
That being said, we like 'smallish' face amount cancer policies.
We often recommend $20,000 in coverage.
The mechanics: if you get a diagnosis, you file a claim and receive $20,000.
You can do whatever you’d like with the cash – purchase medication, take a trip, hire help for meals and cleaning at your home; whatever you choose.
NOTE: The cancer policy is completely independent of Medicare and your health insurance coverage.
If you have Medigap, your costs associated with treatment will be minimal (if any) – however, drugs are the exception.
We have seen drugs that have cost people $1,000 a month out of pocket - for one pill per day.
This is where the cancer policy proceeds will come in handy.
The same applies to Medicare Advantage Plans. If you bought this plan, you may have 20% co-pays with chemotherapy, radiation, etc.
If that is the case, your cancer policy proceeds can be used to pay for co-pays and such.