FAQ Friday: Do I Need A Cancer Policy?
Cancer Policies are fairly affordable plans (with premiums around $30 to $60 a month). If you have a Cancer Policy and are diagnosed with Cancer, the insurance carrier will send you a lump sum amount to use towards your treatment. That amount depends on what benefit package you choose. For example: If you have a Cancer Policy that provides a $10,000 benefit with your Medicare Advantage Plan and you are diagnosed with Cancer, you would file a claim with the insurance carrier and the carrier would send you a check for a lump sum of $10,000 to use towards any service or medications.
If you have a Medicare Advantage Plan, a Cancer Policy will truly benefit you. The biggest hole in any Medicare Advantage Plan is cancer. If you have a Medicare Advantage Plan you will have to pay 20% up to your maximum out-of-pocket for cancer treatments. This does not include costs such as your medications and many chemotherapy drugs are now being classified under Medicare Part D so there is the risk of falling into the Donut Hole (Coverage Gap) which can result in huge bills.
There are also non-medical costs to think about such as travel costs, should you have to travel to a treatment center, hair pieces for loss of hair due to your treatment and nutritional costs if your doctor recommends that you be on a special diet. These costs can all add up quickly and having that extra bit of money coming to your aid could be a lifesaver.
Having a Cancer Policy with a Medicare Supplement is not really a necessity. The Medicare Supplements are some of the best coverage you can get. Having a cancer diagnosis with a Medicare Supplement, you know that your medical bills and cancer treatments will be covered. However, the non-medical costs are still there such as travel, hair pieces or nutritional costs. Also, the cancer medications are very expensive and those are not covered by your Medicare Supplement but by your Part D drug plan.
Either way, a Cancer Policy will benefit you especially if you have a Medicare Advantage Plan. The best thing to do is to sit down and go over what coverage you do have and decide whether or not that additional $10,000 or $15,000 would be worth that additional premium.
If you have any questions regarding Medicare, what is covers or your options for plans, please give our office a call at 1-855-368-4717 or visit one of our pages:
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