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Pre-existing conditions and critical illnesses like cancer no longer exclude Americans from being approved for health insurance that follows the Affordable Care Act guidelines. However, even with health insurance, the out-of-pocket costs of cancer can put a financial strain on any family.Thankfully, there are supplemental cancer plans that can help. But who should consider cancer insurance? And what factors determine cancer insurance rates?

Who Should Consider Cancer Insurance?

If you have a health insurance policy, it’s a good idea to look into adding a supplemental cancer plan. We can’t predict who will get cancer, but it’s always a good idea to find an insurance plan that may help with the costs.

Individuals with a family history of cancer should consider supplemental cancer insurance. Certain shared risk factors are common in families, like smoking or obesity.In a small percentage of families, abnormal genes can also put us at high risk for certain cancers, including breast, ovarian, colorectal, lung, brain, and more.3

Can I Buy Cancer Insurance After Being Diagnosed With Cancer?

If you have already been diagnosed with cancer, shopping for cancer insurance may not be as useful. Because these types of plans are not considered Qualified Health Plans (QHB), the insurance companies are allowed to deny coverage based on an individual’s health status.4 This is why it is important to find the right supplemental cancer plan sooner rather than later.

If you’ve had cancer in the past, some insurance companies may choose to grant an insurance policy, depending on how long it is has been since diagnosis, treatment, and remission.5

What Affects Cancer Insurance Rates?

Usually, there are a few factors6 that will affect your monthly cancer insurance premium:

  • Age
  • Gender
  • Tobacco Use
  • Policy Choice
  • Chosen Benefit Level

Because there several variables that make up your final premium rate, you might wonder how it’s possible to compare your available choices. HealthMarkets.com makes it fast and easy to do your own shopping online. Or if you prefer live assistance, we have licensed HealthMarkets insurance agents available by phone or in person to help guide you through the process.

How Does Cancer Insurance Work?

Cancer insurance is a supplement to your health insurance. That means it provides additional benefits that your health plan may not cover. Cancer insurance isn’t meant to replace your health coverage but helps provide extra insurance coverage.

Each month, you’ll pay a premium for your supplemental cancer insurance. To receive your cancer insurance benefits, you’ll make a claim with your insurance company upon diagnosis. After your covered claim is approved, a lump-sum cash benefit will be paid directly to you.

What Does Cancer Insurance Pay For?

The main benefit of supplemental cancer insurance is that you receive a cash payment for covered claims that you can use to help pay for anything you like. You can use it for coinsurance and deductibles, treatments your health insurance won’t cover,or for travel to a facility, paying for a caregiver, or to make up for loss of income. There are no questions asked about how you use your benefit.

How Do I Find Affordable Cancer Insurance Rates?

To easily compare rates, customize your policy, and enroll, visit HealthMarkets.com now to find the right cancer insurance plan at the right price for you. There’s no hassle, no obligation to enroll, and no cost to you for this service.


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References:
1. American Cancer Society. “The Affordable Care Act: How It Helps People With Cancer and Their Families.” September 25, 2019. Retrieved from https://www.cancer.org/treatment/finding-and-paying-for-treatment/understanding-health-insurance/health-insurance-laws/the-health-care-law.html | 2. American Cancer Society. “Family Cancer Syndromes.” August 5, 2020. Retrieved from https://www.cancer.org/cancer/cancer-causes/genetics/family-cancer-syndromes.html | 3. MD Anderson Cancer Center. “Hereditary Cancer Syndromes.” 2020. https://www.mdanderson.org/prevention-screening/family-history/hereditary-cancer-syndromes.html | 4. American Cancer Society. “Types of Health Insurance Plans.” April 22, 2020. Retrieved from https://www.cancer.org/treatment/finding-and-paying-for-treatment/understanding-health-insurance/types-of-health-insurance-plans. | 5. Medicare Allies. “Can I Get Cancer Insurance if I’ve Had Cancer?” January 11, 2018. Retrieved from https://www.medicareallies.com/senior-insurance-blog/can-i-get-cancer-insurance-if-ive-had-cancer | 6. The Balance. “What is Critical Illness Insurance.” August 5, 2020. https://www.thebalance.com/what-is-critical-illness-insurance-4588339 | 7. American Cancer Society. “If Your Health Insurance Claim Is Denied.” November 17, 2020. Retrieved from https://www.cancer.org/treatment/finding-and-paying-for-treatment/understanding-health-insurance/managing-health-insurance/if-your-health-insurance-claim-is-denied.html 

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