Before the Affordable Care Act (ACA), a pre-existing condition or critical illness like cancer could limit your health insurance options. Or, your existing plan could decide to exclude coverage for certain medical treatments.

Now, with the passing of the ACA, all Americans are protected under a strict set of healthcare guidelines. Included in these are many rules that benefit Americans looking for private health insurance for cancer.

2 Types of Private Health Insurances for Cancer

There are two basic types of health insurance for cancer: group health plans and individual health plans.

  1. Group health plans cover a group, generally the employees of a company and their dependents.
    • Large businesses are required to provide health insurance or pay a tax penalty.
    • Small businesses, depending on the number for full-time employees, are not required to provide health insurance.
    • If the coverage offered is too expensive (9.5% of your income), you can purchase health insurance through a federal, state, or private marketplace.
  2. Individual health plans are sold directly to a person, rather than an employer for their group of employees. Plans generally can cover dependents.

Individual Health Insurance for Cancer

Want additional protection? Supplemental cancer insurance plans:

  • Payouts are often lump-sum cash benefits
  • Lump-sum cash benefits are paid directly to you
  • Can help pay for the additional costs of cancer (e.g. specialty food, childcare, travel expense

The ACA has created rules for individual health insurance plans that limit their ability to charge you more, or deny you coverage. When looking for health insurance for cancer, know that the ACA:

  • Requires coverage for pre-existing conditions (like cancer)
  • Makes cancer screenings (mammograms and colonoscopies) available at little to no cost to you
  • Disallows health insurance plans from cancelling coverage if you become sick
  • Requires plans to cover 10 essential health benefits1
  • Disallows health insurance plans from charging sick people more than healthy people for the same coverage
  • Disallows annual and lifetime limits
  • Requires health insurance to provide a short and simple summary of coverage
  • Allows dependents to remain on a parent’s plan until age 26
  • Ensures that patients who are participating in clinical trials are still covered for other medical needs
  • Helps lower the cost of health insurance for low or moderate income individuals

Note that grandfathered plans, plans sold before the ACA was signed into law, may not meet the requirements of the law.

Let Us Help You Find Health Insurance for Cancer

HealthMarkets understands that cancer is a difficult diagnosis to receive. But, with the right coverage, medical expenses don’t have to interrupt your treatment. Finding health insurance for cancer can help cover many of the upcoming treatments you may need, so don’t delay. Call us at (800) 429-5058 or find a licensed insurance agent near you.

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References

1 Plans in existence on March 23, 2010 and have not changed substantially are called grandfathered plans. They may not have the same rights and protections as other plans.

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