Cancer indemnity insurance is a relatively new policy, created in response to the growing frequency—and cost—of cancer diagnoses among older Americans. It is designed to supplement rather than replace your health insurance policy. If you are unfamiliar with this type of coverage, below is a brief introduction.

The Basics of Cancer Indemnity Coverage

How Does It Work?

The most common type of cancer indemnity involves giving policyholders a lump sum payment if you are diagnosed with cancer. You can use this amount for both medical and non-medical related expenses. Of course, it will cover the cost of treatments, testing, and hospital visits. But it can also pay for the cost of gas to your doctors’ appointments, hotel lodging if you have to travel far for treatment, and loss of income.

Benefits of Cancer Indemnity Coverage

The National Cancer Institute estimates that over 1.7 million people will be diagnosed with cancer in 2019, and roughly 40% of men and women will develop cancer at some point in their lives. While no one wants to think about worst-case scenarios, it’s important to ensure you and your family are properly covered.

Review your current health care plan and find out what is and isn’t covered. If upgrading your current plan still won’t provide you with adequate coverage or is too expensive, supplemental cancer insurance can fill in the gaps, paying for a range of medical and non-medical associated costs. Bills can add up quickly, and new, experimental treatments may not be covered under your current plan, making supplemental insurance a smart option for many. 

Who Is Eligible?

Most insurers require that you have no preexisting condition that leaves you predisposed to cancer. For instance, if you have been treated for cancer in the past or if you have been diagnosed with an immune disorder that increases your risk of cancer, you may not be eligible for coverage.

While cancer can occur at any age, 9 out of 10 cancers occur in people over 50, making this insurance a good option when you’re older. Discuss your medical history with your doctor and talk to an insurance agent to see if you qualify.  

To discuss the purchase of cancer indemnity insurance coverage with a friendly expert, contact Brent Layton in Tremonton, UT. He has been serving clients in and around Box Elder County for more than 25 years. He also specializes in medicare supplement, medicare advantage, life insurance, and guaranteed funeral plans—providing a convenient one-stop solution for many coverage needs. To request a free quote, submit a request through their website or call (435) 257-3829 to speak directly with an agent. You can also email him at bclayton@citilink.net.