Cancer insurance plans provide coverage of cancer-treating drugs.
When you're living with cancer, you may feel overwhelmed by the emotional, medical and financial ramifications of the diagnosis. That's why it's important to make decisions about your health insurance coverage before you face such a serious disease. While having a major medical insurance policy in place is essential, you may need to look into cancer insurance policies before you get sick.
Description
Cancer insurance policies are considered specified disease policies, similar to plans that provide coverage for other singular conditions, such as stroke. These plans cover only medical treatment and procedures related to cancer diagnoses made after the policy was purchased. Although these policies are typically offered through private insurance companies, Medicaid recipients may be able to receive coverage without purchasing additional policies. Cancer insurance is also known as dread disease insurance, according to the North Carolina Department of Insurance.
Types
You can choose from a variety of cancer insurance plans, including indemnity, expense-incurred and first-diagnosis policies. If you choose a cancer indemnity policy, the insurance company pays a fixed amount for a particular medical service, regardless of its cost. In contrast, expense-incurred policies pay a percentage of medical expenses. First-diagnosis policies pay a lump sum upon finding out you have cancer, provided that you're diagnosed after the company's waiting period. The waiting period may be longer than with the other types of cancer insurance plans, according to the NC Department of Insurance.
Features
Cancer insurance plans cover a number of medical services related to disease treatment and management, including surgeries, hospitalization, private-duty nursing, cancer therapy treatments, blood transfusions and prescription drugs. However, each plan has its own regulations over what's covered. For example, some policies may not pay any benefits until you're hospitalized.
Clinical Trials
A major issue among both cancer patients and healthcare advocates is the coverage of clinical trials. As a patient, you may be interested in participating in an experimental cancer treatment offered through a medical research facility. However, insurance companies typically don't provide benefits for experimental services. Several states require that private insurance companies to cover the costs associated with clinical trials, such as doctor visits and lab tests; other states encourage voluntary participation. More than half of the states in the nation require coverage of clinical trial costs, according to the National Cancer Institute.
Considerations
Before purchasing a cancer policy, check with your insurance company to see what services are already covered in your major medical plan. Insurance companies may not allow you to receive benefits from both a primary plan and a cancer policy. There are a number of other factors to consider before applying for cancer insurance. Find out if the plan covers medical conditions that result from the cancer, such as pneumonia. You'll also want to know whether related travel expenses are covered, and whether the policy is renewable.
Tags: insurance plans, insurance companies, Cancer insurance plans, cancer insurance plans, cancer policy
