Do You Have a First-Diagnosis Cash Cancer Policy?

To prepare, not to scare. That's what this article is about: being prepared in the event of a cancer diagnosis. Statistically, In the United States, the lifetime chance of being diagnosed with cancer is about 38.9%, which is roughly 1 in 3 people. That level of risk is one reason many people consider a first-diagnosis cash cancer policy to cover the non-medical costs of a diagnosis.

Non-Medical Costs Associated with a Cancer Diagnosis

While you may have great health insurance to help with the costs associated with the medical treatment of cancer, that insurance stops with the treatment costs. What about the other costs associated with a serious diagnosis? The ongoing expenses of living do not stop just because you receive an unexpected diagnosis. That's where a cash cancer policy comes in. It pays cash to you to use as you wish for things like: travel, lodging, food, caregiver help, parking, lost income, and household bills during treatment. A cash cancer policy is useful because it can be spent on whatever the family needs most. If you're on a Medicare Advantage plan, you may even decide to use the cash cancer policy proceeds to pay out-of-pocket to see an out-of-network specialist for a second opinion to get the best possible medical guidance in planning your treatment.

How First-Diagnosis Cash Cancer Policies Work

These policies are classified as supplemental (or, ancillary) indemnity products. In insurance terms, the goal of indemnity products is to make the insured whole after a covered loss, meaning the insurance payout is designed to restore the insured to their financial position prior to the loss. Indemnity products pay cash to the insured when they experience a covered loss; they do not pay medical providers or facilities. You are free to do whatever you want with the cash payout.

In the event of a qualifying cancer diagnosis, you simply file a claim and provide the appropriate documentation of the diagnosis. The policy carrier reviews the claim and, once the documentation requirements have been satisfied, issues a check in the policy amount to the policyholder. It's that simple.

How Much do  First-Diagnosis Cash Cancer Policies Cost?

There are variations associated with age and zip code, but in general, for a $10,000 face value policy, the monthly premium cost is around $22 or so; higher with higher face values.

Ask Me About a First Diagnosis Cash Cancer Policy

Contact me anytime to see if you qualify for a first-diagnosis cash cancer policy!