In 2020, an estimated 1,806,590 new cases of cancer will be diagnosed in the United States and 606,520 people will die from the disease. 70% discovered they had cancer or were in the late stages of treatment. Worse still, up to 55% of patients experience a financial disaster and die within 1 year of being diagnosed.
Therefore, cancer insurance is one of the necessary products, considered as financial support for the family. However, many people still lack information about this type of product.
- 1 What is cancer insurance?
- 2 Who should buy cancer insurance?
- 3 Why buy cancer insurance?
- 4 Can cancer insurance be purchased for cancer patients?
- 5 Advantages of cancer insurance
- 6 Should you buy cancer insurance when healthy?
- 7 The 7 Best Cancer Insurance Providers of 2022
What is cancer insurance?
Cancer insurance is a type of health insurance that helps cover expenses related to cancer. Benefits usually include cancer insurance, coverage for hospitalization or death from cancer. Cancer insurance products have been available for more than 50 years in the world and are the economic support of many families, helping patients to be proactive about hospital fees and feel secure in treatment. Especially now there is insurance for critical illness, the benefits of this insurance include cancer insurance.
Who should buy cancer insurance?
Under current regulations, any individual residing in the United States, from the age of 1 to 55 years, can start participating in cancer insurance and the age of renewal (a receipt of benefits) is up to 75 years old. Some insurance plans may stipulate that you are over 18 years old to be purchased.
However, according to medical experts, the age to start buying cancer insurance is puberty. Between the ages of 14 and 25, women can develop cancers related to the thyroid, blood, bone, and ovaries. From 25 to 34 years old, thyroid cancer is a dangerous disease “lurking” for both sexes.
In particular, cancer insurance is advised to buy as soon as possible in the following cases: people who have family members with cancer, people who have been infected with HP, hepatitis B, people who have undergone surgical removal. polyps, people who are addicted to alcohol (alcoholic drinks) and tobacco because the rate of cancer is higher than the general population.
Currently, insurance companies develop a variety of cancer insurance packages with flexible premiums. The sooner you buy cancer insurance, the cheaper it will be. For example, at the age of 20, premiums are about 20 to 40 dollars per month.
In addition to the age factor, if you live or are regularly exposed to a smoky environment, or smoke… you should also consider buying cancer insurance as soon as possible.
Why buy cancer insurance?
Cancer not only affects health but also brings financial worries to many families. There have been many cases where because of cancer, the family’s finances fell into dire straits. If you are faced with a cancer diagnosis, would you be financially prepared to cover the cost of treatment? Would you be able to pay your bills? Cancer insurance pays cash benefits for cancer and specified diseases to help with the out-of-pocket costs for treatments and everyday living expenses.
The cost of treatment is very expensive without insurance support
In fact, the cost of treatment for a cancer case is not small, it can be tens of millions of dong or up to hundreds of millions of dong per month if it is treated abroad. In particular, cancer requires a very long treatment time, so without insurance support, the cost of treatment will be a huge financial burden for the family.
Cancer insurance offers many benefits
Another reason for you to consider buying cancer insurance early is that the insurance product offers a lot of benefits, to help you get through a difficult period and be motivated to treat the disease well. Those benefits include:
- Cancer insurance benefits: Timely financial support for participants to treat diseases at an early stage.
- Hospitalization benefit: Benefit when the insured has to undergo inpatient treatment after being diagnosed with cancer.
- Death benefit: The sum insured will be paid when the insured dies from cancer, in order to share part of the loss.
Can cancer insurance be purchased for cancer patients?
With practical benefits, cancer insurance is getting more and more attention. In particular, many people wonder if they can buy insurance for cancer patients?
In fact, there are currently no specific regulations on diseases that are not covered by life insurance. However, not everyone can get insurance. Because, life insurance companies will base on health status, medical history to decide whether customers can participate in insurance or not. Each insurance company will have its own policies and exclusions, so to know exactly if you can buy insurance for cancer patients, contact the insurance company’s consultant directly. dangerous to be answered.
Note, if you have some serious diseases, you will be immediately denied insurance: kidney failure, HIV/AIDS, stroke, serious brain injury, terminal illness, terminal cancer.
Advantages of cancer insurance
A major reason why people with cancer are depressed and difficult to overcome is not having enough money to treat the disease. Participating in cancer insurance at a young age is one of the ways to save money for treatment when unfortunately suffering from this dangerous disease.
Some cancer insurance packages pay up to 100% of the insurance plan limit right from the time of diagnosis, helping patients not be limited in terms of treatment places, freely choosing a medical facility including diseases. foreign hospital and ready to treat according to the doctor’s protocol.
This is one of the leading advantages of cancer insurance, helping patients have the best treatment conditions, accompanying them to overcome this terrible disease.
Should you buy cancer insurance when healthy?
Cancer is a dangerous disease, but the signs are often very faint, progressing silently, so it is difficult to detect. Today, with a modern lifestyle, high work intensity and unreasonable diet, alcohol abuse, polluted environment… are factors that increase the risk of cancer.
Everyone is at risk for cancer and it is not known when it will happen. Therefore, building yourself a financial plan is very important to ensure that your finances do not fall into distress. Joining early cancer insurance is one of the ideal options that you can refer to.
Everyone should actively buy cancer insurance as soon as possible. Then: low insurance premium, easy examination, and appraisal, long insurance period, best benefits.
Cancer insurance is an effective burden-sharing solution to help treat and overcome illness with peace of mind. So, don’t hesitate to join a cancer insurance plan for financial backup as soon as possible.
Cancer is increasingly an obsession not only for the elderly but also for the young. Many action programs have been launched to raise people’s awareness about cancer such as Lung Cancer Awareness in November, raising breast cancer awareness in October…
The 7 Best Cancer Insurance Providers of 2022
Getting approved for life insurance after a cancer diagnosis can be challenging, but cancer patients have options for coverage, even with pre-existing conditions. Having life insurance is beneficial for cancer patients as it provides peace of mind knowing that your loved ones are financially insured in the event of your death. Some policies can even help you pay for medical expenses.
There are dozens of life insurance companies on the market, and many will sell coverage to cancer patients, with some limitations. The best policies are accessible and easy to apply. Here are the 7 Best Cancer Insurance Providers of 2022 we recommend.
- Best Overall: Mutual of Omaha
- Runner Up, Best Overall: Aflac*
- Best Value: Cigna
- Most Comprehensive Coverage: Physicians Mutual
- Best for Employees Benefits Program: MetLife
- Best for Individuals: United Healthcare
- Best for Low Monthly Premium: American Fidelity