Cancer insurance pros and cons
When we talk about the most dreadful disease, then no one can beat cancer in its position. It is one of the highest rated causes of death and left no way than to give up. The disease is agonizing, the treat is more painful and sometimes it seems impossible to cure it.
Similarly, if we see the other side than the treatment bills is literally awful. Even with the good health insurance policy, the people find the dreadful disease financially incapacitating.
That is why there come many insurance companies who come up with different insurance policies. So let’s discuss the cancer insurance pros and cons.
What is Cancer Insurance?
Have you just diagnosed with the horrible disease, cancer? Then don’t worry cancer insurance is here for you!
Cancer insurance is an insurance policy that is offered against diagnosing of cancer in treatment. It is supplemental insurance, and most of the insurance types offer coverage including lump-sum upon cancer diagnosis with covered cancer. While on the other hand many other offer supplementary payments for health care costs at hospitals.
What is Lump-Sum Payment?
This is the kind of payment that is offered by different insurance policies upon diagnosing cancer according to policy limits. However, the policyholder can use the money according to his will. Means the patient can use it for traveling, for visiting stuff and authority, co-payments, the different experimental treatments and yes, living expenses.
What are supplemental payments for healthcare expenses?
This payment option left the policyholders with a choice to go for scheduled listed with the insurance policy. However, the supplemental insurance does not actually pay for a percent of your cancer treatment bill. As it only pays some dollars for a covered category. The category includes radiation treatment, X-rays and yes surgery and nursing care.
What are the advantages of Cancer Insurance?
- Financially stress-free
Cancer is not only dreadful but is it expensive too to treat. When diagnosed with cancer, it becomes very challenging to maintain a financial balance between treatment cost and living cost. As the billing starts so abruptly that it doesn’t give you enough time to settle everything. Stress and wellness are the reserves of each other so choosing the right cancer plan can help you to relieve yourself at least from a financial sense.
- Payment for non-medical expenses.
Another main advantage of having cancer insurance is that it offers you money for the treatments that are not covered under the standard policy. Similarly, for non-medical expenses like for travel expense, mortgage/rent/food, `and other unexpected costs.
What are the disadvantages of cancer insurance?
- The main disadvantage of cancer insurance is that the people who pay for the entire premium are not going to pay off at the end of this policy if they don’t diagnose with cancer. That money will be going to good cause.
- Similarly, another main disadvantage associated with cancer insurance policy is that you get only paid if you diagnosed with cancer. This also results in limiting the premium and become a big problem in severe cases. There are many companies out there that provide the solution for this problem by offering a policy that directly covers the “the big three” expensive long-term problems including cancer, stroke and heart attack.