Cancer plans supplement your current health insurance plan to help cover the cost of hospital stays, chemotherapy, and other types of cancer treatment.
Cancer insurance coverage is similar to critical illness plans, but only pay out in case of cancer diagnoses.
What cancer plans cover
Depending on your cancer diagnosis, your plan may cover copays, child care, deductibles, lost wages, travel costs, or the excess costs of treatment when your health insurance policy benefits limit is reached.
In general, these services are covered:
- Hospital room and board
- Physician treatment
Some plans may provide a lump sum payment once you have been diagnosed with cancer.
Cancer insurance does not cover any of costs related to non-melanoma skin cancer. Additionally, if you are diagnosed with an early cancer (ones that may not progress to cancer, or stage 0), you may only get a reduced payout.
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Types of cancer plans
There are three types of plans that help cover costs of cancer treatment:
- Expense incurred policy – Pays a percentage of covered treatments up to policy limits.
- Indemnity policy – Pays a specific dollar amount for each covered treatment.
- First diagnosis or first occurrence cancer policy – Pays the policyholder a lump sum payment upon the first diagnosis of cancer.
Who is eligible for these plans?
You cannot purchase cancer insurance if you have a pre-existing condition that tends to lead to cancer.
Also, those who have a previous cancer diagnosis or have been treated for cancer are ineligible.
As long as you do not fit into either of these categories, you may qualify for a policy.