Fortunately, there are voluntary benefits that can supplement your savings and your health insurance. Cancer insurance is one of these voluntary benefits and it can help you deal with this devastating diagnosis on better terms. Here are a few things that you should know about this valuable voluntary insurance.
What Is Cancer Insurance
Cancer insurance is a voluntary benefit that can supplement your regular health benefits when you're diagnosed with cancer. Cancer is a condition that can be uniquely devastating. It's often a long-term illness. It can severely impact your ability to make a living, and it can strike suddenly and without warning. Dealing with these risks appropriately is difficult to do on your own. Savings are often insufficient, and health insurance can leave you with many costly gaps in coverage. That's why supplementary benefits such as cancer insurance exist.
What Types Of Cancer Does Cancer Insurance Cover?
Coverage varies from policy to policy, but generally, you can expect it to cover most of the common cancer types such as:
- Breast Cancer
- Skin Cancer
- Brain Cancer
- Ovarian Cancer
How Does It Work?
When diagnosed with a qualifying cancer, you'll receive funds to help pay for medical expenses such as:
- Hospital stays
- Travel assistance
- Out-of-network specialists
- Tests and treatments
Some insurance policies will cover these expenses like a traditional health plan would, but others may simply give you a lump sum that you can spend as you see fit. Although this lack of red tape is appealing, having to micromanage these funds while fighting cancer isn't always desirable. Make sure you choose the type of plan that your employees would most benefit from.
The Benefits Of Covering Cancer
For many employees — especially those who are young and healthy — cancer is the last thing on their minds. It seems almost unthinkable. Unfortunately, it isn't as rare or unthinkable as you'd hope. Nearly 40% of adults will be diagnosed with cancer at some point during their lives.
Roughly 4% of cancer diagnoses are in young adults from age 20 to 39. Given the great financial and physical toll that comes with a cancer diagnosis, it's not advisable to play these odds.
Cancer Coverage Is A Supplement
One final note, cancer coverage is best thought of as a supplement to a robust health insurance plan, not a replacement. There will be gaps in coverage — even when diagnosed with a qualifying cancer — with most cancer plans, and that's where your health insurance will come into play.
Cancer insurance may not pay off today — or even tomorrow — but it provides both your business and your employees with numerous long-term benefits. At Summerlin-Roberts we pride ourselves on offering flexible and cost-effective voluntary benefit options. You can also contact us today to talk with a representative about providing voluntary benefits for your employees.