Of all the expensive (and serious) medical conditions someone could face in their lifetime, cancer has the highest per-person price in the U.S.
And, there doesn’t appear to be a solution for the high cost of cancer treatment coming any time soon. According to a report from the American Society of Clinical Oncology (ASCO), the total annual cost of cancer care will reach $175 billion by 2020, accounting for a 40% increase since 2010.
Many cancer patients will find some relief through one of the Affordable Care Act’s key provisions – no one can be denied coverage or charged higher premiums because of their health status or pre-existing conditions.
Unfortunately, even with health insurance, the exclusions, out-of-pocket health expenses and non-medical costs of cancer can be a tremendous financial burden if you’re diagnosed. (Read statistics here.)
To help fill the growing financial gaps found in health insurance, here are 5 benefits of a lump-sum cancer insurance policy that can give you a better understanding of how plans work and what policies can be used towards:
- It Pays You Directly: Based on the coverage amount chosen (for example, $10,000 in benefits for less than $10 a month), a lump-sum cancer policy will pay a policy-holder the entire amount in a one-time, lump-sum payment upon a cancer diagnosis.
- No Restrictions: One of the key benefits of lump-sum cancer insurance plans is that there are no restrictions. You can use the payout when you want, on what you want, including both the medical and non-medical costs that come with fighting cancer.
- Out-of-Network Cancer Care: If you’re ever diagnosed with cancer, you’ll want to get the best care available, and that could be at one of the leading cancer hospitals in the country (U.S. News Top-Ranked Hospitals for Cancer). Many of these hospitals might be outside of your medical plan’s provider network, which means you could be paying a significant portion (or all of it) out-of-pocket.
- Travel and Lodging: If you need to do any traveling while undergoing cancer treatment, the payout from a lump-sum cancer insurance policy can be used to help pay for you and your family’s transportation, hotel and food expenses.
- Loss of Income: According to a study in the U.S. National Library of Medicine, women who were undergoing breast cancer treatment missed an average of 44.5 days from work, and, men diagnosed with prostate cancer missed an average of 27 days from work. A lump-sum payout from a cancer policy can help with your mortgage payments, utility bills and living expenses if you’re missing work without pay.