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Is Cancer Insurance Worth It?

Cancer insurance can help alleviate some financial burdens if you receive a cancer diagnosis. You may use it to help with a variety of expenses that come with the recovery process but aren’t covered by your standard health insurance plan. Keep reading to find out what cancer insurance is and whether it’s worth it.

How cancer insurance works

The goal of cancer insurance is to help reduce the out-of-pockets costs associated with a cancer diagnosis. It’s a supplemental policy you can apply for in addition to your health insurance plan. You may use the funds from cancer insurance for various medical and non-medical expenses as you go through treatment. It’s important to note that you must enroll in cancer insurance before you receive a diagnosis or prove that you’ve been cancer free for a certain amount of time, such as 10 years.1

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What does cancer insurance help with?

Each cancer insurance policy is unique. However, Aflac offers cancer insurance that can help with medical and non-medical expenses, such as:

  • Co-pays
  • Deductibles
  • Lab tests
  • Surgeries
  • Extended hospital stays
  • Prescription medications
  • Loss of income
  • Child-care expenses
  • Transportation and lodging
  • Household bills

The costs of cancer treatment with and without cancer insurance

Cancer treatment can be costly, especially if you don’t have cancer insurance. Paying for cancer treatments entirely out-of-pocket without insurance may be a taxing responsibility to do on your own. According to the National Cancer Institute, the average cost of cancer-related medical care and drugs is $42,000 throughout the year after a cancer diagnosis.2

Benefits of getting cancer insurance

The most noteworthy advantages of cancer insurance include:

Lower out-of-pocket costs

With cancer insurance, you can help reduce what you pay out-of-pocket for medical and non-medical expenses during cancer treatment. If you have a high-deductible insurance plan, this can be a huge plus.

Affordable premiums

Fortunately, cancer insurance is affordable. Depending on your situation, there is something that can fit your budget.

Added peace of mind

Anyone can receive a life-changing cancer diagnosis at any time. Cancer insurance can give you the added peace of mind of knowing you’ll be better protected financially if this happens to you.

How to decide whether cancer insurance is worth it

Here are several factors to consider when deciding if getting cancer insurance may make sense:

Consider whether cancer runs in your family

If you have deceased or living family members with cancer or a history of cancer, your risk of a diagnosis is higher. In this case, cancer insurance is likely worthwhile.3

Determine your financial situation

Think about whether you’d be able to stay afloat financially in the event of a cancer diagnosis. If you think you’d struggle to cover expenses, cancer insurance should be on your radar.

Think about unexpected costs

The unexpected costs that come with cancer treatment are high. You might want to invest in cancer insurance so you know you’ll be better financially prepared for whatever expenses come your way.

Get a quote for cancer insurance

Aflac offers cancer insurance with enhanced coverage and affordable premiums. If you’d like to help protect yourself from the financial challenges of a potential cancer diagnosis, this type of policy may be worth exploring. Chat with an agent to discuss how cancer insurance could meet your needs and get a quote today.

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