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.
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
Don’t wait until it’s too late. Help cover yourself and your family with affordable coverage from Aflac.
Each cancer insurance policy is unique. However, Aflac offers cancer insurance that can help with medical and non-medical expenses, such as:
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
The most noteworthy advantages of cancer insurance include:
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.
Fortunately, cancer insurance is affordable. Depending on your situation, there is something that can fit your budget.
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.
Here are several factors to consider when deciding if getting cancer insurance may make sense:
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
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.
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.
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.
Explore your cancer insurance options.
1 LendEDU - Cancer Insurance: Compare Companies, Coverage, and Costs. Updated April 5, 2023. https://lendedu.com/blog/cancer-insurance/. Accessed April 14, 2023.
2 NPR – She was already battling cancer. Then she had to fight the bill collectors. Updated July 9, 2022. https://www.npr.org/sections/health-shots/2022/07/09/1110370391/cost-cancer-treatment-medical-debt. Accessed April 20, 2023.
3 Verywell Health - How to Decide If Cancer Insurance Is Worth the Cost. Updated May 15, 2020. https://www.verywellhealth.com/what-you-need-to-know-about-cancer-insurance-514298. Accessed April 14, 2023.
Coverage underwritten by American Family Life Assurance Company of Columbus. In New York, coverage is underwritten by American Family Life Assurance Company of New York. Cancer/Specified-Disease: In Delaware, Policies B70100DE, B70200DE & B70300DE. Policy A72200. In Idaho, Policies B70100ID, B70200ID, B70300ID, B7010EPID, B7020EPID. Policy A72200ID. In Oklahoma, Policies B70100OK, B70200OK, B70300OK, B7010EPOK, B7020EPOK. Policy A72200OK. In Virginia, policies A75100VA–A75300VA.
Coverage underwritten by Tier One Insurance Company: Cancer/Specified-Disease: In Delaware, Policy T70000. In Idaho, Policy T70000ID. In Oklahoma, Policy T70000OK. In Virginia, policies T70000VA & T70000GVA.
Tier One Insurance Company is part of the Aflac family of insurers. In California, Tier One Insurance Company does business as Tier One Life Insurance Company (Tier One NAIC 92908).
Cancer insurance is also known as specified disease insurance in some states. This is a brief product overview only. Coverage may not be available in all states including but not limited to DE, ID, NJ, NM, NY, or VA. Benefits/premium rates may vary based on plan selected. Optional riders are available at an additional cost. The policy has limitations and exclusions that may affect benefits payable. Refer to the policy for complete details, limitations, and exclusions. For costs and complete details of the coverage, please contact your local Aflac agent.
The content herein is provided for general informational purposes and is not provided as tax, legal, health or financial advice for any person or for any specific situation. Employers, employees and other individuals should contact their own advisers about their situations.
Aflac WWHQ | Tier One Insurance Company | 1932 Wynnton Road | Columbus, GA 31999