Thanks to medical advancements, more patients survive cancer each year.1 However, treatment can be costly. The average cost of medical care and drugs to treat cancer is around $42,000 in the year after getting a diagnosis, with the exact cost depending on several factors.2 Cancer insurance could help you prepare financially for a potential cancer diagnosis and treatment, helping to ease the emotional stress of this situation if it occurs. In this article, we’ll discuss what cancer insurance covers, then review some benefits and drawbacks to help you determine if it’s right for you.
Cancer insurance is supplemental insurance that helps cover the costs of diagnosing and treating cancer. There are several types of cancer insurance policies:3
The first two policy types, like health insurance, come with deductibles, copays, and other stipulations. Lump-sum cash benefit policies simply pay you a benefit directly (unless assigned otherwise), letting you use the funds as you need.
Covering the cost of cancer treatment without insurance can be challenging. A cancer insurance policy from Aflac can help you prepare for these circumstances and manage the cost of treatment much more easily.
Don’t wait until it’s too late. Help cover yourself and your family with affordable coverage from Aflac.
Cancer insurance can assist with the costs of treating cancer.
Cancer insurance may also help cover costs not directly related to treatment, such as:
Buying a cancer insurance policy offers many benefits, such as:
Cancer insurance premiums are generally affordable. Many plans cost $10 to $50 per month, although your premiums can vary based on many factors.3 Regardless, these premiums can be well worth the cost of cancer and other expenses you must cover during treatment.
Many use cancer insurance payouts to help cover treatment and medication costs. However, you can use the payout for nearly anything.3 For example, your benefit can help replace lost wages, pay for travel to cancer facilities, and cover some of your living expenses.
Cancer insurance helps you prepare for the unexpected. Even if you are never diagnosed with cancer, having a cancer insurance policy can help give you peace of mind throughout your life. It also ensures your loved ones are not financially strained when helping you pay for treatment if you do get a diagnosis.
Cancer insurance offers plenty of benefits, but there are a few downsides to consider:
The risk of cancer increases as we age.4 This can cause premiums to be higher for older individuals when getting a policy. Luckily, getting a policy while younger can help you lock in lower premiums. That way, you can keep paying affordable premiums for the rest of your life.
Cancer insurance typically doesn’t cover costs associated with non-melanoma skin cancer.5 As a result, you may pay premiums for a cancer insurance policy that can’t help you cover treatment costs if you get this type of diagnosis.
Consider the following factors when deciding if cancer insurance is worth getting:
Nobody knows what the future holds, but you can take steps to be prepared. Cancer insurance can provide you and your loved ones with significant peace of mind throughout life and offer substantial financial relief if you receive a diagnosis.
Consider your age, personal and family health history, financial situation and goals, lifestyle, and job before getting a policy. This can help you determine if you need cancer insurance and, if so, what kind of coverage to pursue. If you’d like the financial safety net that comes with cancer insurance, speak with an Aflac agent about your options today.
Explore your cancer insurance options.
1 Centers for Disease Control and Prevention – An Update on Cancer Deaths in the United States. https://www.cdc.gov/cancer/dcpc/research/update-on-cancer-deaths/index.htm. Accessed June 1, 2023.
2 National Public Radio – 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 June 1, 2023.
3 LendEDU – Cancer Insurance: Compare Companies, Coverage, and Costs. Updated April 5, 2023. https://lendedu.com/blog/cancer-insurance/. Accessed June 1, 2023.
4 National Cancer Institute – Age and Cancer Risk. https://www.cancer.gov/about-cancer/causes-prevention/risk/age. Accessed June 1, 2023.
5 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 June 1, 2023.
Content within this article 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. For complete details, including availability and costs of Aflac insurance, please contact your local Aflac agent.
Series B70000: In Arkansas, Policies B70100AR, B70200AR, B70300AR, B7010EPAR, B7020EPAR. In Delaware, Policies B70100DE, B70200DE & B70300DE. In Idaho, Policies B70100ID, B70200ID, B70300ID, B7010EPID, B7020EPID. In Oklahoma, Policies B70100OK, B70200OK, B70300OK, B7010EPOK, B7020EPOK. In Oregon, Policies B70100OR, B70200OR, B70300OR, B7010EPOR, B7020EPOR. In Pennsylvania, Policies B70100PA, B70200PA, B70300PA. In Texas, Policies B70100TX, B70200TX, B70300TX, B7010EPTX, B7020EPTX. Series A78000: In New York, Policies, NY78100–NY78400. Series A75000: In Virginia, policies A75100VA–A75300VA.
Coverage is underwritten by American Family Life Assurance Company of Columbus. In New York, coverage s underwritten by American Family Life Assurance Company of New York.
Tier One Coverage
Series T70000: In Arkansas, Policy T70000ARR. In Delaware, Policy T70000. In Idaho, Policy T70000ID. In Oklahoma, Policy T70000OK. In Oregon, Policy T70000OR. In Pennsylvania, Policies T70000PA, T7000GPA. In Texas, Policy T70000TX. In Virginia, policies T70000VA & T70000GVA.
Coverage is underwritten by Tier One Insurance Company.
This is a brief product overview only. Coverage may not be available in all states. Benefits/premium rates may vary based on plan selected. Optional riders may be available at an additional cost. Plans and riders may also contain a waiting period. Refer to the exact plans and riders for benefit details, definitions, limitations and exclusions. For availability and costs, please contact your local Aflac agent/producer.
Aflac’s family of insurers include Aflac, Aflac New York, Continental American Insurance Company, and Tier One Insurance Company.
Aflac WWHQ | Tier One Insurance Company | 1932 Wynnton Road | Columbus, GA 31999.