Cancer Insurance Policies are not all alike. Check out 8 of the top policies and why they are on top.
If you’re like most people, you probably think you’ll never need cancer insurance. After all, Cancer isn’t something you plan to get. The problem is, when you need it, if you don’t have it, you can’t get it. Cancer policies have to be in place before the diagnosis, so it’s best not to wait to think about getting one. Do your research now and put the policy that best fits your needs into place, and you’ll thank yourself later.
Cancer policies don’t cover everything. They are designed to fill the financial gaps that exist under a basic health insurance policy, things like co-pays, deductibles, hospital stays, diagnostics tests, treatments and procedures, childcare, travel, and lodging expenses, lost income, and more. Cancer policies are not the same. Eligibility requirements are different between plans. So are the specifics of what they cover and how they make payments. You may want them to include specific treatments and pay directly to the provider, or you may wish to have a lump sum paid directly to you. Selecting the right policy to cover your wants is essential. We have compiled a list of the top cancer insurance programs we have found, so continue reading and see which one is best for you.
QUACK QUACK It is AFLAC
Provided by Aflac:
Aflac is the largest provider of supplemental insurance in the United States and has an “A+” financial stability rating from A.M. Best. Their cancer policies are available both directly to individuals and through employer plans. Their coverage is also portable, meaning you can take your employer coverage with you if you change jobs. Payments are made directly to you in a lump sum or paid overtime. Either option pays up to $100,000.
Options may vary by state. There is a mandatory, 30-day waiting period before coverage begins. The Aflac cancer policy covers cancer wellness check-ups, treatments like chemo, radiation, experimental treatments, stem cell replacement, and bone marrow transplants, as well as hospitalization benefits, continuing care benefits, ambulance, transportation, and lodging. The Aflac policy carries three cancer diagnosis benefits: initial diagnosis, medical imaging with diagnosis, and NCI evaluation/consultation.
To top everything off, Aflac is known for is its fast claim payments. Its “One Day Pay” pays for individual claims submitted online through the Aflac “SmartClaim” process the next day, specific requirements apply.
COMBINE COVERAGE FOR OTHER ILLNESSES
Provided by United Health Care:
United Healthcare is one of the largest health care organizations in the world. They provide medical benefits in all 50 U.S. states and more than 130 countries. Their policies combine critical care with cancer policies. Their policies are valued from $10,000 to $50,000. Policies with them cover you not only for cancer treatments but other serious illnesses like heart attacks, paralysis, renal failure, stroke, coma, loss of hearing or speech and organ transplants.
United Healthcare provides a wide array of health insurance plans. They also allow you to combine your critical illness and Cancer policy with a short-term medical, dental, life, and accident policy. Making it possible for you to have all your coverage in one place in one policy.
NO EXAM NO PROBLEM METLIFE IS YOUR ANSWER
Provided by Metlife:
MetLife cancer policies are only available through employer benefit programs. No examination is required for coverage, and it is guaranteed renewable. These plans provide coverage for annual screenings, initial diagnosis, cancer treatments, hospitalization, and cancer recurrence. Payments made to the policyholder are in a lump-sum amount.
Automatic premium payments deducted from an employee’s payroll. There is also no waiting period for coverage to begin. However, they are portable and as such your coverage can go with you if you change your job.
PUT CANCER TOGETHER WITH CRITICAL CARE: MUTUAL OF OMAHA
Provided by Mutual of Omaha:
Mutual of Omaha is a well-known and highly respected insurance company. They offer two forms of cancer policies; one is a lump-sum payment policy, and the other is a cancer care treatment policy. The critical care component of their plans covers things like heart attacks and strokes. You can also add options for lost income and travel expenses.
Their policies are available to both individuals and families with age ranges 18yrs to 89 yrs. You can get a plan in amounts that range from $10,000 to $100,000. The term of the policy can 10, 15, 20, 30 years, or it can be a lifetime coverage policy.
SPF SKIN CANCER COVERAGE: GUARANTEE TRUST LIFE:
Provided by Guarantee Trust Life:
Guarantee Trust Life (GTL) has been in business for over 80 years and has an “A+” rating with the Better Business Bureau. They offer policies that combine coverage for Cancer, heart attacks, strokes, and we offer a $500 payment for each occurrence of Skin Cancer, up to a three-time lifetime maximum. Their policies pay a lump-sum benefit up to $75,000, and cover, age ranges from 18 yrs to 65 yrs. If you are over 65 years of age but under 91 years of age, their policies pay a lump-sum benefit up to $50,000, and their coverage is available in 49 states, Washington D.C. and Puerto Rico.
As a policyholder, you have free access to the “Ask Mayo Clinic” support services. You can speak with a Mayo Clinic nurse 24 hrs a day, seven days a week for medical advice related to your cancer diagnosis. You can also add a policy rider to cover cancer recurrences. They also provide coverage for experimental cancer treatments. If as part of your treatment, you undergo approved experimental cancer treatment, your policy benefit is increased by 25%.
ADDITIONAL COVERAGE OPTIONS NO PROBLEM PHYSICIANS MUTUAL
Provided by Physicians Mutual:
Physicians Mutual has been in business over 100 years and has an “A (Excellent)” rating from A.M. Best. Benefits from their cancer policies are paid either directly to the policyholder or can be paid directly to your provider. Their coverage is one of the most comprehensive available. Benefits include preventive care, inpatient treatments, surgery, cancer treatments, transportation, lodging, home health care, different therapies like breast reconstruction, artificial limbs, wigs, medical equipment, hospice care, extended care facility stays, private nursing care, and blood plasma, and platelets. A policy rider is also available for the first cancer diagnosis benefit payment.
As you can see from the list, their policies are incredibly comprehensive. Their plans have waiting periods and some exclusions from coverage. Their policyholders can also add a critical care coverage policy rider, which covers heart attacks, strokes, and even heart bypass surgery. This policy rider is available to their policyholders up to age 65. This policy rider also has pre-existing conditions and is restricted for the first 90-days immediately following the rider’s effective date.
BEST VALUE: CIGNA
Provided by Cigna:
Cigna offers a comprehensive cancer policy beginning at $19 per month. Payments can be made in a lump-sum payment directly to the policyholders in amounts ranging from $5,000 to $100,000. Coverage is not limited to just individuals but includes families as well with age ranges from 18 yrs to 99 years. The policy consists of coverage for cancer recurrence, and policy riders are available for critical care conditions like heart attacks and strokes.
A policyholder can also elect to have a cancer care treatment policy instead of the lump-sum benefit plan, and have payments made directly to the provider. Benefits included in our policies include surgery and hospitalization, chemotherapy, radiation, transportation and lodging, rehabilitative therapy, extended care facility stay, hospice care, and family care such as child and pet care expenses.
GOOD RISK BENEFIT PREMIUM RETURN UNITED AMERICAN
Provided by United American:
United American offers a cancer policy that is guaranteed renewable for life. Individuals and families both qualify. They offer a unique benefit called “good risk benefit.” If there are no claims, this benefit pays the policyholder $250 for each covered adult every five years. Our coverage is available in 49 states, the District of Columbia and Canada, and is rated “A+” Superior by A.M. Best. Their policies pay a lump-sum payment directly to individuals or families in amounts of $10,000 up to $50,000. However, there is a 30-day waiting period before coverage begins.
Some of the benefits included in our policies are first occurrence benefit of $1,500, surgical benefits up to $3,750, daily hospital confinement benefit of $150 or $300, radiation and chemotherapy, blood and plasma, private-duty nurse and an ambulance benefit. United American policies exclude hospital stays where a covered person does not incur a charge. They also exclude losses incurred outside of the U.S., for services furnished by members of your household or immediate family, expenses for services or materials not medically necessary and any losses incurred before the policy effective date.