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Do I Need Cancer Ins?

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Cancer insurance can help ease the financial burden of a cancer diagnosis by covering costs not covered by major medical insurance, such as travel, food, lodging, childcare, and living expenses. When considering cancer insurance, evaluate the insurance carrier, the specific policy benefits and limitations including how it defines cancer, the carrier's history of rate stability, how quickly claims are processed, and whether coverage extends to spouses and dependents. Policies also vary in terms of portability, renewability, and underwriting requirements.

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DO I NEED CANCER INSURANCE? www.aflac.com This information is provided by American Family Life Assurance Company of Columbus For more information Place agent contact info here M1594AGT 12/09
Anyone Can If youre diagnosed with cancer, you should spend Be Diagnosed your time focusing on getting better, not worrying about With Cancer your finances. Some expenses wont be covered by major Despite the best efforts of medical insuranceincluding doctors and researchers, travel, food, lodging, child cancer remains a concern care, and household help. And for many individuals and remember: living expenses families. People from all such as car payments, walks of life are at risk, regardless of age, gender, mortgage or rent payments, or ethnicity. In the United States, men have a slightly and utility bills will continue, less than one-in-two risk of developing cancer during whether you are able to work their lifetime; for women, the risk is a little more or not. than one-in-three.* Advances in pharmaceuticals, surgical procedures, and alternative treatments have improved the odds of cancer survival, and Americans diagnosed with cancer are living longer than ever. But with improved treatments and survival rates come increased costs. Fortunately There Is The Financial Impact Cancer of a Cancer Diagnosis Insurance Can Be Overwhelming Cancer insurance can help A strong major medical plan is your first defense against ease the financial worries that medical expenses when facing a cancer diagnosis, but come with a cancer diagnosis with rising deductibles, more and more people face by helping address the gaps substantial out-of-pocket expenses before their regular in major medical insurance. insurance fully kicks in. According to a study by The There are many cancer American Journal of Medicine, more than 62 percent of insurance options out there, bankruptcies in 2007 were related to medical causes.** and selecting the right plan can be confusing. Its important to have the tools to find the right plan and the right carrier. *Cancer Facts and Figures 2009, American Cancer Society. **Medical Bankruptcy in the United States, 2007: Results of a National Study, (published in 2009), The American Journal of Medicine.
Before purchasing cancer insurance, you should consider the following factors: The Insurance Carrier There are many cancer insurance providers, so its important to consider the company standing behind the product. What do you know about the company offering the insurance? How long has it been in business? What about financial strength? 2 The Policys Benefits, Limitations, and the Definition of Cancer Make sure the policy youre considering covers the cost of treating recurrences or another form of cancer. And look for how the policy defines cancer. Most people are not familiar with the key benefits of a cancer policy or how plans are structured. Look for: A benefit for the initial diagnosis of cancer Strong benefits for radiation and chemotherapy Generous hospitalization benefits Comprehensive benefits for surgery Benefits for transportation and lodging, in case travel is required 3 Rate Stability Annual rate increases are often considered the norm, but its possible to find a provider that doesnt regularly raise premiums. Ask your insurance representative whether the company youre considering has a history of rate stability.
4 Claims 7 Control Youll find out just how Is the policy reliable your insurer is when guaranteed- you file a claim. Before renewable, or can purchasing a policy, research your employer or how quickly the insurer insurance company processes claims. Do the terminate it at any benefits require coordination time? Will your plan with other coverage before be canceled if your payment is issued? employer changes plans? Is the policy portablecan you take it with you if 5 Spouse and you leave your job? Dependents Not all policies offer benefits or the same level of benefits to 8 Underwriting spouses and children. Insurance companies If you are the primary underwriting questions insured, make sure vary, but one commonly your policy offers asked question is, How your spouse and many years have you dependents coverage been cancer-free? Some that is equal to yours. companies wont cover you unless youve been cancer-free for at least ten years. Look for a company that is less strict in its underwriting requirements, and 6 Early Detection and that will cover you if your cancer recurs. Cancer Prevention Many of todays tests and scans identify cancer at its earliest. Some cancer policies offer benefits when you take advantage of those tests, including annual mammogram or prostate screening tests.

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Do I Need Cancer Ins?

  • 1. DO I NEED CANCER INSURANCE? www.aflac.com This information is provided by American Family Life Assurance Company of Columbus For more information Place agent contact info here M1594AGT 12/09
  • 2. Anyone Can If youre diagnosed with cancer, you should spend Be Diagnosed your time focusing on getting better, not worrying about With Cancer your finances. Some expenses wont be covered by major Despite the best efforts of medical insuranceincluding doctors and researchers, travel, food, lodging, child cancer remains a concern care, and household help. And for many individuals and remember: living expenses families. People from all such as car payments, walks of life are at risk, regardless of age, gender, mortgage or rent payments, or ethnicity. In the United States, men have a slightly and utility bills will continue, less than one-in-two risk of developing cancer during whether you are able to work their lifetime; for women, the risk is a little more or not. than one-in-three.* Advances in pharmaceuticals, surgical procedures, and alternative treatments have improved the odds of cancer survival, and Americans diagnosed with cancer are living longer than ever. But with improved treatments and survival rates come increased costs. Fortunately There Is The Financial Impact Cancer of a Cancer Diagnosis Insurance Can Be Overwhelming Cancer insurance can help A strong major medical plan is your first defense against ease the financial worries that medical expenses when facing a cancer diagnosis, but come with a cancer diagnosis with rising deductibles, more and more people face by helping address the gaps substantial out-of-pocket expenses before their regular in major medical insurance. insurance fully kicks in. According to a study by The There are many cancer American Journal of Medicine, more than 62 percent of insurance options out there, bankruptcies in 2007 were related to medical causes.** and selecting the right plan can be confusing. Its important to have the tools to find the right plan and the right carrier. *Cancer Facts and Figures 2009, American Cancer Society. **Medical Bankruptcy in the United States, 2007: Results of a National Study, (published in 2009), The American Journal of Medicine.
  • 3. Before purchasing cancer insurance, you should consider the following factors: The Insurance Carrier There are many cancer insurance providers, so its important to consider the company standing behind the product. What do you know about the company offering the insurance? How long has it been in business? What about financial strength? 2 The Policys Benefits, Limitations, and the Definition of Cancer Make sure the policy youre considering covers the cost of treating recurrences or another form of cancer. And look for how the policy defines cancer. Most people are not familiar with the key benefits of a cancer policy or how plans are structured. Look for: A benefit for the initial diagnosis of cancer Strong benefits for radiation and chemotherapy Generous hospitalization benefits Comprehensive benefits for surgery Benefits for transportation and lodging, in case travel is required 3 Rate Stability Annual rate increases are often considered the norm, but its possible to find a provider that doesnt regularly raise premiums. Ask your insurance representative whether the company youre considering has a history of rate stability.
  • 4. 4 Claims 7 Control Youll find out just how Is the policy reliable your insurer is when guaranteed- you file a claim. Before renewable, or can purchasing a policy, research your employer or how quickly the insurer insurance company processes claims. Do the terminate it at any benefits require coordination time? Will your plan with other coverage before be canceled if your payment is issued? employer changes plans? Is the policy portablecan you take it with you if 5 Spouse and you leave your job? Dependents Not all policies offer benefits or the same level of benefits to 8 Underwriting spouses and children. Insurance companies If you are the primary underwriting questions insured, make sure vary, but one commonly your policy offers asked question is, How your spouse and many years have you dependents coverage been cancer-free? Some that is equal to yours. companies wont cover you unless youve been cancer-free for at least ten years. Look for a company that is less strict in its underwriting requirements, and 6 Early Detection and that will cover you if your cancer recurs. Cancer Prevention Many of todays tests and scans identify cancer at its earliest. Some cancer policies offer benefits when you take advantage of those tests, including annual mammogram or prostate screening tests.