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September 10, 2019

Cancer Insurance and Medicare: Are They a Good Combination?

cancer insurance and medicare

If you have Medicare, you know how essential it is to help pay for your medical care. You probably also know that Original Medicare (Medicare Parts A and B) itself is not enough for many people, so many opt to purchase a Medicare Advantage Plan or a Medicare Supplement (Medigap) policy.

There are also other options available to you in the form of supplemental health insurance. Like its name implies, it is meant to supplement your existing health insurance, and comes in many forms, including cancer, critical illness, hospital indemnity, and accident insurance.

If you have Medicare, you may be wondering if cancer insurance is right for you. According to the American Cancer Society, “in the US, approximately 39 out of 100 men and 38 out of 100 women will develop cancer during their lifetime,” and “80% of all cancers in the United States are diagnosed in people 55 years of age or older.”1 With statistics like these, you might be looking to prepare for all possibilities. According to Verywell Health, with most cancer plans, “you will receive a lump sum of money if diagnosed with cancer which you can use for both medical costs and normal living expenses. You essentially use the money any way you choose to make up for lost wages, deductibles, and co-pays.”2 Verywell Health also notes that some policies cover cancer-related expenses beyond what your health insurance covers, and that policies vary. It’s important to understand the benefits and limitations of any policy you consider purchasing.

If you purchase a cancer policy that offers a lump sum cash payout upon the diagnosis of cancer, that lump sum “can be used for whatever you need,” according to MediGap Select.3 MediGap Select gives examples such as costs from co-pays, co-insurance, and deductibles, and even travel to and from the hospital, paying for family to visit, or taking a vacation to help wellness.

Since cancer shows no favoritism – everyone is at risk – it makes sense to be prepared for anything. A cancer policy coupled with Medicare might be a good option for you.

If you have any questions about what Medicare covers, visit Medicare.gov. If you have questions about your Medicare Advantage or Medicare Supplement policy, contact your insurance company. If you’re interested in cancer coverage, contact a licensed insurance agent.

  1. American Cancer Society, Cancer Facts & Figures 2019, Atlanta: American Cancer Society; 2019
  2. Verywell Health, How to Decide if Cancer Insurance is Worth the Cost, 2018
  3. MediGap Select, Do I Need Cancer Insurance with Medicare?, 2018

Categories: Insurance, Cancer Insurance, Supplement Health Insurance

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