Cancer Coverage

One of the consequences from a cancer diagnosis is the financial cost and burden to the individual and the family members. A Cancer Benefit plan is designed to supplement the major medical coverage to assist with the high cost of cancer treatment.

Benefits from the plan help pay the following types of out-of-pocket expenses:

Pays a cancer screening benefit for specified screening tests.
Hospital-related services such as hospital confinement, ambulance, air ambulance and full-time nursing services.
Surgical benefits including reconstructive surgery and anesthesia
Cancer treatment benefits to cover radiation and chemotherapy, anti- nausea medication and medical imaging
Home health care or caregivers, hospice and skilled nursing benefits
Home or automobile modifications
Mortgage, utility bills and other everyday living expenses.
Travel costs to and from treatment centers.
Some policies may actually pay a benefit to the donor of a bone marrow

Coverage is available for employee as well as the spouse and dependent children. As with other voluntary benefits, coverage is portable and the employee can take it with them when they change jobs or retire. This benefit is guaranteed renewable for life as long as premiums are paid when due.

Benefits may be paid either through a lump sum or an annually restorable policy. Premium for lump sum policies do not increase with age and are typically payable until the policy is paid up at a specified age or until a claim is incurred. Often, policies offer a return of premium rider, which allows premiums to be refunded if the policy remains continuously in force and no claim is paid during the term of the policy. Lump sum cash payments typically allow benefits to be used for any purpose including offsetting loss of income or covering normal living expenses.

Annually restorable policies help offset expenses incurred for treatment of covered diseases. Payments typically are more focused toward inpatient or outpatient services as well as supplies and treatments such as hospital room and board; drugs and medicines; laboratory services; and medical or surgical services.

Contributed with the permission of Jeffrey Schreiber, ARM

Cancer Coverage Essentials