Let’s Talk About the “C” Word

We’re going to talk about the “C” word today. Cancer is not a fun topic of conversation, but the reality is that it’s the second most common cause of death in the United States. A cancer insurance policy is one thing you can do to protect yourself and your financial well-being in the case of a cancer diagnosis. While we hope none of our clients ever use one of these policies, we don’t want you to be unprepared in the event that you do.

How a Cancer Policy Works

There are other types of cancer policies available, but we highly recommend one that offers a lump-sum payout upon your diagnosis. These policies are easy to manage and require little effort on your part when and if you need to use them. Other cancer policies require you to submit receipts for every expense, which can be time-consuming and difficult to track.

A cancer policy with a lump-sum payout is much easier.

Why We Recommend a Cancer Policy

If you have Medicare and a Medicare Supplement, you already have great coverage. Most of your medical expenses are going to be covered if you have a cancer diagnosis. However, there are a ton of indirect costs associated with treatment, especially for our clients in rural parts of the state. The indirect costs are the main reason we recommend a cancer policy.

You can use the payout from a cancer policy for anything you like – and we mean anything! You could use the money to pay for anything not already covered by Medicare and your Medicare supplement. This could include prescriptions with higher out-of-pocket costs and experimental cancer treatments.

You could also use the money to pay for all the indirect costs. Things like gas for travel, hotel stays, dining, airfare, therapy, childcare (or pet care!), housekeeping, etc. You could use the money to pay off other debts or take your family on a vacation. It is yours to use at your own discretion.

If you have a Medicare Advantage plan, your costs are less straightforward. Depending on the plan, you’ll likely owe around 20% for cancer treatments. And, just like with a stand-alone Part D plan, your prescription costs will also increase. We recommend cancer policies for everyone, but this is especially true if you have a Medicare Advantage plan.

Cancer Policies We Offer

We offer several cancer policies under different insurance carriers. There is a policy to fit every budget. Your premium will depend on the benefit amount you choose, which can range from $5000 to $100,000. These policies aren’t just for our clients on Medicare. Anyone who is 18 or older is eligible to enroll in a cancer policy.

If you’d like to learn more about a cancer policy, don’t hesitate to reach out. We can discuss the policies we offer and even take a look at a policy you already have to make sure you’re getting a competitive rate.

Dani is a licensed health and life insurance advisor. She is also the creator of everything you see on our social media accounts and runs Blaze Creative, a content-writing and copywriting agency designed specifically for Medicare brokers.

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