Why Do I Need Cancer Insurance?

The past two decades have seen a substantial rise in the number of cancer cases globally; however, the number of people diagnosed with cancer each year is only supposed to continue to grow, increasing by 57% in the next 20 years. The growing rate of cancer cases has led to the growing popularity of cancer-specific insurance plans. These supplemental insurance policies can help to protect individuals should they be diagnosed with cancer in the future by reducing many of the out-of-pocket expenses cancer patients are faced with. While cancer insurance is not a replacement for traditional health insurance, it can help to cover the many cancer-related expenses your health insurance plan may not cover. If you do not currently have cancer insurance, here are just a few of the reasons why you should consider purchasing cancer insurance.  

You Have a Family History of Cancer

Approximately 1 in 3 Americans will be diagnosed with cancer at some point during their lives. This makes it likely that there is someone in your family history who has had cancer. However, what many people are not aware of is that with certain cancers, a family history of cancer can greatly increase the risk that you will get cancer as well. Breast cancer and colon cancer are two common examples of cancers that seem to have a genetic component. Thusly, if there is a history of cancer in your family, it may be in your best interest to invest in cancer insurance. Not only will this ensure that you are taken care of should you be diagnosed with cancer down-the-road, but it can also help to provide you with a peace-of-mind.  

Your Health Insurance May Not Cover Everything

One of the most important reasons to purchase cancer insurance is that it can help to supplement your current health insurance policy. Many people believe that they do not need cancer insurance if they have a comprehensive health insurance plan. However, upon being diagnosed with cancer these patients are often surprised to learn that their health insurance plan does not cover all of their treatments, or that they have exorbitant out-of-pocket expenses. Thusly, before you decide whether or not cancer insurance is right for you, and before you begin looking at cancer insurance plans, it is important that you look carefully at your health insurance policy to see what is and isn't covered, whether or not you have a high deductible, and what your out-of-pocket expenses would be should you get cancer. If you are at a high risk of being diagnosed with cancer, and your health insurance coverage would leave you with a large number of out-of-pocket expenses, then you should take a moment to seriously consider investing in cancer insurance. The fact is that the cost of cancer treatments can be extremely expensive, and having insufficient coverage could have a large impact on the financial stability of your family.

You Are (or Once Were) a Smoker

Whether or not you have a family history of cancer, you should consider purchasing a cancer insurance policy if you were a smoker at any point in your life. While scientists and doctors have known for years that there is a correlation between smoking and cancer, many people underestimate the severity of this connection. However, the World Health Organization estimates that as many as 22% of cancer-related deaths are the result of tobacco use. Additionally, another recent study found that almost half the deaths from 12 different forms of cancer are attributable to cigarette smoking. Smokers are then at a serious risk of being diagnosed with cancer at some point during their lives and could greatly benefit from the extra protection cancer insurance provides.

Understandably, many people do not want to consider the fact that they may get cancer at some point during their lives, as this can be a scary prospect to face. However, it is important that you consider your risk of being diagnosed with cancer and decide whether cancer insurance may be right for you as cancer insurance can protect you by helping to ensure that you will have sufficient coverage should you be diagnosed with cancer at some point during your life.