Can I Get Cancer Insurance If I've Had Cancer?
If you’ve had cancer in the past, you understand the costs involved. From transportation to drug costs to loss of income, cancer is a huge financial burden.
Once you reach Medicare age, you might think that cancer bills would be covered. But the fine print says otherwise.
We’ve pulled some research from the American Cancer Society, and here’s what we’ve found.
Half of all men and one-third of all women will develop cancer during their lifetime. So if we just look at risk alone, the risk of getting cancer is overwhelmingly high.
And what’s worse is that two-thirds of cancer-related costs are non-medical. That means Medicare will only be able to cover one-third of your cancer bills.
You might be thinking, “But I’ve already had cancer. I could never get approved for cancer insurance.”
The good news? You might still be able to get cancer insurance.
How Can I Get Cancer Insurance If I’d Had Cancer In the Past?
Because you came to an insurance agency and not the actual insurance carrier, you have more options.
We’re able to look at all of the different companies to not only compare price, but to compare eligibility requirements.
While some carriers won’t let you apply if you’d had cancer, here’s the good news: many will!
For most carriers, the requirement is that you haven’t had cancer in the past 10 years. There are a few with a 5-year requirement.
That means that even if you’ve had cancer before, you can still get cancer insurance to protect your future.
Do I Need Cancer Insurance If I’d Had Cancer Before?
What are the odds of getting cancer twice?
According to a study published in the Canadian Medical Association Journal, you’re twice as likely (2.2 times) to redevelop cancer if you’ve already had cancer before.
That makes it even more important that you look into cancer insurance if you’ve reached that eligibility requirement.
Other studies have shown that people who have had cancer are also prone to developing a different type of cancer later on in their lifetime.
For example, it is very common for a woman who has had breast cancer to develop cancer of the ovaries or lungs later in her lifetime.
How Does Cancer Insurance Work?
There are 2 different types of cancer insurances: lump sum and benefit-specific policies.
Lump sum policies are very simple. For example, you might pay $30 per month for a $10,000 benefit. That means that as soon as you’re diagnosed with cancer, you get paid $10,000. You get to choose how to spend that money.
Benefit-specific policies are different in that they pay for services that are approved in your outline of coverage. For example, the policy might pay $100 for every day you’re in the hospital or $100 for every day of radiation.
Lump sum policies are generally more desirable, because you can use the money as you see fit. With benefit-specific policies, you don’t have that luxury.
Is Cancer Insurance Expensive?
Cancer insurance is surprisingly affordable. The younger you are, the cheaper the premium will be.
Here are a few examples of potential monthly premiums to give you an idea, but keep in mind that you should consult with one of our Medicare specialists for your own quote.
If you’re 65 years old, and you’d like a $10,000 benefit, your monthly premium would be about $28.33. If you’re 70, it would be about $32.50. If you’re 75, it would be about $33.33.
Depending on the carrier, you could also have the option to get a policy with your spouse or domestic partner. That can offer up a bit of savings.
How Do I Apply for Cancer Insurance?
Our Medicare specialists are always available to provide you with a quote.
Simply click on the button below to find out if you’re eligible and what the monthly cost would be.
Our team of dedicated, licensed agents can help you as little or as much as you need. Whether it’s answering a few questions about Medicare or creating a comprehensive Medicare Planner with you, we are your Medicare Allies.