If you are one of the millions of people who receive this diagnosis, the last thing you want to do is think about the cost. Cancer insurance provides financial protection for those who are diagnosed with cancer and can help with both medical and non-medical expenses.
Since not all plans are created equal, we evaluated 15 cancer insurance companies to find you the best. While we did attempt to provide a price quote for each policy, we had difficulty getting quotes in some cases and notated as such when this occurred.
Our best cancer providers review looks at each option based on price if available , coverage, claims ease, and more. Mutual of Omaha is well known in the insurance industry, having been in business since The Omaha, Nebraska-based company combines its cancer and critical illness coverage, so in addition to cancer coverage, you are also covered for illnesses such as heart attack or stroke.
The company offers policy terms of 10, 15, 20, and 30 years, along with a lifetime coverage policy. Policies also provide benefits for things like preventive screenings, hospice care, and ambulatory transportation. AM Best Rating: A-. Why We Chose It: When it comes to purchasing cancer insurance, we selected Mutual of Omaha as our best overall because it not only provides more coverage for the cost than some of the others, but it also provides things like preventive screenings, a selection of benefits ranges which can help lower cost , and the ability to keep your policy until age Customer representatives will not tell you what a policy covers unless you sign up for one.
However, you may be able to find a summary document by searching online. Aflac is based in Columbus, Georgia, and is one of the most well-known supplemental insurance companies, due in large part to its ad campaigns, which often feature the Aflac duck. Benefits and coverage options vary by state and there is a day waiting period.
The Aflac cancer policy covers a wide range of benefits to both individuals and through employers, including reconstructive surgery, second surgical opinion, and home health care. Options include either a lump-sum payout or payments over time. Policies are age limited. Obtain a quote online to see prices.
Why We Chose It: Although Aflac provides a lot of the same benefits Mutual of Omaha does at about the same price, Mutual of Omaha has a slight edge over Aflac because the company allows you to remain a policyholder until age 89, while Aflac only provides coverage through a younger age. The Aflac information within this section offers a brief product overview only.
Coverage may not be available in all states. Optional riders may be available at an additional cost. Policies have limitations and exclusions that may affect benefits payable. Refer to the specified policy and rider forms for complete details, benefits, limitations, and exclusions. For availability and costs, please contact your local Aflac agent. Coverage is underwritten by Aflac. No restrictions on how you use your benefits you can use them to help with your medical costs, pay your house payment, or even buy groceries.
Cigna is a well-established insurance company that was founded back in and is known for its health and dental benefits in the United States. The company's headquarters are located in Bloomfield, Connecticut. Individual and family coverage is available for people aged 18 to 99 and does provide coverage if your cancer reoccurs.
There is a day waiting period and policies do not cover pre-existing conditions during the first 12 months of the policy. Cigna cancer policies are not available in all states.
AM Best Rating: A. Why We Chose It: When we compared Cigna against the competition, we found that while it did not seem to offer the same coverage as our top two picks, it did provide a better value than most of the other companies we reviewed. This is due to both the monthly price and benefits offered, as well as the longer period of time the company allows for continued coverage. Does not cover pre-existing conditions if they occur during the first two-year period after the effective date of coverage.
Physicians Mutual was established in and its headquarters are located in Omaha, Nebraska. The company provides insurance products for both individuals and small business employees. You will need to apply for coverage with your specific health history to obtain a quote. Coverage includes preventive care screening, a daily hospital room benefit, ground or air ambulance transportation, inpatient doctor visits, inpatient prescription drugs, mastectomies, hysterectomies and biopsies, radiation, chemotherapy, hormone or immunotherapy drugs, and experimental treatments, as well as lodging, airfare, and transportation benefits.
There is a day waiting period for coverage. Some basic critical illness insurance policies only cover major illnesses or events like some types of cancer, a heart attack, or a stroke. Other policies have an extended definition of what a critical illness is and will cover:.
Critical illness insurance can help serve as a financial safety net for many people, especially those who may be at risk for developing a critical illness. If you have a family history of heart disease, any condition that could make you prone to blood clots or poor circulation, or if you have had health struggles then having critical illness insurance could help.
Critical illness insurance is also something that people over 40 should consider getting to protect themselves as they get older because the chances of developing a serious illness increase as you get older.
Like many other types of supplemental insurance, the cost of critical illness insurance depends on several factors including your age and the amount of coverage that you want to have but prices generally start low so this type of insurance is affordable to almost everyone.
Cancer insurance is supplemental insurance for cancer patients that is specifically designed to help people offset the cost of cancer treatment. Every year there are more than 1 million new cases of cancer diagnosed, and more than 15 million people have a history of treated cancer in the U.
People who are diagnosed with cancer often find themselves facing steep out-of-pocket costs. There may be high deductibles that to be met before health insurance starts picking up the tab for treatments.
Fighting cancer can take a long time, which means that making ends meet every month can tough. If you look at how much cancer treatment costs, you will begin to see how easily a family could be totally devastated if one member of the family develops cancer.
The government has taken steps to help mitigate the cost by forcing insurance companies to cap the out-of-pocket costs that people face for cancer treatment. But that only caps the cost of medical treatment for cancer. If you have been diagnosed with cancer you may not be able to get a cancer-specific insurance policy. But, you should still be able to qualify for some type of medical insurance. Critical illness insurance does cover some types of cancer so if you have a predisposition for a type of cancer that is covered under a critical illness insurance plan, then buying critical illness insurance is probably a good idea.
Choosing critical illness insurance over cancer-specific insurance will give you some leeway and you will be protected even if you are diagnosed with something other than cancer. Critical illness insurance only covers a particular set of cancers that are severe or terminal.
So if you have a family history of cancer that is highly treatable, like skin cancer, a cancer insurance policy might be a better choice because that will help you cover your living expenses if you or your child is diagnosed with a type of cancer that can be treated but will still interfere with your ability to take care of your family and pay for your own living expenses. Millions of people have used our financial advice through 22 books including 12 national bestsellers published by Ramsey Press, as well as two syndicated radio shows and 10 podcasts, which have over 17 million weekly listeners.
Guided Plans. Trusted Pros. Free Tools. Health insurance companies today offer specialty insurance for many conditions, such as cancer insurance.
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