Do you need cancer insurance? Cancer is a diseases that has touched just about everyone in the world today. It does not care if you are young or old, black or white, poor or rich. Anyone can come down with cancer and the type of cancer you can get is about as random as winning the lottery. Just to be sure we are on the same page, here is some info about cancer insurance from http://oci.wi.gov/pub_list/pi-001.htm:
Cancer treatment accounts for about 10% of U.S. health expenses. In fact, no single disease accounts for more than a small proportion of the American public's health care bill. This is why it is essential to have insurance coverage for all conditions, not just cancer.
If you and your family are not protected against catastrophic medical costs, you should consider a major medical policy. These policies pay a large percentage of your covered costs after a deductible is paid either by you or your basic insurance. They often have very high maximums, such as $100,000 to $1,000,000. Major medical policies will cover you for any accident or sickness, including cancer. They cost more than cancer policies because they cover more, but they are generally considered a better buy.
So what justifies getting cancer insurance? I know me and my wife recently purchased additional policies for ourselves as we both have cancer that runs in our family. My grandmother had it and her sister and grandmother also had it as well. It makes it a scary thought to think we may one day have it ( or even worse, our children ) and we will need to be ready for when the time comes. We pay a small monthly premium every month that comes right out of our checking account and never have to worry about it actually. But is it the right choice for you? That is something you really need to sit down and map out with your spouse or close family members to see if having cancer insurance is the right choice for you.
More about this from the Chicago Tribune:
Robert Zirkelbach, a spokesman for America's Health Insurance Plans, said the payout can be used for out-of-pocket medical expenses or for routine living expenses such as a mortgage payment or rent.
The policies are "not intended to replace a person's comprehensive medical insurance," Zirkelbach said. "They are designed to provide additional financial protection."
But Stephan Finan, senior director of policy for the American Cancer Society Cancer Action Network, calls the policies a bad idea.
"Unless your health insurance specifically does not cover cancer-related expenses … you are more than likely wasting money on a premium you could be using elsewhere," he said.
It will be interesting to see how Obama Care plays out for the need in medical insurance and they types of coverage we will all have in 2014 for things like cancer or other major medical insurance needs. I know me and wife felt that it was better to be safe then sorry when it came to looking into care for possible cancer insurance needs.