Shopping
for Cancer / Critical Illness Insurance
When considering the purchase of a supplemental
cancer or critical illness policy, you should ask yourself the following questions:
Does your current health plan cover enough?
Many health plans cover medical expenses associated with
fighting cancer and critical illness, such as radiation/chemotherapy, surgeon/anesthesiologist fees, or hospital
stays. However, a policy should be examined closely to see if it contains provisions for
treatment in a specialized center, experimental treatment, cosmetic/reconstructive surgery, and
other indirect medical expenses.
Also figure out
exactly how much your out-of-pocket coinsurance and deductibles will be with this plan.
With your
current assets will you be able to afford your share of medical expenses as well as the
indirect, nonmedical
expenses associated with cancer or critical illness, such as loss of income, travel, or at-home care?
Am I at risk for cancer?
According to American Cancer Society statistics,
cancer is the second leading cause of death in the United States, exceeded
only by heart disease.
Americans have a 1 in 2 chance of developing cancer. American women have a 1 in 3 chance of developing cancer.
Am I at risk for a critical illness?
According to the American Heart Association, heart disease is the No. 1 killer in the United States. Every 26 seconds, an American dies from a heart attack. One in 3 adults have some form of cardiovascular disease. On average, someone in the U.S. suffers a stroke every 40 seconds. More women then men die of stroke each year.
Critical illness insurance has often been called "Survivor's Insurance." Odds are, you will survive. But at what cost? A critical illness policy will give you more money to consider a broader range of treatment options. Regardless of income or age, having a supplemental critical illness policy is a smart plan.
Source: American Cancer Society Facts & Figures 2007;
American Heart Association/American Stroke Association, Heart Disease and Stroke Statistics, 2008.
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