Is Cancer Insurance Worth It?

When you buy a house and purchase a homeowners insurance policy, you may notice that certain scenarios, like natural disasters, are not covered under your standard policy. Whereas fire coverage is commonly included, you might have to pay extra for policies that cover earthquakes, floods, tornadoes, hurricanes, or other natural disasters that are prevalent in your region. If you were previously unaware of the existence of cancer insurance, which is a relatively new addition to the health insurance field, you can think of it in the same supplemental capacity. It is an extra that can be added to your existing health insurance policy. But is it worth the additional cost?

Cancer insurance is primarily intended for those who have cancer, have had cancer, or are somehow predisposed to be diagnosed with cancer at some point, due to family history or lifestyle choices. When you obtain this supplemental health insurance, you will gain access to a number of health care services related to the prevention and treatment of cancer. Preventive services could include regular cancer screenings, such as annual Pap tests and mammograms for women, prostate exams for men, and colonoscopies, just for example. But for at-risk individuals, covered services could also include access to information about lifestyle changes, as well as treatments designed to curb tobacco use or other behaviors that increase the risk of certain cancers.

And of course, coverage generally extends to treatments such as surgeries, chemotherapy, radiation, and so on for those who are diagnosed with cancer. In some cases, this insurance bridges the gap between what the average health insurance policy will cover and additional, out-of-pocket medical expenses. Some policies may even provide for living expenses. It is not uncommon for those undergoing cancer treatment to take medical leave or even quit their jobs. Certain cancer insurance policies account for this by covering expenses like the cost of food, child care, and even transportation to medical appointments, amongst other expenses.

Coverage will depend on several factors, including the provider, the policy you select, the state you live in, and what you’re willing to pay. Also important is whether or not you currently have cancer, you are a cancer survivor, you have a family history of cancer that increases your risk, or your lifestyle choices increase your risk (as with smokers). However, new laws now dictate that you cannot be denied health coverage due to pre-existing conditions. So even those currently living with cancer should be able to find a policy. That said, coverage and cost will vary by provider and by state in most cases.

So, is cancer insurance worth it? This is a question you will have to answer on your own. If you have a family history of cancer that causes you worry, the cost of supplemental cancer insurance may be money well spent for the peace of mind you’ll gain in the process, not to mention the financial assistance that accompanies screenings and ultimately, cancer treatments. But if you are at little risk for cancer, or your current health insurance provides excellent coverage, you might not be inclined to spend more for this extra coverage. You’ll simply have to assess your particular situation and explore coverage options to decide if cancer insurance is worth it to you.