For many Americans, a cancer diagnosis can mean a devastating financial blow, even with major medical insurance. In fact, a study by Duke University Medical Center found that the average out-of-pocket cost of care for an American insured privately is $1,266 per month. That could be like adding another monthly rent or mortgage payment — can your current budget handle that?
That’s why voluntary cancer insurance is becoming increasingly important in helping Americans combat the high costs of cancer – so they can focus less on finances and more on treatment and recovery. Here, Aflac, the leader in voluntary insurance sales at the worksite in the United States, provides an overview of what voluntary cancer insurance is and why every American should consider applying for it during his or her next open enrollment season:
What is voluntary cancer insurance?
No health insurance policy covers everything. Voluntary insurance is designed to complement your major medical insurance to help fill the holes in your health care coverage. Cancer insurance is a plan, typically offered through an employer, which can help people cope with the high, out-of-pocket costs associated with a serious illness like cancer — costs never intended to be covered by major medical insurance.
In the event of a cancer diagnosis, a policyholder will receive cash benefits that can be used as he or she sees fit. This can include daily living expenses, such as rent, gas, groceries, babysitting and other necessities. As medical bills start accumulating, unfortunately, existing bills don’t stop. But with the protection of cancer insurance, policyholders can maintain their lifestyle without setting themselves up for a financial disaster.
Why consider voluntary cancer insurance?
With the number of cancer diagnoses in America continuing to grow, individuals and families shouldn’t have to make a decision between medical treatment and making ends meet with existing bills and daily living expenses. For a cancer diagnosis, most of the uncovered expenses result from prescription drugs — which can make up a whopping 41 percent of the patients’ expenses — but other requirements such as medical equipment, travel, special diets and nonprescription drugs are also contributing factors. Instead of paying for those expenses out of a patient’s own pocket, having cancer insurance can help fill in the holes.
Cancer insurance policies can help families cope with the treatment costs of cancer. But, more importantly, it can also help patients focus on what’s truly important – recovery. To learn more about cancer insurance, visit aflac.com/cancer.