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Cancer insurance can help alleviate some financial burdens if you receive a cancer diagnosis. You may use it to help with a variety of expenses that come with the recovery process but aren’t covered by your standard health insurance plan. Keep reading to find out what cancer insurance is and whether it’s worth it.
The goal of cancer insurance is to help reduce the out-of-pockets costs associated with a cancer diagnosis. It’s a supplemental policy you can apply for in addition to your health insurance plan. You may use the funds from cancer insurance for various medical and non-medical expenses as you go through treatment. It’s important to note that you must enroll in cancer insurance before you receive a diagnosis or prove that you’ve been cancer free for a certain amount of time, such as 10 years.1
Don’t wait until it’s too late. Help cover yourself and your family with affordable coverage from Aflac.
Each cancer insurance policy is unique. However, Aflac offers cancer insurance that can help with medical and non-medical expenses, such as:
Cancer treatment can be costly, especially if you don’t have cancer insurance. Paying for cancer treatments entirely out-of-pocket without insurance may be a taxing responsibility to do on your own. According to the National Cancer Institute, the average cost of cancer-related medical care and drugs is $42,000 throughout the year after a cancer diagnosis.2
The most noteworthy advantages of cancer insurance include:
With cancer insurance, you can help reduce what you pay out-of-pocket for medical and non-medical expenses during cancer treatment. If you have a high-deductible insurance plan, this can be a huge plus.
Fortunately, cancer insurance is affordable. Depending on your situation, there is something that can fit your budget.
Anyone can receive a life-changing cancer diagnosis at any time. Cancer insurance can give you the added peace of mind of knowing you’ll be better protected financially if this happens to you.
Here are several factors to consider when deciding if getting cancer insurance may make sense:
If you have deceased or living family members with cancer or a history of cancer, your risk of a diagnosis is higher. In this case, cancer insurance is likely worthwhile.3
Think about whether you’d be able to stay afloat financially in the event of a cancer diagnosis. If you think you’d struggle to cover expenses, cancer insurance should be on your radar.
The unexpected costs that come with cancer treatment are high. You might want to invest in cancer insurance so you know you’ll be better financially prepared for whatever expenses come your way.
Aflac offers cancer insurance with enhanced coverage and affordable premiums. If you’d like to help protect yourself from the financial challenges of a potential cancer diagnosis, this type of policy may be worth exploring. Chat with an agent to discuss how cancer insurance could meet your needs and get a quote today.
1 LendEDU - Cancer Insurance: Compare Companies, Coverage, and Costs. Updated June 13, 2023. https://lendedu.com/blog/cancer-insurance/. Accessed September 5, 2024.
2 STAT – Cancer patients shouldn’t be responsible for out-of-pocket costs. Updated May 23, 2023. https://www.statnews.com/2023/05/23/financial-toxicity-cancer-costs-cost-sharing/. Accessed September 5, 2024.
3 Forbes Advisor - Cancer, Heart Attack And Stroke Insurance: Definition And Options. Updated December 20, 2022. https://www.forbes.com/advisor/health-insurance/cancer-heart-attack-stroke-insurance/. Accessed September 5, 2024.
Content within this article is provided for general informational purposes and is not provided as tax, legal, health, or financial advice for any person or for any specific situation. Employers, employees, and other individuals should contact their own advisers about their situations. For complete details, including availability and costs of Aflac insurance, please contact your local Aflac agent.
Aflac coverage is underwritten by American Family Life Assurance Company of Columbus. In New York, Aflac coverage is underwritten by American Family Life Assurance Company of New York.
Cancer/Specified-Disease: A72200: In Delaware, Policy A72200. In Idaho, Policy A72200ID. In Oklahoma, Policy A72200OK. In Virginia, Policy A72200VA. A75000: In Virginia, policies A75100VA–A75300VA. B70000: In Delaware, Policies B70100DE, B70200DE & B70300DE. In Idaho, Policies B70100ID, B70200ID, B70300ID, B7010EPID, B7020EPID. In Oklahoma, Policies B70100OK, B70200OK, B70300OK, B7010EPOK, B7020EPOK.
Coverage underwritten by Tier One Insurance Company. Tier One Insurance Company is part of the Aflac family of insurers. In California, Tier One Insurance does business as Tier One Insurance Life Insurance Company (Tier One NAIC 92908).
In Delaware, Policy T70000. In Idaho, Policy T70000ID. In Oklahoma, Policy T70000OK. In Virginia, Policies T70000VA & T70000GVA.
Coverage may not be available in all states, including but not limited to DE, ID, NJ, NM, NY or VA. Benefits/premium rates may vary based on state and plan levels. Optional riders may be available at an additional cost. Policies and riders may also contain a waiting period. Refer to the exact policy and rider forms for benefit details, definitions, limitations, and exclusions.
Aflac WWHQ | 1932 Wynnton Road | Columbus, GA 31999
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