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Thanks to reductions in smoking, early detection, and improved treatments, more patients are surviving cancer each year.1 However, treatment can be costly. The average cost of medical care and drugs to treat cancer is more than $42,000 in the year after getting a diagnosis.2 Cancer insurance could help you prepare financially for a potential cancer diagnosis and treatment, helping to ease the emotional stress of this situation if it occurs. In this article, we’ll discuss what cancer insurance covers, then review some benefits and drawbacks to help you determine if it’s right for you.
Cancer insurance is supplemental insurance that helps cover the costs of diagnosing and treating cancer. There are several types of cancer insurance policies:3
The first two policy types, like health insurance, can come with deductibles, copays, and other stipulations. Lump-sum cash benefit policies may pay you a benefit directly (unless assigned otherwise), letting you use the funds as you need.
Covering the cost of cancer treatment without insurance can be challenging. A cancer insurance policy from Aflac can help you prepare for these circumstances and manage the cost of treatment much more easily.
Don’t wait until it’s too late. Help cover yourself and your family with affordable coverage from Aflac.
Cancer insurance can help assist with the costs of treating cancer.
Cancer insurance may also help cover costs not directly related to treatment, such as:
Having a cancer insurance policy can offer many benefits, such as:
Cancer insurance premiums are generally affordable. Many plans cost $10 to $50 per month, although your premiums can vary based on many factors.3 Regardless, these premiums can be well worth the cost of cancer and other expenses you must cover during treatment.
Many use cancer insurance payouts to help cover treatment and medication costs. However, you can use the payout for nearly anything.3 For example, your benefit can help pay for travel to cancer facilities or help cover some of your living expenses.
Cancer insurance can help you prepare for the unexpected. Even if you are never diagnosed with cancer, having a cancer insurance policy can help give you peace of mind throughout your life. It also can ensure your loved ones are not financially strained when helping you pay for treatment if you do get a diagnosis.
Cancer insurance can offer plenty of benefits, but there are a few downsides to consider:
The risk of cancer increases as we age.4 This can cause premiums to be higher for older individuals when applying for a policy. Luckily, having a policy while younger can help you lock in lower premiums. That way, you can keep paying affordable premiums for the rest of your life.
Cancer insurance typically doesn’t cover costs associated with non-melanoma skin cancer.5 As a result, you may pay premiums for a cancer insurance policy that can’t help you cover treatment costs if you get this type of diagnosis.
Consider the following factors when deciding if cancer insurance is worth getting:
Nobody knows what the future holds, but you can take steps to be prepared. Cancer insurance can help provide you and your loved ones with peace of mind throughout life and offer financial relief if you receive a diagnosis.
Consider your age, personal and family health history, financial situation and goals, lifestyle, and job before applying for a policy. This can help you determine if you need cancer insurance and, if so, what kind of coverage to pursue. If you’d like the financial safety net that can come with cancer insurance, speak with an Aflac agent about your options today.
1 American Cancer Society Journals – Cancer statistics, 2024. Published January 17, 2024. https://acsjournals.onlinelibrary.wiley.com/doi/full/10.3322/caac.21820. Accessed October 31, 2024.
2 STAT – Cancer patients shouldn’t be responsible for out-of-pocket costs. Published May 23, 2023. https://www.statnews.com/2023/05/23/financial-toxicity-cancer-costs-cost-sharing/. Accessed October 31, 2024.
3 LendEDU – Cancer Insurance: Compare Companies, Coverage, and Costs. Updated June 13, 2023. https://lendedu.com/blog/cancer-insurance/. Accessed November 8, 2024.
4 National Cancer Institute – Age and Cancer Risk. https://www.cancer.gov/about-cancer/causes-prevention/risk/age. Accessed October 31, 2024.
5 Enhance Health – Your Guide To Cancer Insurance. Updated January 25, 2024. https://enhancehealth.com/blog/your-guide-to-cancer-insurance/. Accessed October 31, 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, B70000 series: In Delaware, Policies B70100DE, B70200DE & B70300DE. In Idaho, Policies B70100ID, B70200ID, B70300ID, B7010EPID, B7020EPID. In Oklahoma, Policies B70100OK, B70200OK, B70300OK, B7010EPOK, B7020EPOK. A75000 series: In Virginia, policies A75100VA–A75300VA.
Other coverage is underwritten by Tier One Insurance Company. Tier One Insurance Company is part of the Aflac family of insurers. In California, Tier One Insurance Company does business as Tier One Life Insurance Company (NAIC 92908).
Cancer/Specified Disease plans, T70000 series: In Delaware, Policy T70000. In Idaho, Policy T70000ID. In Oklahoma, In Virginia, policies T70000VA & T70000GVA.
Coverage may not be available in all states, including but not limited to DE, ID, NJ, NM, NY, VA or VT. 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 | Tier One | 1932 Wynnton Road | Columbus, GA 31999
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EXP 11/25
