Cancer effect can be devastating on both the patient and family in more ways than you can imagine, physically, emotionally and financially. Having cancer insurance might also help in coping with some of these challenging effects of cancer. It is likely that you have cancer insurance or know a relative who wants to purchase one, and you might also be wondering if your cancer insurance is even worth it, what it covers and what would be its limitation and is Cancer Insurance worth it ?
Cancer Insurance Cost
Having cancer insurance is different from your normal health insurance. Cancer insurance serves as a supplement to cover for cost in the case of cancer occurrence that can not be covered by your medical health insurance. Getting cancer insurance would mostly make sense to a person who has a likely family history of cancer and do not think that there will be a lump sum available to cover cost in case of a cancer incidence.
Most pro-cancer aid insurance experts argue that it is necessary for everyone to consider getting cancer insurance considering the high rate at which the disease is prevalent among adults these days.
Policy coverage premiums cost can actually range from $19 – $40 per month,accruing up to $228 – $480 per annum. The high cost of cancer treatment also adds up with different payments which include co-insurance, deductibles, occasional out-of-network care, and uncovered treatments. Even for those persons with a good insurance cover by their employer, let’s say with a 25% coinsurance, would have monthly out-of-pocket costs of $2,500 for a cancer drug that costs $10,000 each month. That’s nearly over 60% of an average monthly income.The average cancer patients can also expect to pay an estimated $6,000 and $10,000 per year out of pocket when premiums, deductibles, co-pays, and co-insurance were factored in. On an employer policy, the cost might still get closer to about $6,000.
Coverage:
The Insurers is supposed to provide coverage to cover for every cost that concerns your treatment, but these coverage do not really cover for everything and everyone.
Your cancer insurance plan might offer a lump sum payment policy, where the insurer pays you a lump sum if you are diagnosed with cancer for it’s treatment or a cancer treatment policy where the insurer pays for the treatment directly in the case of any cancer incidence. This coverage exist for either family or individual basis, it is important you confirm what your policy plan covers and what it doesn’t, so you do no later feel it isn’t worth it.
Prices for a Successful cancer operation
Cost for cancer operations vary greatly depending on the insurance coverage you have and the hospital cost of the procedure. This cost would include cost of admission or any other re-admission, your medical specialist fee and other outpatient cost (Hospice care, health home and medical equipment)
Chemotherapy:
Cost for chemotherapy would differ depending on the type of cancer,
| Time | Average cost |
| 1 Month | $17,678 |
| 6 Months | $79,892 |
| 12 Months | $118,023 |
Radiation Therapy :
Cost for radiation therapy also differs depending on the cancer type and stages.
| Time
|
Average cost |
| 1 Month | $18,076 |
| 2 Months | $35,380 |
| 3 Months | $56,612 |
Average cost of other cancer operation procedures are as follows:
| Cystectomy(Bladder) | $42,386 |
| Pancreatectomy(Pancreas) | $56,587 |
| Proctectomy(Rectum) | $33,759 |
| Prostatectomy(Prostate) | $14,161 |
| Pulmonary Lobectomy | $39,412 |
Can I cope without Cancer Insurance?
With the increasing risk of getting cancer and its increased cost of treatment,without insurance you become solely responsible for the financial cost of medical care for your treatment of cancer. Although cost might differ depending on the type and stage of the cancer development and the particular required treatment that your medical specialist prescribes.
You may have to choose between a more successful and expensive treatment or a treatment that is cost accommodating but might provide lesser treatment effect, it all depends on your financial capability.
There are also alternative treatments that can help you cope with cancer, although these procedures are not proven to be curative, they can help reduce the signs and symptoms and help provide relief. Some of these alternatives you could resort to if you do not have a cancer insurance include:
- Acupuncture
- Exercise
- Massage
- Aromatherapy
- Hypnosis
- Meditation
- Yoga
Why insurance is important and What role it plays in your Cancer cost.
Only a very few insurance plan will cover for all of your cost in full and almost all policy would require Co-payments for each visit you make to the hospital. But having insurance provides you with better healthcare than is accessible to people without insurance who are not ‘wealthy’. And also, Providing you cover for all screening tests, medical expenses and non-medical payments.
Medical Debt From Cancer
When thinking of cancer cost, the only thing people put into consideration is the cost of the cancer treatment, forgetting that there are also other hidden costs that are relatively high when calculated together, that also contributes to the high cost of cancer. And because people do not consider these costs, when it comes they have to source funds from other places or go borrowing, eventually leading to debt.
These hidden cost that many people seem to overlook includes:
- Lodging during treatment
- Feeding away from your home
- Communication cost
- Special required nutritional supplements
- Gas and parking lot cost.
I guess after this you should be able to answer the big question, Is Cancer insurance worth it ? It might please you to read about the benefits of insuring a cancer patient or victim.
