Cancer Insurance – Is it needed?

With October being National Breast Cancer Awareness Month, I thought it would be a good idea to give you information on Cancer Insurance and give you some insight on whether or not it is needed.      Cancer Insurance will provide benefits ONLY if you get cancer.     Cancer Insurance is a supplemental insurance plan that helps to reduce the cost of Cancer treatment.    It is not a policy that was designed to replace your traditional health insurance policy, but to compliment it.   With any insurance policy, there are pros and cons.    It is our job to make sure you understand each plan we offer so that you are getting what you need and aren’t left with insurance policies that won’t help you.





To be eligible for Cancer Insurance, you cannot have a pre-existing cancer condition.     Cancer Insurance will vary from insurance company to insurance company on what they pay out in benefits.     For instance, some policies will pay out a benefit upon diagnosis of a specified amount depending on the plan.     Some policies will pay a benefit just for getting a screening such as a Mammogram even if no cancer is present.    In most cases, medical costs such as chemotherapy and radiation will also pay a benefit.      Non medical costs such as transportation, in home health care, and child care expenses may also be covered.     It is important to know that you should be comparing plans making sure you understand what will be covered.     You should also compare the benefits to your health insurance plan.     If you are getting the same coverage through your health plan, there probably is not a need to buy Cancer Insurance.      On the other hand, if you have a high deductible with your health insurance plan, a Cancer plan will help to pay for that high deductible and help fill in the gap should Cancer be diagnosed.

To be honest, Cancer Insurance has caused great debate on whether or not it is actually a needed insurance policy.     Many people believe Cancer Insurance is a great plan and support it while others believe that the plans are not needed at all.      At Balanced Care, we believe in giving you facts and letting you make decisions that are best for you and your family.      Here are a few things to consider if you are thinking about the possibility of buying a Cancer policy:

  1. What is your cancer risk?   None of us know if we will be diagnosed with cancer, however, if you have a strong family history of cancer, Cancer Insurance may make sense.    Those with strong family history should be reevaluating their health plans on a yearly basis to see how their current plan would cover them in the case of a diagnosis.
  2. Would upgrading your health insurance plan be a better answer for you?     It may be that the cost will be less than buying an additional Cancer plan.
  3. How much will treatment cost if I do get Cancer?     Medical costs are normally covered by your Major Medical Health plan, however, other costs may factor in and should be evaluated.

Balanced Care also wants you to realize that just because you have two policies such as a Health Insurance policy and a Cancer policy, you cannot assume that double coverage will result in double benefits.     Many Cancer policies advertise that they will pay benefits no matter what other insurance pays.     To find out if you can get benefits from both policies, ask and ask again.     It is better to make sure the policy will provide benefits when needed the most rather than needing the benefits and not being able to get them.

Lastly, don’t ever be led by emotions.    It is a fact that three out of ten Americans will be diagnosed with Cancer in their lifetime, but it also a fact that seven will not.      With this said, there is a chance that the Cancer policy will never be used.     Many Cancer policies have a return of premium after a ten year period.     Simply put, if you haven’t had to use the policy, you can receive all your premium back.      It is something to consider if you are comtemplating purchasing a plan.

Before signing up for a Cancer plan, make sure it will deliver.     It may just be that a disability plan will do the same thing.    This is why at Balanced Care we always encourage a no obligation consultation.     It will always be our goal to provide education on every product even if that means that the product isn’t the best one for you.


Terri Trepanier is the Owner of Balanced Care and a licensed insurance broker in New Hampshire and Maine.  Located in Rochester, NH, she specializes in helping individuals and businesses with their Health Insurance, Dental Insurance, Life Insurance, Disability Insurance, Long Term Care Insurance, Medicare Supplemental, Medicare Prescription Drug Plans, Accident, Critical Illness, and Cancer Plans.    Terri knows the importance of insurance products and how they help individuals and families.    She continually strives to give her clients the Peace Of Mind that each of us deserves.

Balanced Care – Providing Balance, Security, and Peace Of Mind


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