topic Re: Cancer Insurance?? in Wellness

Cancer Insurance??

Mmsfoxxie — Sun, 24 Jan 2016 18:01:42 GMT

Has anybody ever got a letter from their health insurance company offering cancer insurance? I got one yesterday and it freaked me out. It had the scare tactic to it..."one in three people will have cancer and won't be able to afford medical services"! What? I thought I had all of the insurance necessary. If I dwell on the 'what ifs' of life, I wouldn't have an extra penny.

I have Medicare and supplemental insurance, Plan F. And drug insurance. Isn't that all that most people have?

Re: Cancer Insurance??

Ms X — Sun, 24 Jan 2016 19:42:38 GMT

This sounds like a scam.

Re: Cancer Insurance??

123SuzyQ123 — Thu, 28 Jan 2016 01:46:31 GMT

I've had a cancer policy with AFLAC for over 14 years. It is not very expensive, about $24 per month. But DH and I both have cancer on both sides of our families (6 deaths combined from both families so far), so I took out the policy because of cancer being in both families.

Re: Cancer Insurance??

Mmsfoxxie — Sun, 24 Jan 2016 20:13:21 GMT

No, I don't think it's a scam in the illegal sense because it from Mutual of Omaha, my regular supplement provider.

My point was that testing and treatment for cancer will be taken care of with my other insurances unless it's catastrophic.

Re: Cancer Insurance??

gidgetgh — Sun, 24 Jan 2016 20:18:37 GMT

We have a cancer policy with Aflac. Last year, when my husband was diagnosed with colon cancer, they paid us $18,000.

Re: Cancer Insurance??

terrier3 — Sun, 24 Jan 2016 21:43:34 GMT

There used to be more of these "single disease" policies before the ACA ended caps on treatment.

Many policies used to pay up to a certain amount for each illness...so a person with chronic heart failure might get covered up to one million dollars - but since a heart transplant often costs more than that - they would have to pay out of pocket or go without.

They aren't necessary anymore.

Re: Cancer Insurance??

151949 — Sun, 24 Jan 2016 21:51:31 GMT

In 1991 I had over $250,000 in the bank after working over in Saudi Arabia for a few years so we thought we were set up for life. Then I was diagnosed with kidney cancer. The treatment was experimental , my ins would not pay for it and we had too much money to get a grant so we had to either pay for it ourselves or do without. I went through that quarter million dollars plus some more! If I had an opportunity to purchase cancer ins. I certainly would. The up side - it was money well spent - the 5 year survival rate for the cancer I had was < 5% and yet 25 years later I am still here. My cousin had the same cancer and he was not offered any treatment and was dead in 3 months.

Re: Cancer Insurance??

Mmsfoxxie — Sun, 24 Jan 2016 21:52:59 GMT

Thanks to everyone for your responses.

So, @terrier3, you're saying that most people don't my extra policies such as cancer policies? ( I know you are in the insurance business).

Re: Cancer Insurance??

terrier3 — Sun, 24 Jan 2016 22:05:26 GMT

@Mmsfoxxie wrote:
Thanks to everyone for your responses.

So, @terrier3, you're saying that most people don't my extra policies such as cancer policies? ( I know you are in the insurance business).

No, they aren't necessary anymore.

Now your insurance covers your costs (after your annual deductible and out of pocket), no matter how long you are ill and how much it costs.

It's not "insurance", IMO, unless it covers all aspects of healthcare, which we have now, thanks to the ACA.

Re: Cancer Insurance??

Mmsfoxxie — Sun, 24 Jan 2016 22:17:09 GMT

Thanks, @terrier3.

Re: Cancer Insurance??

Kachina624 — Sun, 24 Jan 2016 23:28:03 GMT

@gidgetgh wrote:
We have a cancer policy with Aflac. Last year, when my husband was diagnosed with colon cancer, they paid us $18,000.

@gidgetgh Was this payment for living expenses or treatment? Most people have health insurance to cover treatment. If it's sent to you to use as you wish, it really has nothing to do with paying medical bills.

Re: Cancer Insurance??

MomCat — Sun, 24 Jan 2016 23:35:10 GMT

I've always paid extra for this insurance. It's not much. There is a cap on most insurances for more expensive treatments, so this insures you for any costs that go over that.

Re: Cancer Insurance??

Mmsfoxxie — Sun, 24 Jan 2016 23:59:03 GMT

If I knew that my current premium would stay what it is now, I'd consider adding it but after my COBRA umbrella is gone, I expect my premium will go up a lot. The price I was quoted was $16.00 a month.

Re: Cancer Insurance??

gidgetgh — Mon, 25 Jan 2016 00:53:51 GMT

@Kachina624 wrote:
@gidgetgh wrote:
We have a cancer policy with Aflac. Last year, when my husband was diagnosed with colon cancer, they paid us $18,000.

@gidgetgh Was this payment for living expenses or treatment? Most people have health insurance to cover treatment. If it's sent to you to use as you wish, it really has nothing to do with paying medical bills.

@Kachina624- they have charts. If you have colon cancer, they pay you a certain amount. If you have another type, then they pay a specific amount for that. They pay something if you have a ct scan or colonoscopy. They pay if you have blood transfusions, chemo, etc. they pay a certain amount if you have anesthesia and they pay if you have surgery. They pay you if you had to take an ambulance. They pay a per diem for each day spent in the hospital and each day spent in a rehab center. There's a whole list of things they pay you for and the amount associated for each. They also pay some if you have to travel for treatment.

All payments are made to the policy holder. You can do whatever you want with the money. Pay bills, travel to Europe, whatever.

The Aflac policy also pays for certain well care procedures. Every year, they pay me $75 for having a mammogram.

Re: Cancer Insurance??

Katyq — Mon, 25 Jan 2016 02:38:16 GMT

My friend is in her 3rd year of cancer treatment. Although she had health insurance, she would have been in a really bad financial position without cancer insurance. I think it replaced her salary ( or part of it), and also covers some of the medical expenses.

Re: Cancer Insurance??

terrier3 — Mon, 25 Jan 2016 12:00:20 GMT

@MomCat wrote:
I've always paid extra for this insurance. It's not much. There is a cap on most insurances for more expensive treatments, so this insures you for any costs that go over that.

The ACA eliminated the cap. This insurance is no longer necessary.

Re: Cancer Insurance??

151949 — Mon, 25 Jan 2016 13:43:46 GMT

@terrier3 wrote:
@MomCat wrote:
I've always paid extra for this insurance. It's not much. There is a cap on most insurances for more expensive treatments, so this insures you for any costs that go over that.
The ACA eliminated the cap. This insurance is no longer necessary.

What happens if, like me, the insurance refuses to pay for an experimental treatment? If i had not had the means to pay for it , I would not have been able to get it, because we were refused a grant due to having too much money.

Re: Cancer Insurance??

Laura14 — Mon, 25 Jan 2016 14:28:43 GMT

I have cancer and critical care (heart disease/stroke) insurance through Colonial Life. They don't cost very much and pay a wellness benefit which pays you money if you go do your annuals. As someone else said, they cover the incidentals including travel and other treatments, after care, etc which may not be covered or not covered completely by your major medical coverage. It's supplementary insurance to help cover the financial gaps in case, god forbid, you ever need it.

Re: Cancer Insurance??

Tinkrbl44 — Mon, 25 Jan 2016 17:04:55 GMT

I can clarify ..... I was an Aflac agent for 15 years, and also still have a Cancer policy.

The policy pays cash benefits that can be used as you wish ... for medical expenses, mortgage payments, etc etc. This policy pays not only upon diagnosis of internal cancer with a hefty lump sum, but also pays based on tests and treatment you undergo, going forward

One of the reasons this has been such a popular policy is that when a spouse is diagnosed, oftentimes the other spouse takes time off from work to care for them, which means one illness can compromise two paychecks. That's why the Aflac cash coming in can be so necessary to keep them going financially.

Happy to answer any other questions ... and hope this helps.

Tink

Re: Cancer Insurance??

Tinkrbl44 — Mon, 25 Jan 2016 18:34:11 GMT

@Mmsfoxxie wrote:
Has anybody ever got a letter from their health insurance company offering cancer insurance? I got one yesterday and it freaked me out. It had the scare tactic to it..."one in three people will have cancer and won't be able to afford medical services"! What? I thought I had all of the insurance necessary. If I dwell on the 'what ifs' of life, I wouldn't have an extra penny.

I have Medicare and supplemental insurance, Plan F. And drug insurance. Isn't that all that most people have?i

Those statistics are correct.

However, if you are retired and on Medicare, then you are also receiving Social Security, at the very least. Supplemental insurance policies are for the earning years, when a catastrophic illness could deplete savings and retirement funds, leaving a person with nothing when they retire. HTH