Do People on Medicare need a Cancer Policy?

Each year, cancer strikes nearly two million people. Some 80 percent of them are over the age of 55.

The disease isn’t just physically devastating: a cancer diagnosis can be financially devastating, too – even if you have insurance. According to the National Cancer institute, the cost of cancer treatment per patient breaks down as follows:

$43,516 for initial care
$5,516 for continuing care
$109,727 in the last year of life

If you have a Medicare Advantage policy, your out-of-pocket costs could be as high as $12,450 for covered in-network and out-of-network services combined, as of 2024.

It’s important to stay proactive, and do as much as possible to decrease your risk, especially as you get older.

Unfortunately, no matter how diligent we are, factors such as genetics, age, and family history are beyond our control.

Medicare alone may not be enough. Adding a critical Illness policy is an excellent way to provide an extra layer of protection should you ever need it!

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Focus on Prevention

If you aren’t doing these things already, start now!

You’ll decrease your risk of cancer, as well as other diseases, and improve your overall quality of life.

Consider Your Plan Options

Even if you do everything right, you may still have to face cancer at some point.

If that happens, you are very likely to need cash on hand to pay for care and support.

Medicare can help a lot. But neither Medicare nor MediGap nor Medicare Advantage pay for everything cancer patients typically need.

Absent other protection, you may need to pay out-of-pocket for a number of expenses:

These expenses can cost thousands of dollars.

And if you have a Medicare Advantage plan, you may not have the option of going to the best specialty centers such as the Mayo Clinic, Cleveland Clinic, or Mount Sinai Hospital if they are out-of-network, unless you pay the cost difference yourself.

How Can a Cancer Insurance Policy help?

Medicare and other health insurance plans leave gaps in cancer treatment that can include deductibles, travel expenses for treatment, lost income, and other out-of-pocket expenses.

Cancer insurance policies are designed to fill in these gaps!

If you ever receive a cancer diagnosis, your policy will provide a lump sum payment typically ranging between $5,000 – $100,000. You can use this money to cover whatever you need most.

For example: 

There is no limit on what you can use the money for. You can even use it to fulfill a wish, such as taking a memorable trip​​!

A cancer insurance policy offers more than just financial benefits. It’s a great compliment to your existing Medicaid plan, and can provide additional peace of mind​​.

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Contact an Advisor

While Medicare provides essential health coverage, it may not fully cover the extensive costs associated with cancer treatment.

Contact a Personal Benefits Manager to add a cancer insurance policy that allows you to use your benefits at the best cancer treatment centers in the country.

These policies can provide a tremendous cash benefit just when you need it most.

But to qualify, you need to be in good health and cancer-free at the time you apply. So the best time to apply is now.

Learn More: How People on Medicare can Protect Themselves Against the Financial Risk of Cancer | National Cancer Prevention Month: How to Cover Cancer Cost | Can I Change or Switch My Medigap Plan? | Medicare Preventive Services: The Importance of Preventive Care