I would like to get your opinion regarding the wisdom of cancer insurance in my situation. DH is a retired career teacher in a second career. When he no longer works full time and we need to get health insurance thru the teacher's retirement plan he will receive a reduced health insurance premium. As his spouse, I will pay full price. One plan has a premium of $486 for me but should I get cancer, they only pay up to $3000 for drugs and then it must come out of pocket. The more expensive plan would cost $967 a month but would cover the full amount of any cancer drugs. When my husband got his current job, he bought cancer insurance for the both of us from Colonial for $100 a month total. I had read prior to that that cancer insurance was a waste and had cautioned against it but he prevailed and we have gotten much of our premiums back in "wellness benefits". Now I am thinking that perhaps cancer insurance would solve the dilemma. I could get the lower premium health care and fill in the gap with cancer insurance. Any thoughts? TIA!
Cancer Insurance
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REWahoo
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What, specifically, does the "cancer insurance" cover? The devil is often in the details.
Sarah in SC
Moderator Emeritus
Cancer insurance is generally considered by financial professionals as a waste of money due to the restrictions and limitations of the policies. I could not think of a situation in which it would make sense to purchase "specific disease" insurance.
Rich_by_the_Bay
Moderator Emeritus
I have never seen a cancer policy that is worth its cost. If you are worried about drug coverage, you could skip the cancer policy, take the $481 per month savings and stash it somewhere for a rainy day.
Your primary policy should cover cancer comparable to any other illness. THe savings in premium alone would cover a lot of prescription.
Of course read the fine print, and the above may or may not apply to your particular situation. But my experience with cancer health insurance is that it is not wise for many people.
Your primary policy should cover cancer comparable to any other illness. THe savings in premium alone would cover a lot of prescription.
Of course read the fine print, and the above may or may not apply to your particular situation. But my experience with cancer health insurance is that it is not wise for many people.
ReWahoo the policy covers drugs, home caregivers, transportation and lodging. As I told Rich, only the high cost of drugs is what I lose sleep over.
ziggy29
Moderator Emeritus
How is your overall health? Do you have preexisting conditions that would preclude getting your own policy? For one healthy non-smoking individual, $486 a month doesn't seem all that cheap, and especially not for a policy that excludes cancer drugs over $3000 a year.
Could you self-insure a high deductible for yourself (i.e. $2000-5000 a year), provided the cancer drugs were included in the policy?
Could you self-insure a high deductible for yourself (i.e. $2000-5000 a year), provided the cancer drugs were included in the policy?
Rich_by_the_Bay
Moderator Emeritus
Yes, I understand - it's a scary system where you can get caught in that trap. However, drug coverage can be denied even by cancer policies if they deem them "experimental," so watch out for that (depending on your contract). And there is a gray zone between which drugs are for the cancer and which are for other indications - gets gamey. Most standard policies cover chemotherapy costs.
OTOH, $5700 per year of additional premium (if my arithmetic is right) saved for just a few years is also a lot of money. I am sure you'll decide what's right for you based on the details and costs.
REWahoo
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What Ziggy said.
Why not talk to an insurance broker about your situation? They might suggest options we overlook.
Why not talk to an insurance broker about your situation? They might suggest options we overlook.
Dawg52
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
My company paid for my cancer policy when I worked but when I retired, I decided to take it with me since it was portable. Normally I would agree with most and say it is not worth it. Just save the premium and put it away for out of pocket cost. But since my brother died of cancer, I decided it might not be a bad idea to keep it. Cost $25 per month. I've used the policy twice for skin cancer. Just got a check the other day for $700.
I may not keep it long term, but I feel better having it. Probably not being rational about it though.
I may not keep it long term, but I feel better having it. Probably not being rational about it though.
There are a lot of expensive diseases out there, cancer is only one. Is it just cancer treatment that is limited in your present insurance? I'm no expert, but I wouldn't have expected that.
Yes, buying insurance for a specific disease is generally not cost effective. The drug costs for other diseases can also be very high, and you'll be just as financially devastated if your have to pay $50K per year for antirejection drugs after a liver transplant as you'd be if you had to pay for chemo.
A high-deductible policy that covers you for catastrophic medical expenses of any kind not covered by your primary insurance would be the best bet, if you can find it.
Ziggy I would say my overall health is good but I do have some pre-existing conditions like high blood pressure and high cholesterol. Although both are well controlled with medication it may impact my ability to get private health insurance which I may be forced to do any way. With the loss of dividend income for the teacher's pension fund, they are talking about dropping spouses from health coverage which would leave me no other option. I was looking at a private health offering by United Healthcare online today and with a $5000 deductible I would be fully covered for any expensive drug treatment once I had spent $5000. We could handle that.
Good point and one I had not thought of which is precisely why I came here for input. All these years we have had Cadillac health insurance and I'm trying to get my financial mind around the fact that it is all ending. All of you are so kind to give me your opinions. Thanks!
mickeyd
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Here's a quote from a Bankrate.com article on 14 useless insurance policies. Cancer is #4.
14 insurance policies you don't need
14 insurance policies you don't need
mickeyd the cancer policy I spoke of does not pay after death. It provides a benefit for drugs, home healthcare, transportation and lodging. All that concerns me is being able to afford the expensive drugs associated with the treatment of cancer. We do have term life insurance in force.
mickeyd
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Unless you think that you are sure to get cancer, or that you have a better than average chance of getting cancer for some reason, I would not opt for it. You seem to be especially concerned about it, so it may be the right product to help you sleep at night.
I am telling you about my health plan
Can you imagine, in my very little country in Europe every drug dose prescribed costs only 4.7 Euro per dose if you are rich. If you need more than 20 doses per year then all additional doses will be FREE! Unless you are poor, than you dont pay anyway.
Plus, pre-existing conditions don't matter the people even never have heard about the word: "pre-existing conditions" What does that mean ? If you stay in hospital you have to pay the "gap" of 30,- Euro per day for food. BUT if you stay for more than 2 weeks per year in hospital everything is free - even if you are the richest person from USA. New dentures cost for the rich people 400,- for the poor 0,- Same perfect quality.
plus, health insurance covers everything is "free" for rich people too. And the millionairs who don't get salary, and are hiding their money, also only need to contribute less than 150,- Euro every month if they dont pay tax.. if they are hiding their money in our anonym banking accounts..
Even if you have cancer since your childhood, they'll pay! No Problem here. You like our system ? The waiting time for foreigners and newly insured americans is just 6 months to start all therapies! You like it ?
Do you have 150 Euro ?
Can you imagine, in my very little country in Europe every drug dose prescribed costs only 4.7 Euro per dose if you are rich. If you need more than 20 doses per year then all additional doses will be FREE! Unless you are poor, than you dont pay anyway.
Plus, pre-existing conditions don't matter the people even never have heard about the word: "pre-existing conditions" What does that mean ?
If you stay in hospital you have to pay the "gap" of 30,- Euro per day for food. BUT if you stay for more than 2 weeks per year in hospital everything is free - even if you are the richest person from USA. New dentures cost for the rich people 400,- for the poor 0,- Same perfect quality.plus, health insurance covers everything is "free" for rich people too. And the millionairs who don't get salary, and are hiding their money, also only need to contribute less than 150,- Euro every month if they dont pay tax.. if they are hiding their money in our anonym banking accounts..
Even if you have cancer since your childhood, they'll pay! No Problem here. You like our system ? The waiting time for foreigners and newly insured americans is just 6 months to start all therapies! You like it ?
Do you have 150 Euro ?In my country all pre-existing conditions are welcome to the health insurance Plus they insure everyone - no exception! If you are 101 years old have a 50kg cancer they'll insure you too ! For 150,- Euro if you are rich! For Zero Euro if you are poor. Not waiting list for surgery like in UK ! I am not from the UK
Plus they insure everyone - no exception! If you are 101 years old have a 50kg cancer they'll insure you too ! For 150,- Euro if you are rich! For Zero Euro if you are poor. Not waiting list for surgery like in UK ! I am not from the UKI get cancer insurance for $7 a week. I have a friend who also has the same policy and has used it. It paid him a lot of money. For $365 a year I see it as a no brainer. I belong to a group also and cannot be canceled as long as I am in the group. trig
CyclingInvestor
Thinks s/he gets paid by the post
My opinion of cancer insurance - the only insurance company I currently invest in is AFLAC, a major provider of cancer insurance, which has a very high and consistent profit margin. This would tell me all I need to know about its value to consumers.
"My opinion of cancer insurance - the only insurance company I currently invest in is AFLAC, a major provider of cancer insurance, which has a very high and consistent profit margin. This would tell me all I need to know about its value to consumers"
My wife bought an AFLAC cancer policy thru her employer about 20 years ago for aprox $25 a month for family coverage (it has raised to $37 a month now) when a friend died of Breast cancer. When I was diagnosed with Prostate cancer 8 years ago she forgot that she had family coverage , thinking that she had just coverd herself. A year after my initial treatment (six months past the maximum amount of time to file a claim) she became aware that we had family coverage. We called AFLAC and they advised us to file a claim and explain the reason for the late filing. Within weeks we received a check for $9000.00, and a very nice letter from the president of the company. Two years ago I had to go for another round of radiation therapy and received another check for over $6000.00 (twice the amount that I expected to receive). Our "older"policy stated that we would receive a lessor amount on the recurrence of the disease, but newer policies pay a higher amount. We received the higher amount, although they could have clearly given us the lesser amount. I highly reccomend AFLAC, and if they are profitable as a company, it is not because they are cheating their customers.
My wife bought an AFLAC cancer policy thru her employer about 20 years ago for aprox $25 a month for family coverage (it has raised to $37 a month now) when a friend died of Breast cancer. When I was diagnosed with Prostate cancer 8 years ago she forgot that she had family coverage , thinking that she had just coverd herself. A year after my initial treatment (six months past the maximum amount of time to file a claim) she became aware that we had family coverage. We called AFLAC and they advised us to file a claim and explain the reason for the late filing. Within weeks we received a check for $9000.00, and a very nice letter from the president of the company. Two years ago I had to go for another round of radiation therapy and received another check for over $6000.00 (twice the amount that I expected to receive). Our "older"policy stated that we would receive a lessor amount on the recurrence of the disease, but newer policies pay a higher amount. We received the higher amount, although they could have clearly given us the lesser amount. I highly reccomend AFLAC, and if they are profitable as a company, it is not because they are cheating their customers.
Rich_by_the_Bay
Moderator Emeritus
BLuescat, what other health insurance were you carrying, and why did they not pay some or all of the charges that your cancer insurance picked up? Were they deductibles and co-pays mostly? Do you know what the AFLAC premiums were, ball park?
Just curious.
Just curious.
Dawg52
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I don't have AFLAC but my cancer policy pays me, not the doctor or hospital. It pays whether my health insurance paid anything or not. When this policy was sold to my company, the selling point was to consider it as a plan that would help give you extra income during a period when you may not be able to work due to cancer. And of course if you had other out of pocket cost due to the disease.
As I mentioned earlier in the thread, I kept it when I retired because I do have a high deductible health policy and I have a better than average chance of getting cancer due our family history. I can understand the argument for not having one of these policies though.
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