Cover Cancer-Related Costs Medicare Won’t Pay For
We live in a world where half of all men and one-third of all women will develop cancer during their lifetime. In fact, cancer is the second-leading cause of death in the world. The threat of cancer is real and many of us have first-hand experience with the disease.
Here’s the scary part that many don’t realize: two-thirds of cancer-related costs are non-medical.
Medicare and your supplement pay for things like chemotherapy and doctor’s visits. But what about the non-medical costs that come with a cancer diagnosis?
Non-Medical Cancer Costs
Many individuals with a cancer diagnosis travel to see doctors at a research facility. That’s because we have twice the chance of survival when we go to a research facility.
Here’s a sampling of potential travel-related costs:
- Gas
- Tolls
- Parking
- Taxis/Uber
- Bus or train fares
- Airplane fares
- Hotel/Motel
In addition to travel and lodging, experimental drugs and treatments can be an expensive out-of-pocket cost. Medicare does not approve payment for any drugs or treatments that are not approved by the FDA.
Cancer treatments are developing quickly, and there may be an experimental drug, new trial, or experimental treatment that could save your life – but Medicare won’t pay for it.
One of our clients was diagnosed with cancer and was advised to take an experimental drug to extend his life. That drug had seen success with other cancer patients, but the catch? This drug was $4,500 per month, and no insurance would cover it.
While travel, lodging, and experimental treatments are the most expensive non-medical costs you might encounter, there are others, including:
- Loss of income – this can potentially be your highest expense, though many people we help are over age 65 and are retired
- Counseling
- Clothing and hairpieces
- Meals
- Support for household tasks, like cleaning
The costs of cancer aren’t limited to what takes place between the walls of a hospital. Those costs extend to your daily life, which many aren’t prepared for.
Lump-Sum Cancer Plans
A lump-sum cancer plan pays you a sum of money when you’re diagnosed with cancer. It really is that simple.
Choose a benefit amount of $5,000-$75,000, and if you haven’t had cancer in the past 10 years, you’re eligible.
Cancer Insurance pays you if you are diagnosed with internal cancer or malignant melanoma. Most plans don’t include skin cancer.
You’re eligible for a lump-sum cancer plan from ages 18-89, and it’s very affordable.
The most common benefit amounts chosen are $10,000, $20,000, and $30,000. The $10,000 benefit can be purchased for as little as $29/month.
The risks of developing cancer are so high, and the cost for added financial protection is so low. The American Cancer Society tells us that 87% of all cancers are diagnosed in persons 50 and older, which is why we recommend everyone add Cancer Insurance to their overall Medicare and retirement plan.
FAQs
Q
Doesn’t Medicare cover cancer costs?
A
Medicare does help cover cancer costs that are medically necessary. But there’s the catch – the majority of cancer costs aren’t actually medical costs.
Q
Doesn’t my Medicare Supplement pay for cancer costs?
A
Your Medicare Supplement is critical for paying Medicare-approved expenses. For example, your 20% coinsurance for treatments are covered by your supplement. So, that’s very important! However, your supplement only supplements Medicare – it can’t pay for things that Medicare doesn’t approve. That means the non-medical costs related to a cancer diagnosis, like travel and experimental drugs, will come out of your pocket.
Q
Why would I incur travel expenses if I’m diagnosed with cancer?
A
You have twice the chance of survival if you go to a research facility — so why wouldn’t you? The top cancer hospitals are in Houston, New York City, Rochester, and Boston. Who will pay for the airfare, the hotel stays, and the meals? We’ve had clients travel to New York and Texas, and they were responsible for the flight and hotel bills that add up over time.
Q
Who gets the money if I buy a lump-sum cancer plan?
A
You do! The insurance company writes you a check, and you can use that money as you see fit.
Q
So the cancer insurance benefit doesn’t go to my doctor?
A
No – the money goes directly to you. The purpose of a cancer plan is to help pay for those non-medical cancer-related costs, so it goes to you. That way, you can use the money where it’s needed most.
Q
What if I get cancer one day after I purchase a cancer plan?
A
There is a 30-day waiting period, so you can’t have a diagnosis for the first 30 days of having a cancer plan.
Q
What if I don’t have a history of cancer in my family? Do I still need Cancer Insurance?
A
Only 10% of cancers are hereditary. Even though cancer isn’t in your family, it’s still a need we want to make sure we have covered.
