Cancer… I can’t think of another word that carries with it such fear and uncertainty?
It is Childhood Cancer Awareness Month, so my first thought for this blog is simply to say” thank you” to the many amazing healthcare workers. I am a stage 4 cancer survivor and witnessed firsthand the care, support, and expertise that medical professionals offer a patient facing a difficult diagnosis.
Unfortunately, a cancer diagnosis strikes many areas of life in addition to the body. One of these areas is financial. Treatments, transportation, lost or reduced wages, and many additional unconsidered costs.
As an insurance professional let me highlight some of the ways paying a small premium to enroll in a Cancer policy can help a family should they ever face a diagnosis.
There are currently two types of cancer policies available. One provides the insured with a lump sum payment immediately after a cancer diagnosis—like critical illness coverage. The other provides the insured with a smaller sum at the time of diagnosis and then pays benefits, such as the ones listed below, based on the needs of the insured throughout treatment.
- First occurrence payment – pays a flat dollar amount starting immediately after the insured is diagnosed
- Hospital confinement – pays a set dollar amount for each day the insured must be in the hospital
- Diagnosis testing and medications – pays the additional costs of testing and medications related to cancer treatment while the insured is in the hospital
- Surgeon or physician – pays a daily dollar amount for services provided by the attending doctor or surgeon while in the hospital
- Private nursing – pays a daily dollar amount for a private nurse (if needed) while in the hospital
- Patient transportation – pays for transportation by plane, train or bus, if the insured must travel far away from home to receive treatment
- Family transportation and lodging – pays for a family member to accompany the insured for treatment if they must travel a long distance for treatment
- Nursing facility or hospice care – pays a daily dollar amount for staying at a nursing or hospice care facility
- Surgical procedures – pays a specific dollar amount for surgical procedures related to the diagnosis and treatment of cancer
- Cancer therapies – pays a daily dollar amount for radiation, chemotherapy, bone marrow transplants, blood products and anti-nausea medication
This month consider donating to one of the many fine organizations related to caring for or finding treatments and cures for childhood cancer. Also, if you have not already done so, consider the value of enrolling in your employer offered cancer policy. If you have any questions, give us a call or email us!