Not only is cancer medically devastating, but it can also create a financial toll that most people are not prepared for.
Cancer treatments and care are unbelievably expensive. Many people rely on health insurance, which is designed to cover medical expenses and treatment. Most health insurance plans have a deductible, which is the amount of money you need to spend out of pocket before your insurance starts paying some of your health care expenses.
Most people are aware of their medical deductible; however, few know their out-of-pocket maximum. The out-of-pocket maximum is the most you’ll ever spend out of pocket in a given calendar year, which is often higher than your deductible. Depending on your health insurance plan, the out-of-pocket maximum may be anywhere from $2,000-$8,700 for individual plans, and up to $17,400 for family plans.
Your health insurance plan will not cover all expenses that cancer can create, including:
- Time off from work
- Time off work for family members to care for you and/or attend treatments
- Travel to and from treatments
- Non-formulary medication
- Experimental treatments
- Your copays and out-of-pocket maximum
Cancer insurance may be a stand-alone plan or included in a Critical Illness policy, which will also cover other significant illnesses. It is designed to work with your health insurance to maximize your benefits, provide additional financial protection, and give you peace of mind in the event of a cancer diagnosis.
Fill out the form below to get in touch with a United Benefits Specialist to explore your options.