Cancer is one of the leading causes of death in the US. According to the American Cancer Society, more than 15 million people have cancer. This disease not only affects the health of the patient, but it also drains their wallet. The first question that many people ask when they diagnosed with cancer is, “will I afford the treatment?” Cancer treatment is costly in the US. A study conducted by Fred Hutchinson Cancer Center revealed people who are diagnosed with cancer are 2.5 times more likely to declare bankruptcy. One of the ways to lower cancer treatment is by taking a medical insurance cover. But what exactly does a medical insurance plan cover for a cancer patient? Below, we are going to discuss factors that influence cancer treatment costs and what is covered with your medical insurance.
Factors that contribute to the overall treatment cost of cancer patients
Type of your insurance plan
The type of your insurance plan can influence your cancer treatment costs. That is why patients are advised to be careful when taking a medical insurance cover. In most cases, more coverage means more premiums. In other words, if you want your medical insurance to cover more of your cancer treatment costs, then you have to pay more premiums.
Type of treatment
The type of treatment (radiation, chemotherapy, or surgery) and the amount of medicine that you will receive will determine your treatment cost. Some medical insurance only covers chemotherapy and radiation. This means that you have to pay for surgeries and prescription drugs. All insurance plans have a specific limit. When you exceed the limit of your insurance cover, then you be tasked to fund all your remaining treatment costs.
The time you take your insurance cover
If you take your medical insurance cover after a cancer diagnosis, then you are more likely to pay more premiums. This is because most insurance providers believe that people who take insurance cover after they have been diagnosed with cancer are more likely to make frequent trips to the hospital.
What is covered with your medical insurance?
Surgery and hospitalization
Most comprehensive medical insurance plans cover hospitalization and surgery expenses. Some of these expenses include the cost of medication, prescription drugs, bed (for inpatients), cost of food, among many others. Some insurance providers will require to pay a certain amount for hospitalization and surgeries. It is essential to first check with your insurance provider to know what is covered and what you need to chip in.
Cancer treatments
Most medical insurance plan cover treatment such as chemotherapy, experimental treatment, radiation, and transplants. However, the amount of treatments allowed varies depending on the insurance provider and your insurance plan. For instance, some insurance plans only cover two chemo treatments per month, while others cover up to 10 chemo treatments per month. Check with your insurance provider to know the amount of permitted treatment within a specified period.
Transportation and lodging expenses
Cancer treatment involves a lot of traveling. Sometimes you may be referred to a particular specialist who is not available in your area. This means that you have to go to another location for treatment. Some medical insurance cover caters for lodging and transportation expenses for cancer patients.
Rehabilitative therapy
Most comprehensive insurance covers cater to the patient rehabilitative costs. However, the amount paid varies depending on the insurance provider and your treatment plan.
Family care expenses
If you are the breadwinner, going for cancer treatment means that most of the time you will be out of work. Some medical insurance cover for family expenses for cancer patients. Some of these expenses include childcare and pet care. This is important because it gives you peace of mind knowing that your family is well taken care of.
Your medical insurance rights as a cancer patient
• Your insurance plan cannot be canceled because you have been diagnosed with cancer.
• You cannot be denied a medical insurance cover if you have cancer.
• If you qualify and you want to take part in clinical trials, your insurance provider needs to pay for all costs associated with the tests.
Final thoughts
What your medical insurance covers for your cancer treatment varies depending on the various factors discussed above. The general rule of thumb is more premium equals more coverage. Before you choose an insurance plan for your cancer treatment, inquire to know what it covers. Only choose an insurance plan that covers the most critical aspect of your cancer treatment.
Sources
1. https://www.aarp.org/money/credit-loans-debt/info-2018/the-high-cost-of-cancer-treatment.html
2. https://www.fightcancer.org/sites/default/files/Costs%20of%20Cancer%20-%20Final%20Web.pdf
3. https://www.verywellhealth.com/what-you-need-to-know-about-cancer-insurance-514298