Almost everyone knows a friend or family member whose life has been
touched by cancer — it can be an unpredictable and distressing disease
that can change your life in an instant.For many Americans, a cancer
diagnosis can mean a devastating financial blow, even with major medical
insurance. In fact, a study by Duke University Medical Center found
that the average out-of-pocket cost of care for an American insured
privately is $1,266 per month. That could be like adding another monthly
rent or mortgage payment — can your current budget handle that?That’s
why voluntary cancer insurance is becoming increasingly important in
helping Americans combat the high costs of cancer – so they can focus
less on finances and more on treatment and recovery. Here,
Aflac,
the leader in voluntary insurance sales at the worksite in the United
States, provides an overview of what voluntary cancer insurance is and
why every American should consider applying for it during his or her
next open enrollment season:What is voluntary cancer insurance?No health
insurance policy covers everything. Voluntary insurance is designed to
complement your major medical insurance to help fill the holes in your
health care coverage. Cancer insurance is a plan, typically offered
through an employer, which can help people cope with the high,
out-of-pocket costs associated with a serious illness like cancer —
costs never intended to be covered by major medical insurance.In the
event of a cancer diagnosis, a policyholder will receive cash benefits
that can be used as he or she sees fit. This can include daily living
expenses, such as rent, gas, groceries, babysitting and other
necessities. As medical bills start accumulating, unfortunately,
existing bills don’t stop. But with the protection of cancer insurance,
policyholders can maintain their lifestyle without setting themselves up
for a financial disaster.Why consider voluntary cancer insurance?With
the number of cancer diagnoses in America continuing to grow,
individuals and families shouldn’t have to make a decision between
medical treatment and making ends meet with existing bills and daily
living expenses. For a cancer diagnosis, most of the uncovered expenses
result from prescription drugs — which can make up a whopping 41 percent
of the patients’ expenses — but other requirements such as medical
equipment, travel, special diets and nonprescription drugs are also
contributing factors. Instead of paying for those expenses out of a
patient’s own pocket, having cancer insurance can help fill in the
holes.Cancer insurance policies can help families cope with the
treatment costs of cancer. But, more importantly, it can also help
patients focus on what’s truly important – recovery. To learn more about
cancer insurance, visit
aflac.com/cancer.
