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Cancer remains a leading cause of death in the United States– in 2020 alone, direct cancer-related health care spending topped a whopping $200B.
Not only does cancer take an enormous toll on the health of patients and survivors, but it also has a tremendous financial impact. The Cancer Action Network report outlines cost scenarios for members with the following plans:
- Large and Small Employer plans
- ACA Individual
- Short-Term Medical coverage
Out of pocket health costs are only part of the equation, as indirect costs of being sick and undergoing treatment can be significant. Home help, transportation, inability to work, yard work and more are likely to lead to increased financial stress.
Nearly 1.8 million people are expected to be diagnosed this year alone, while 17 million Americans alive today have a cancer story to share.
A cancer policy can pay out thousands of dollars upon diagnosis. This cash can be used for any purpose, which can make a significant difference to a member’s treatment options, care, and transportation while reducing financial and emotional stress for the family. Of the entire ‘critical illness’ family, a Cancer policy is the least expensive followed by ‘Cancer, Heart Attack and Stroke’, with a full ‘Critical Illness’ policy being the highest premium.
Below is a direct quote from the Costs of Cancer report.
“I had good insurance through my husband’s work, but our deductibles were always high. We met our deductible twice with my cancers, we have never met it otherwise. The benefits after meeting the deductible were nice, but we had to put all our bills on payment plans and most would go into collections even though we were paying them. When you are paying 8 different bills for thousands of dollars, and one person is working with the cost of living and food, there is little to go around.” –Ovarian Cancer Survivor, Ohio.