January 23

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Do I need Cancer Insurance with Medicare?

By Paul Bennett

January 23, 2018

Cancer Insurance, Medicare

Coffee and Medicare Questions in Kansas City

“Why does my Medicare Supplement company send me information on Cancer insurance?”

This morning I was approached by one of my clients while getting coffee at Bella Napoli in Brookside, Kansas City. This is my hangout most days and over the years I’ve become very fortunate to help folks with all things related to Medicare. In fact a lot of them became clients by virtue of me just being there on a regular basis and answering their questions. This morning the question was ‘do I need cancer insurance?’  Well the simple answer is that Medicare covers treatment for cancer under Part’s A, B and D of Medicare.  In fact over $70 billion per year is spent on cancer treatments in the US by Medicare. Depending on what additional coverage you have will determine your potential out-of-pocket costs that you are responsible for. Remember Medicare picks up approximately 80% of all costs and you are responsible for the rest.

Medicare Supplement Insurance pays for Cancer Treatment

If you enrolled in a Medicare Supplement Plan F (Medigap Plan F) you would have 100% coverage for any and all cancer treatments approved my Medicare. If you enrolled in a Medicare Supplement Plan G (Medigap Plan G) then you would only be responsible for the Part B deductible which is currently $183 annually. If you enrolled in a Medicare Advantage Plan either and HMO or PPO then your costs would be in the form of co-pays set by the insurance company and remember you would have to get treatment within their network of doctors and hospitals, or else you’ll be responsible for all costs.

Getting back to the original question it wasn’t in fact related to Medicare, but rather an indemnity insurance policy. This simply means that your insurance policy will pay a pre-determined amount of money when you are first diagnosed by a medical professional for your condition. These types of policies normally cover cancer, heart attack and stroke or a combination there of.

What does Cancer Insurance cover?

The idea is that you will have a lump sum of cash paid out from the policy that can be used for whatever you need. Think of travel to and from the hospital, or maybe paying for family members to come and visit, or better yet the vacation you’ll take after you get better! If you have Medicare Advantage and a Cancer Insurance plan it could help cover the cost of co-pays, co-insurance and deductibles. If you are still employed Cancer Insurance could help pay for mortgage or auto loans while you are off work. Also, ask your employer if they offer these types of additional insurance above and beyond your group health insurance.

Read more about Medicare Advantage plans click here.

How much does Cancer Insurance cost?

Critical illness insurance, like cancer, heart & stroke policies are very affordable starting around $20-$30 per month and benefit amounts range between $10,000 – $100,000. The term of the policy is for however long you choose to pay the premiums and is renewable for life in most cases.

If you would like to know more about additional insurance that covers cancer please send us a request on our contact page.

Have questions about Medicare?

Our team of independent agents are here to talk with you about finding the best insurance plan to meet your needs.

Call us at (800)405-4802 to talk about your Medicare options.

Paul Bennett

About the author

Our founder, Paul Bennett, grew up in the insurance business. In recent years he became increasingly concerned watching seniors wade through the confusing and complex world of Medicare just to find the right plan. Who could they trust to help them navigate the waters with their best interests in mind? Without an independent agent, there was little help to be found. Paul knew he could do better, and MediGap Select was born. He built a team of independent agents who shared his commitment to ensuring that people have the information and guidance they need to make the best decision regarding their insurance. Paul and his team bring clarity, simplicity, and transparency to the Medicare enrollment process, making it easy for you to find the right plan.

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