Group Cancer Insurance

Group cancer insurance can be an invaluable benefit to offer your employees. This policy can help relieve a world of stress from individuals diagnosed with cancer, covering many expenses related to cancer treatment that are not limited to medical costs alone. Learn more below, and contact Beckham Insurance Group today to request a quote.

Advantages of Group Cancer Insurance

There are many advantages of group cancer insurance. In addition to covering a wide range of expenses that other types of policies may not, here are a few benefits that most cancer insurance policies offer:

    • Co-pays
    • Deductibles
    • Hospital stays
    • Tests, treatments, and procedures
    • Specialist visits
    • Travel to and from specialists
    • Lodging for an individual and their family if travel is necessary for care
    • Child care
    • Dietary assistance

Types of Cancer Insurance

There are two common types of cancer insurance plans, including the traditional scheduled benefits policy and a lump-sum cash benefit policy. Here’s what you need to know:

Traditional cancer insurance policies will cover a wide range of benefits for covered individuals diagnosed with cancer. From hospital stays and deductibles to specialists and transportation, this type of policy can cover many of the necessary expenses related to cancer treatment. Generally, the payouts for this policy will offer larger amounts for treatments like chemotherapy but a much smaller allowance for transportation to specialists or lodging.

Traditional policies can be broken down into two separate plan types: expense-incurred and indemnity policy plans. Expense-incurred plans pay out a percentage of treatment costs, and they are limited to certain amounts depending on the policy. Indemnity policies pay a specified, or fixed, amount for each individual benefit listed in your individual policy.

A lump-sum cash benefit policy allows policyholders to receive a predetermined amount of cash if the covered individual is diagnosed with cancer. These payouts can cover a wide range of treatment-related expenses and needs ranging from $5,000 to $200,000 depending on the policy chosen. In general, the higher the payout amount, the larger premium payments will be. Lump-sum cash benefit policies may, like traditional policies, cover deductibles, copays, specialists, travel and lodging costs, and any number of related expenses in addition to the necessary treatments and medications associated with an individual’s cancer treatment needs.

Important Considerations

Before investing in a group cancer insurance policy, there are a few key factors that you should take into consideration:

Some cancer insurance companies will deny individuals insurance if they have been diagnosed with cancer in the past. This can be especially challenging for individuals who have had cancer because they may be more susceptible to remissions and need coverage more than individuals who have no family history of cancer. Further, some providers will not cover individuals who have been diagnosed or treated for other medical issues including Hodgkin’s Disease, AIDS, or those who have been diagnosed HIV positive.

Group cancer insurance policies may seem like they cover any number of treatment-related expenses from chemotherapy to travel and beyond, but no cancer insurance company will cover all of these expenses. Not every cancer insurance option is made the same, so make sure to consider which exact benefits your policy will cover before settling on the one that’s right for you.