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What Makes Cancer Insurance Worth Offering

So much of attracting and retaining employees today revolves around offering more than just a good salary and basic benefits. Companies need to go the extra mile and offer things that employees want and that help support them in multiple ways. 

From a benefits perspective, one way that companies can do this is by offering their employees cancer insurance policies. These policies can do more than just reduce an organization’s turnover rate; they can make a big difference in someone’s life. 

Here are some reasons why offering cancer insurance to your employees is worth it. 

Cancer is Expensive 

Cancer takes an extreme physical and mental toll on patients, as well as a significant mental toll on family members who are supporting them. In addition, it can also cause significant financial pains as well. 

While most health insurance plans will provide coverage for cancer care, the expenses can quickly add up. 

If someone has a high deductible plan, for instance, it’s all but assured that even basic cancer care is going to cause them to reach their deductible and potentially even their maximum out-of-pocket costs — all in a short period of time. 

The National Cancer Institute reports that the average per-patient cost for initial cancer care is $43,516, with an average of $5,516 per patient for continuing care. Even if a health insurance plan picks up a large portion of those costs, managing expenses can still be difficult. 

Not All Related Cancer Expenses Are Covered 

A big challenge of paying for expenses associated with cancer care is that some of the costs aren’t covered by a health insurance plan. There are plenty of costs one could incur in addition to deductibles and copays. 

This could include figuring out how to compensate for a loss or reduction in income, getting adequate child care that the patient and their family may not have needed before the diagnosis or undergoing experimental treatments. 

The fact is that cancer treatment is unlike any other typical medical care, and requires an all-out commitment of time, energy and resources by not just the patient but their entire support system.  

What Cancer Insurance Does 

Cancer insurance was created with the goal of helping patients reduce their out-of-pocket expenses. It works as a supplemental policy to a standard health insurance policy, providing people with extra care and peace of mind should they ever be diagnosed with cancer. 

There are many different types of cancer policies, and each one offers something slightly different. In general, though, they will help to cover the costs of both medical as well as non-medical expenses related to cancer treatment. 

This could include copays and deductibles, lab tests, surgeries, extended stays in hospitals, prescriptions, expenses for child care, lodging and transportation, loss of income and even everyday household bills. 

Benefits of Offering Cancer Insurance 

When you offer cancer insurance to your employees, you are helping them in many ways. Here are three of the biggest benefits that your employees can realize from cancer insurance policies. 

Lower Costs 

The primary benefit of cancer insurance is it can help people reduce how much they pay out of their pockets for expenses related to cancer treatment. As mentioned before, cancer treatment is very expensive, and is especially so today with the prominence of high-deductible health insurance plans. 

Reasonable Premiums 

At the same time, cancer insurance premiums typically aren’t outrageous. Most plans can be customized to fit just about any budget. 

In many cases, these plans can provide a significant return on investment should one need to use them. 

Peace of Mind 

Studies have proven that patient outcomes are better when they are in a good head space. As if a cancer diagnosis isn’t scary enough on its own, having to deal with the potential financial fallout can be downright debilitating — for both the patient and their family members. 

Offering cancer insurance to your employees gives them peace of mind to know that, in the unfortunate case that they are diagnosed with cancer, they will have the financial support they need to get through it. 

What this does is allow patients to focus on the one thing that really matters when they’re diagnosed with cancer — getting better. 

Offer Your Employees Cancer Insurance with Beckham Insurance Group 

Offering your employees cancer insurance is a great way to improve your recruitment and retention efforts at your company. More than anything, though, it shows your employees that you care deeply about their physical, mental and financial health and wellness. 

Today, it’s easy to offer cancer insurance as a supplemental policy to your standard health insurance plans. If you’re in the South Carolina or Georgia region, it’s best to work with Beckham Insurance Group to ensure you are offering the right plans that fit your current and prospective employees best. 

Contact us today to find out more about how we can help you and your employees.