Cancer is one of the top health concerns in the United States, and it can be extremely expensive to treat. In many cases, savings and existing health insurance might not be sufficient to cover the high treatment expenses. That is why it is essential to have the best cancer insurance plan available if you are at risk of contracting the disease. Many insurance companies offer insurance plans that can provide the policyholders with a specific financial payout when they are diagnosed with cancer.

Things to consider before getting cancer insurance quotes

With the availability of so many insurance plans, it can be overwhelming to shortlist one. You may be able to find the best cancer insurance plan for your situation by considering the following factors:

The reputation and track record of the insurance company

The first thing to do is to check the reputation and track record of the insurance company. Find out if they have efficient, customer-friendly services, and offer wide coverage with convenient features. It is important too to consider if they have a high claim settlement ratio on their cancer insurance policies.

The coverage offered by the plan

When considering insurance plans for cancer, review the coverage they offer. Since cancer treatment can be expensive, you should look for policies with comprehensive coverage for early-stage and advanced cancer. The best cancer insurance will provide payouts for basic features such as doctor’s consultation and surgery fees, nursing fees, hospital room expenses, and meal expenses. Additionally, it will cover the cost of chemotherapy, radiation, drugs, surgery, and other cancer treatments. Please note that the insurance plan will not include benefits payable after maturity or death.

The types of cancers the plan covers

It is important to check which types of cancers the insurance plan covers. Create a list of the cancers you might be vulnerable to based on your heredity, lifestyle, and test results, and only buy a cancer insurance policy that covers these. Some plans offer insurance coverage according to the early or advanced stage of cancer. So, the policyholders will receive a payout for treatment as per the stage of their cancer.

The sufficiency and eligibility of the coverage

It is necessary to make sure that the insurance coverage in the plan is sufficient for the required treatment. The best cancer insurance plan will cover most types of cancers and will provide enough payout to treat them. However, be aware that the plan may not cover congenital conditions, health issues arising from biological or chemical contamination, skin cancer, and certain cancers that develop due to AIDS, HIV, and other sexually transmitted diseases. Additionally, it will not offer coverage if there are any pre-existing conditions.

The cancer severity stages in the plan

Many cancer insurance plans offer payouts based on the stages of cancer severity. The policyholders will receive coverage separately for cancer diagnosis, treatment, and surgery. The payout amount will depend on the specific policy, what stage of cancer they have, and whether they have previously received payouts on their cancer insurance policies. If the policyholder has a late-stage cancer diagnosis, the plan will offer a 100% financial payout. In the case of early-stage cancer, the company will give a small percentage.

The waiting period to make a claim

After buying a cancer insurance policy, the policyholder cannot claim for a specified period as per the rules. This period is known as a waiting period. Before shortlisting any insurance plan, it is advisable to find out about its waiting period. Many cancer insurance plans have waiting periods of at least three to six months. The best cancer insurance plan will have the lowest amount of waiting period.

The premium waivers in the plan

Paying insurance premiums can be difficult for many cancer patients and their families. Many insurance companies understand this and offer plans that waive off the premiums after a cancer diagnosis. An insurance plan with premium waivers is best as it will offer the most benefits.

Along with cancer insurance, you may want to consider banking umbilical cord blood if and when you give birth. That can safeguard the entire family’s future by providing access to advanced cancer treatments. Cord banks charge an affordable $19.99/month.