Being diagnosed with cancer not only affects the person who is sick but also their loved ones. Many families usually aren’t prepared to handle this devastating news. Not to mention, cancer treatments are very expensive. To help offset these costs, many employers will offer supplemental coverage for cancer treatment & costs.
As an employer, you know that providing medical insurance is essential. However, even the “Rolls Royces” of insurance policies, do not cover things like home nursing expenses, loss of income or childcare. So when someone is diagnosed with cancer, their main concern, unfortunately, isn’t how they’re going to fight this disease – it’s “how am I going to pay for this?” As an employer, you have the ability to help alleviate some of these worries for your employees by providing cancer insurance as a solution.
WHAT DOES A STANDARD CANCER POLICY COVER?
There are two types of cancer insurance:
-Lump-Sum Payment: This option provides a lump sum payment, up to the policy limits. This money can be used for whatever the policyholder wishes pertaining to her cancer treatment and costs. Some examples would be travel expenses, experimental treatments, or even basic living expenses.
-Supplemental Payments: These payments are made according to a schedule with the policy. It will pay a specific dollar amount for each category covered. These could be things like x-rays, radiation or surgery.
WHO SHOULD PURCHASE A CANCER POLICY?
Employees who have a family history of cancer are highly recommended to purchase a cancer policy. Employees who aren’t able to cover any additional medical costs and don’t have a savings set aside should purchase a cancer policy.