Understanding Cancer Insurance Plans

Group Benefits come in all shapes and sizes, but how can a cancer insurance plan help save your employees from out of pocket expenses while going through cancer treatment?

Standard health insurance plans can provide employees protection against financial loss. However, these standard plans also have their limitations, depending on the gravity of the policyholder’s illness. Crabtree Benefits highly encourage small businesses to offer greater benefits and protections for current and prospective employees amidst a complicated healthcare landscape.

One of the best tools on the list is a cancer plan. A cancer plan is an add-on or standalone insurance plan that can protect employees against financial loss due to one of the most fatal types of diseases in the world. These plans are generally designed for providing supplemental income for internal cancer disease. You can get a cancer plan without a primary medical plan, but we recommend using both for increased protection.

Why Small Businesses Should Get Cancer Insurance Plans?

Small businesses that are owned or managed by individuals who have felt the life altering affects of cancer may be looking to help employees have additional lines of protection from this nefarious disease.
Cancer and cancer treatment can be extremely expensive, often bankrupting employees due to costs related to travel, missed work, and healthcare treatment.

Cancer plans have grown in popularity due to the alarming number of cases in the country every year. According to the cancer data and statistical tools from the American Cancer Society—which tracks data covering 100% of the U.S. population—“more than 1.8 million new cancer cases are expected to be diagnosed in 2020.” For the years to come, the numbers may increase.

What Are The Main Types Of Cancer Plans?

All types of cancer plans today are different in terms of coverage. Most insurance providers and brokers offer the following cancer policies to businesses and individuals:

Indemnity Policy

Indemnity policies have similar terms and conditions to expense incurred policies. The only difference is that the limit of the payments is measured in terms of value. Policyholders can expect a fixed dollar amount for every type of covered cancer treatment.

Lump Sum Policy

A type of cancer plan that pays out a pre-determined dollar amount based on the diagnoses of an internal cancer.

What Are The Benefits And Considerations Of Cancer Plans?

Cancer plans generally fall into two main categories; indemnity plans or lump sum plans. Aside from the individual terms and conditions of different cancer plans, small businesses should also consider the varying risks of costs to employees. Some common benefits in cancer plans may include:

Traveling and lodging

Anti-nausea medication

First occurrence benefit (one time payout)

Assistance with experimental treatment

Hospital rooms and ambulance-related services (to and from the hospital)

Treatments from different types of physicians inside or outside the provider’s network

Surgical treatments

Radiation and chemotherapy

Transfusion of blood and other blood products (e.g. plasma, platelets)

When choosing cancer plans for groups, small businesses should carefully weigh the inclusions and exclusions of the coverage. Depending on the company’s budget and existing company health insurance plans, small businesses can find the perfect plan and the best coverage with the help of Crabtree Benefits.

Key Takeaways

Cancer is one of the deadliest diseases in the world. The American Cancer Society predicted that there would possibly be 1.8 million new cancer cases in 2020. The numbers could go higher in the following years.

The three main types of cancer plans are Expense Incurred Policy, Indemnity Policy, and First Diagnosis or First Occurrence Cancer Policy.

Small businesses should consider the benefits, cost, coverage, and inclusions of cancer plans before getting one.

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