Cancer Insurance

[Timeshare Von]

Actually they do. It is called Critical Illness Insurance and covers cancer, heart attacks and strokes. The premium is substantially higher than just Cancer Insurance.

George

That is the type of insurance I was solicited to buy from Mutual of Omaha about a year before I was diagnosed for cancer.

The policy would have paid off a lump sum flat amount of $100,000 for use however I chose to spend it.

 

[bogey21]

For years I have been getting solicitations regarding Cancer Insurance and have blown them off. Now that I am 80+ years old and have switched to a Medicare Advantage Insurance Plan as opposed to the more comprehensive plan offered by my ex-employer I am rethinking Cancer Insurance. The cost savings is roughly $7,500 annually.

The cost quoted for a $10,000 Cancer Insurance Policy from Aetna is roughly $32 per month (less than $400 annually). My reasons for rethinking this is (1) that I have read that the probability of individuals over age 55 of getting cancer in their lifetime is 77% and (2) with less comprehensive Medical Insurance I might want to go out of Network or opt for a non-covered treatment if I would get cancer.

Any thoughts?

George

Update.....For the reasons stated above I went ahead and bought a Cancer Insurance Policy but based on comments in this thread I opted for $20k rather than $10k. Premium is $71 per month which I can easily afford..

George

 

[bogey21]

I started this thread with a simple question. Your replies triggered a lot of thought and a lot of conversations with my Insurance Agent, Doctors, Hospitals and Insurance Companies. Based on these conversations I learned a lot and did the following:

1) I terminated my Medicare Advantage Policy as I found out that if something serious befell me, my Medicare Advantage Policy would severely limit my choice of Doctors and Hospitals to those in their narrow Network making it impossible for me to utilize "Centers of Excellence" like MD Anderson, Cleveland Clinic, Mayo Clinic, etc.

2) I went back to traditional Medicare A and B (I was allowed to do this as I had switched to Medicare Advantage as of January 1st this year.

3) I purchased a Medicare Plan D Prescription Drug Policy.

4) I purchased a Medicare Supplement High Deductible Plan F Policy

5) I purchased $40,000 of Cancer Insurance, the type that pays the full amount upon diagnosis.

My total cost with the Medicare Advantage including prescription coverage was about $36 monthly. The total for the above combination is roughly $250 monthly plus the potential of some or all of the $1800 Plan F Deductible depending on the amount of medical care I consume.

On an annual basis I will be spending about $2,500 more (plus any of the Plan F Deductible I may or may not be obligated for). than if I had stayed with my Medicare Advantage Plan and its very narrow Network.

This additional expenditure buys me the ability to choose any Doctor and any Hospital anywhere in the US that take Traditional Medicare and also provides $40,000 should I be diagnosed with cancer. It also lets me sleep better at night.

Thanks to all who commented on this thread. Your comments were very helpful as I worked my way through this.

George