According to the American Cancer Society, one in two men and one in three women will be diagnosed with some sort of cancer during their lifetime. The odds that somebody you know, whether friends or family or even you, may get cancer. To make matters worse, cancer induces high medical expenses. Sixty-percent of bankruptcies in America are due to medical costs associated with cancer. Fortunately, there are cancer plans available, designed to cover the financial needs not covered by other health plans.
There are several different types of cancer plans, such as a lump sum cancer plan. There are also cancer plans that pay X amount for the type of cancer; then, they pay so much for the treatment, doctor visits, in-patient hospital stays, etc. When it comes to cancer plans, lump sum plans are simpler and recommended.
Cancer Plan Coverage
The American Cancer Society states that 53% of cancer expenditures are not covered under health plans. For instance, most health plans don’t account for time away from work and reduced income. With cancer comes traveling and lodging expenses because the best cancer facilities are not always local. These expenses are not covered under health plans. Additionally, experimental treatments, surgery, and medications do not fall under qualified coverage.
Unlike other health plans, a lump sum cancer plan acts as a form of income replacement; it helps pay the bills so you can take time away from work to get treatment and recover. Instead of worrying about paying bills and providing for the family, cancer plans provide peace of mind.
Reoccurring Benefits
When it comes to cancer plans, you should not only shop for a lump sum plan but also a plan with reoccurring benefits. Once diagnosed with an invasive-type cancer, most cancer plans will pay a lump sum, whether $5,000 or $100,000 (depends on the plan), one time. After the policy pays out, it is no longer good; additionally, it’s not renewable so you can’t get another one. That’s why you need to get a lump sum plan with reoccurring benefits.
Reoccurring benefits typically have a five-year recurrence. So if you get invasive cancer, the plan pays you a lump sum of $25,000, for example; then, if the plan has reoccurring benefits, it will have 10% of the $25,000 put back into it after one year. After year three, it’s up to 50%; after year four, it’s up to 75%. Then finally in year five, it will whole again. So if you beat cancer but it comes back six years later, the plan with reoccurring benefits will issue you another lump sum of $25,000.
Lump sum cancer plans with reoccurring benefits not only help you fight the cancer; they also lessen the financial burden of having cancer. It is the best type of plan, and it is hardly any more expensive than the ones that only pay out once. This is a plan that everybody in America needs. So, contact a licensed agent today to discuss your plan options.
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