Do I Need Cancer Insurance?

More than 5.7 million people in the U.S. lived with cancer in 2005, according to the U.S. National Cancer Institute. It’s been estimated that three out of every 10 Americans will get cancer over the course of their lifetime. With those grim odds, getting cancer insurance quotes seems like a smart, proactive step towards limiting your health risks.

However, purchasing cancer insurance may not be a good idea for everyone, says the State of Wisconsin Office of the Commissioner of Insurance. If you already have health insurance through your employer, for example, duplicate coverage could end up costing you more than it’s worth. When you request a cancer insurance quote, you may be told that the insurance will pay benefits regardless of what your health insurance pays. However, your health insurance may not pay duplicate benefits. Before you follow through on a cancer insurance online quote, check to make sure your existing health coverage pays for this.

It’s also a good idea to find out what benefits are covered by cancer insurance to make sure the coverage is sufficient for all of the medical and non-medical expenses; some policies may cover hospitalization only. Other policies have fixed-dollar limits and/or may not cover cancer-related illnesses. Also, be aware that almost no insurer will cover you for an individual policy if you were diagnosed before you applied for a policy—in these cases, often insurance through an employer or large group are an individual’s only options.   

However, if you are at high risk for cancer, have a family history of cancer, and/or do not have health insurance or have health insurance that permits duplicate coverage, cancer insurance may be right for your needs. In addition, consider purchasing comprehensive health insurance if you are currently not under an existing plan.