Planning for the worst is never fun, but a must if you need to support yourself or your family financially.
What is Group Cancer Insurance?
This type of insurance through a group insurance plan provides financial assistance in the form of a lump sum to current employees who have been diagnosed with (or are in the process of being diagnosed with) cancer.
Once the affected employee has furnished their employer with the appropriate documentation, cancer insurance will work alongside regular insurance policies to assist you during this difficult time.
Group cancer insurance policies may act as backup coverage that takes care of expenses that may not be covered by a standard policy.
This policy is extremely important because cancer is a major issue across the globe, and different environmental factors common in today’s society have been proven to heighten the risk of being exposed to cancer-causing agents.
What Does Group Cancer Insurance Cover?
Group cancer insurance could possibly cover a portion of the costs for chemotherapy treatments. It depends mostly on the type of plan obtained.
Hospital stays are typically covered under this policy, as well as travel costs and hotel stays; co-pays; tests and various medical procedures such as radiation and chemotherapy; and deductibles.
In the long run, group cancer insurance coverage can save you money and even save your life. Not every general health insurance plan covers the multitude of expenses that can come along with a cancer diagnosis.
What Does Group Cancer Insurance NOT Cover?
This group insurance often does not cover treatments for certain types of cancers, specifically melanoma.
You may have trouble with your coverage if you have previously been diagnosed with cancer; this can affect your likelihood of receiving cancer coverage currently.
Certain diseases and disorders that are or can be related to cancer will not be put into consideration when it comes time to decide what is covered and what is not.
You will need to check with your provider or employer to maximize your coverage and protect you overall.
What Are the Limitations of Group Cancer Insurance?
As previously mentioned, group cancer insurance does not cover melanoma.
This could be especially distressing for any employee who may find themselves being diagnosed with melanoma and not being allowed this particular coverage.
This coverage cannot be an adequate, stand-alone policy, so you will need to obtain a primary policy.
Moreover, you may have problems with this policy if you need to file a claim or cannot find a suitable primary policy for yourself.
While there are negative aspects to having group cancer insurance, the pros outweigh the cons significantly.