Cancer Insurance and Medicare: Are They a Good Combination?

If you have Medicare, you know how essential it is to help pay for your medical care. You probably also know that Original Medicare (Medicare Parts A and B) itself is not enough for many people, so many opt to purchase a Medicare Advantage Plan or a Medicare Supplement (Medigap) policy.

Since cancer shows no favoritism – everyone is at risk – it makes sense to be prepared for anything. A cancer policy coupled with Medicare might be a good option for you.

There are also other options available to you in the form of supplemental health insurance. Like its name implies, it is meant to supplement your existing health insurance, and comes in many forms, including cancer, critical illness, hospital indemnity, and accident insurance.

If you have Medicare, you may be wondering if cancer insurance is right for you. According to the American Cancer Society, “in the US, approximately 39 out of 100 men and 38 out of 100 women will develop cancer during their lifetime,” and “80% of all cancers in the United States are diagnosed in people 55 years of age or older.”¹ With statistics like these, you might be looking to prepare for all possibilities. According to Verywell Health, with most cancer plans, “you will receive a lump sum of money if diagnosed with cancer which you can use for both medical costs and normal living expenses. You essentially use the money any way you choose to make up for lost wages, deductibles, and co-pays.”² Verywell Health also notes that some policies cover cancer-related expenses beyond what your health insurance covers, and that policies vary. It’s important to understand the benefits and limitations of any policy you consider purchasing.