Medicare open enrollment for Medicare Advantage plans and Part D Drug coverage starts October 15, 2021 and ends on December 7, 2021.
We all know cancer is a catastrophic life event. The simple words “you have cancer” is devastating. Its not just emotional and mentally devastating but it can also be financially devastating.
Just last year, I had a healthy 50 something client go for her annual mammogram. She was in shock when she learned she had stage 4 breast cancer that would require not only chemotherapy but also a double mastectomy. One of her first calls was to me as her agent to see how we would navigate this with her insurance and her finances.
According to the American Cancer Society, there were over 1.7 million new cases of cancer in 2019. 140,000 of those cases were under 45 and the remainder for over 45 years. The cases were virtually 50/50 male vs female. So, no matter of your age or gender you are.
The good news for cancer is increasing survivability rates. Over 5 years, the survivability for whites went from 39% to 70% and for African Americans it with from 27% to 64%. Obviously, we have gotten better at detecting cancer early and treating.
So what does cancer cost? In 2015 cancer was estimated to cost $80.2 Billion dollars. 52% of that costs was hospital outpatient/doctor costs. 38% of that total was from inpatient hospital costs. It is also estimated that cancer costs $94 Billion in lost income earnings due to cancer.
Cancer not only affects the person diagnosed but also affects the whole family and even friends. Cancer diagnosis will often require over night stays in hotels while the patient gets treated. Lost wages affect the whole family.
So why a cancer plan? Some will say I have great insurance, I don’t need it. As I said how do you replace wages? How do you pay for the out of town trips for treatment? This can mean $1000s in money. A simple cancer plan help you replace this lost income and pay for out of town expenses as well as even pay your deductible on your health plan.
Many companies offer plans for cancer. Cigna, United, BCBS, and many smaller companies all offer competing plans. These plans work very simply. They pay a preset amount upon diagnosis of cancer. Most of these plans pay anywhere from $5,000 too as mush as $100,000. The premiums are very affordable. Most plans are just a few dollars a day. As you can imagine, a $25,000 policy would help pay for months of lost wages and travel as well as help cover the plan deductible.
Here is the link to the pdf from the American cancer society I used.