When branching out on your own for the first time, the amount of healthcare policies can be overwhelming: cancer, critical illness, accident, etc. What’s the difference between a cash cancer policy and a cancer care policy? Have no fear – this article will answer that question and many others like it.
Why do I need a cancer/critical illness/accident policy?
One word: protection. In the event that you are ever diagnosed with cancer, have a stroke or heart attack or are in a serious accident, chances are your savings will not be enough. Even if those savings covered the medical bills, how would you pay for the continued upkeep of your home or the bills that continue to pile up? Something like 78% percent of Americans lack the insurance coverage they actually need. Don’t fall into that count.
Should I double up on insurance?
No. While a higher payout is nice, many companies will not allow a single policyholder to have a cancer care policy (which covers hospital stays and other expenses due to cancer) in addition to a critical illness policy (which covers stroke, heart attack and cancer). The maximum amount of coverage often caps around $300,000, and your premiums would increase to cover the additional coverage, as well. Being over-insured is unnecessary.
What is the difference in cancer policies?
Some insurance companies offer a cash cancer policy and a cancer care policy. The cash cancer policy pays the insured a set amount of money upon the first diagnosis, while the cancer care policy covers treatments such as chemotherapy and radiation therapy, in addition to hospital stays and doctors’ and nurses’ fees, among other related expenses.
What is accident coverage for?
If the insured is ever involved in an accident (such as a car wreck), the policy would provide coverage for hospital stays, rehabilitation and other medical expenses. However, any expense may only be covered under the condition that it is due to the accident.
Does that clear things up? Great. If not, remember to check back here for more information. If you have any questions, or would like a personalized needs analysis for what Fort Lauderdale Health Insurance best suits you, call Pro Player Insurance Group at 855-367-7744.