The short answer
Supplemental cancer insurance pays a cash benefit, often a lump sum, if you're diagnosed with a covered cancer. The money goes directly to you to help with costs your medical coverage doesn't pay, such as travel for treatment, lost income, home care or everyday bills. It works alongside Medicare or other health insurance, not instead of it.
Written by Alan Roy, independent licensed insurance agent (FL #W937474) · Updated
How does cancer insurance work?
If you're diagnosed with a covered cancer after any waiting period, the policy pays the benefit amount you chose when you applied. Some policies pay one lump sum; others pay scheduled benefits for treatments such as chemotherapy or radiation.
What costs can it help with?
- Deductibles, copays and coinsurance
- Travel and lodging for treatment at specialty centers
- Lost income for you or a caregiver
- Home care, meals and household help during treatment
What should I check before buying?
- Waiting periods before coverage begins
- Which cancers and stages are covered
- Pre-existing condition limitations
- Lump sum vs. scheduled benefits, and any recurrence benefit
Who it may fit
- You have a family history of cancer and want an added cushion
- You'd have trouble covering travel, lost income or home costs during treatment
- You want a benefit paid directly to you, to use however you need
How Alan helps
- Explains what your current coverage pays first
- Compares lump-sum and scheduled-benefit options from the companies he represents
- Walks you through waiting periods, exclusions and limitations before you apply
Frequently asked questions
Does Medicare cover cancer treatment?
Medicare covers many cancer treatments, but you can still have deductibles, copays and costs Medicare doesn't pay, like travel and lost income. Cancer insurance can help with those.
Is cancer insurance a Medicare Supplement?
No. It's a separate limited-benefit policy. It's not a Medicare Supplement (Medigap) policy and doesn't replace one.
Can I get cancer insurance if I've had cancer before?
It depends on the policy. Many have pre-existing condition limitations or look-back periods. Alan can explain the options available to you.
Cancer insurance is a limited-benefit supplemental policy. It is not a Medicare Supplement policy and does not replace major medical or Medicare coverage. Benefits, waiting periods, limitations and exclusions vary by policy.
This product is not a Medicare plan and is not connected with or endorsed by the U.S. government or the federal Medicare program. Coverage is subject to the terms, conditions, limitations and exclusions of the policy, and availability varies by state.