Why Should I Buy Cancer Insurance?

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You have a family history of cancer. Many types of cancer contain a genetic component that may make you more likely to develop it if someone in your family suffered from it. For example, Komen’s research on breast cancer development has found that breast cancers can mutate from generation to generation; if a woman in your family developed breast cancer, you are 65% more likely to develop the disease yourself. Ask a loved one about your family’s medical history to accurately assess your risk of developing cancer.

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You don’t have much in the way of an emergency fund. If you’re struggling to make ends meet and save money, you might think that adding another health insurance premium to your budget is a waste. However, even the best health insurance companies have limitations on dollar coverage for certain afflictions. A few extra dollars a month can potentially save you thousands if you or a dependent is diagnosed with cancer.  

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Your health insurance policy has specific limitations on cancer coverage. Some health insurance companies limit the amount of money that they’ll payout for a specific diagnosis. For example, your health insurance policy may offer you $500,000 worth of coverage for medical expenses annually after you’ve maxed out your deductible, but it may also have a condition in place that states that only $100,000 of this coverage can be used to treat breast cancer. Take a look at your current health insurance policy or call up your representative to learn about limitations on coverage. If your policy has limitations on a strain of cancer that runs in your family, additional cancer insurance can give you peace of mind.

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