4 Questions to Ask When Buying Cancer Insurance

April 27, 2011

By Megg Mueller

One in two men and one in three women will be diagnosed with cancer in their lifetime, according to the US National Cancer Institute's Surveillance Epidemiology and End Results (SEER) Database.

Despite the odds, the Consumer Federation of America advises that most people are better off buying comprehensive health insurance coverage, and perhaps disability insurance, over cancer insurance. But if you are considering purchasing cancer insurance, the Wisconsin Department of Insurance suggests you ask four questions before buying:

1. What does the policy pay for? Are hospital stays and doctor visits covered? Be sure you understand the policy limits before committing to cancer insurance.

2. Are you covered for cancer-related illnesses? Infections, diabetes and pneumonia are just some of the possible problems that arise from cancer and cancer treatment.

3. Are travel expenses covered? Cancer treatment can often be in hospitals far from home. Check if companion expenses are covered.

4. Do waiting periods apply to the policy? Some have a 30-day or longer wait after diagnosis.

If you're at risk for any type of cancer, cancer insurance might provide a good safety net, but before you buy get all the facts.

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