Major medical insurance plans typically cover the common trio of surgery, radiation and full-dose chemotherapy but do not cover alternative treatments, including naturopathic and homeopathic modalities.
by Cynthia Drasler —
Today, one in three women and one in two men will be diagnosed with cancer in their lifetime. Major medical insurance plans typically cover the common trio of surgery, radiation and full-dose chemotherapy but do not cover alternative treatments, including naturopathic and homeopathic modalities. So does this mean that you have to pay out-of-pocket if you want to approach cancer treatment from a holistic point of view?
According to insurance industry figures, 65 percent of the cost of treating cancer is not covered by major medical plans — from the co-pay for chemo and outpatient treatments to time off work when sick, and more. A few companies, however, are now offering a supplemental policy for specific medical conditions like cancer and critical illness.
For example, some independent insurance agencies offer policies that, upon the initial diagnosis of cancer, will give you up to $50,000 to spend any way you want. No requirement is mandated that it be spent on any particular method of treatment, or even on the cancer itself. The money is paid directly to the policyholder, so if you need the money to cover your mortgage or pay bills, you can use it for that.
Rates vary. A 40-year-old-woman pays $13 a month for $10,000 or $65 a month for the full $50,000 coverage, for example. A policy that covers critical illness — heart attacks, strokes, renal failure, blindness and deafness — costs a 40-year-old-woman $7 a month for $10,000 and $35 for the full $50,000 benefit.
Traditional plans do not pay a lump sum directly to the patient. Newer plans give you more choices. Newer plans have fixed monthly fees for the length of the policy, whereas most insurance companies bump up the rates as you get older or if the people in your community develop more sickness than those in other communities.
Cynthia Drasler is the host of the Healthy Living Is Easy radio show. www.healthylivingiseasy.com. 602-909-0294.
Reprinted from AzNetNews, Volume 29, Number 3, June/July 2010.
February 26, 2012
Business, Family, Children, the Elderly and Pets, Health, Money and Financial