there are other kinds of health insurance policies. Cancer survivors should be especially careful to understand what these policies are about:
catastrophic Insurance
Catastrophic policies are limited policies that cover very high medical expenses. Catastrophic policies have very high deductibles. Some people who buy catastrophic policies also open tax-favored health savings accounts (Hsas) to put aside funds to cover these high deductibles. These policies usually are not a good deal for cancer patients.
long-Term care Insurance
Long-term care insurance provides you with a daily benefit when you can no longer take care of yourself. Whether you live at home, in an alternate care facility, or even a nursing home, a good policy will cover skilled, intermediate, or custodial care. However, the companies that sell these policies require that you be in fairly good health when you purchase them. for cancer survivors, that generally means at least five years past treatment. Companies may also consider the type of cancer you had when deciding whether you qualify for coverage. Premiums depend on your age and health
short-Term, non-renewable policies
Short-term, non-renewable policies, as the name implies, offer coverage only for a limited time (e.g., for 6 months). If you get sick during that time, the insurer can refuse to renew your coverage. Short-term policies can help bridge a gap in insurance coverage and may be a good idea if you are fairly certain that another, more stable source of coverage will be available in the near future. However, these policies should not be mistaken for comprehensive coverage that is guaranteed renewable.
cancer Insurance
Cancer insurance or other limited benefit policies only pay for costs related to treatment for cancer or other specific diseases. Insurers generally will not sell these policies to cancer survivors and many states have banned or restricted their sale. Most insurance experts recommend buying a good comprehensive policy instead of cancer insurance for the following reasons:
- Comprehensive insurance usually covers the cost of cancer treatment; additional cancer policies usually duplicate coverage from other policies and are an unnecessary expense.
- The premiums for cancer policies are high and the benefits are limited. Cancer policies often do not cover complications from cancer treatment.
- Some insurance companies and agents try to mislead consumers and prey on their fears about cancer.
- Sales and administrative expenses for cancer policies tend to be much higher than for other policies.
accident-only policies
Accident-only coverage, as the name implies, pays only for care that you need as a result of an accident, not care that is due to illness. Since a good comprehensive policy will cover costs associated with accidents as well as costs related to illness, accident-only policies are not a good value.
supplemental or Hospital Indemnity Insurance
Supplemental insurance or hospital indemnity policies pay a cash benefit for each day you are in the hospital. The cash benefit will be nowhere near the cost of hospital care, though. These policies are relatively inexpensive and simple to buy and may be appropriate if you want them to cover “extras” that come up when you get sick. But they should never be confused with comprehensive coverage.
public coverage
Sometimes you can get health insurance from the government, instead of a private employer or insurance company. Usually you can only get public coverage if you qualify based on your age, your income, or your health status. medicare and medicaid are the biggest public programs and are available in every state. In a few states, there are other smaller programs that might be able to help you buy affordable health insurance.