The "C" Word
October is Breast Cancer Awareness Month. This blog addresses cancer and where we are today in the fight we are waging against it. Although there are now more people being diagnosed with cancer, thanks to the advancements that have been made in cancer treatment, awareness and technology, more people are also surviving cancer.
The Need for Cancer Insurance Policies
Recent news reports and medical studies in the U.S. have outlined a grim future for the prognosis of cancer care and treatment costs in America. This gives insurance brokers the opportunity to help their clients by offering a critical care plan or a cancer insurance policy that will pay cash when you get a diagnosis so that it can be used for both medical as well as non-medical bills.
Below are six reasons why insurance brokers should inform their clients about cancer insurance policies and critical care plans and why there is a growing demand for these supplemental policies:
- According to the American Society of Clinical Oncology (ASCO), by 2025, cancer diagnoses will have reached new heights with the annual number of new cancers expected to have risen by over 40%.
- The rising costs of cancer treatment: The cost of cancer care is expected to increase by more than 40%, and by 2020 it is estimated to reach $173 billion. The overall costs of cancer treatment in 2004 was $72 billion and by 2010 had reached $125 billion which means that the costs of treatments for cancer are increasing more rapidly than the costs for general health care.
- People are now living longer: Between now and 2030, the number of people who are aged 55 and older will have almost doubled – increasing from 60 million to more than 107 million. More than 70% of all cancers, according to the American Cancer Society (ACS), are diagnosed in people who are aged 55 and over.
- The Affordable Care Act improved coverage access for people who already have a condition that is pre-diagnosed. Preventative cancer screenings (such as mammograms for breast cancer, etc), are provided for adults, at no extra cost, in newly designed plans. It has been revealed by a recent Associated Press survey that state insurance exchanges are not incorporated in a number of top cancer centers in the U.S.
- The cost of cancer is not only medical bills but it also involves time off from work which means that a wage is not coming in every month and travel expenses to and from hospitals and treatment centers can be enormous. It is estimated that 67% of the costs incurred through the treatment of cancer are non-medical.
- Living benefits, such as mortgage payments, utility bills, out-of-network treatment and co-pays can be used for both medical and non-medical bills.
Allow the professional insurance agents at Best Insurance assist you with choosing the comprehensive cancer policy that is right for you. Contact Best Insurance today!