The chances of contracting cancer are way too high to ignore. According to the U.S. National Cancer Institute, cancer is one of the leading causes of death. While mortality rates have dropped significantly since 2015, being prepared is never a bad idea. Here at Malden Solutions, we offer multiple kinds of insurance that will best suit your needs, including cancer insurance and critical illness insurance. If you, your loved one, or anyone you know has cancer then keep reading! Here are three things that you need to know about cancer insurance.
1) Cancer Insurance Does Not Replace Health Insurance
Before investing in cancer insurance, you still need to have a major medical plan. Cancer insurance only pays benefits if you have cancer and does not treat other critical illnesses. It also doesn’t cover the entire treatment costs. What it does is supplement your existing healthcare policy. It also doesn’t substitute Medicare supplemental coverage, also known as Medigap.
2) Figure out How ‘Cancer’ is Defined
There are multiple types of cancer. For example, some policies don’t cover skin cancer. You should carefully read over your limitations, exclusions, and restrictions. Another thing to consider is the waiting period between when you purchase the policy and receive benefits. If you found out you have cancer within that period, you won’t receive the benefits. If you had cancer symptoms before purchasing the policy but received a diagnosis after the waiting person, it could lead to denial. These conditions don’t apply to all cases, but you want to be sure to read the fine print and have an insurance broker explain everything in layman’s terms.
3) Don’t Duplicate Your Coverage
When choosing cancer insurance, make sure to pick a plan that doesn’t include what your primary healthcare insurance already does. It’s also smart to make sure that you can get benefits from both your cancer insurance and primary health insurance. Make sure to ask about a coordination of benefits clause. Although some insurance companies promise to cover expenses no matter what, a coordination of benefits provision prevents duplicate coverage from happening.
Finally, always make sure to research reviews of a particular insurance company. Look for complaints. Here at Malden Solutions, we are more than just an insurance company. We provide brokers that will comb through policies with you and your employees. Our brokers aren’t concerned about making a particular insurance company look good. They want to find the most optimal insurance plans tailored to their clients’ needs.
Partner with Malden Solutions Today
Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter ,Facebook, and Linkedin.