First Diagnosis Cancer Insurance

Approximately 38.4 percent of men and women will be diagnosed with cancer at some point in their lives, according to the National Cancer Institute. This distressful statistic highlights the importance of having an insurance plan in place that will cover cancer treatment costs. First, you need to learn what First Diagnosis Cancer insurance is, why you need it, how you should evaluate potential policies, and why Medico Insurance Company’s First Diagnosis Cancer insurance stands out from the rest.

What First Diagnosis Cancer insurance is

First Diagnosis Cancer insurance can help with the direct and indirect costs of cancer treatment. It’s a lump-sum cash benefit that allows you to choose when and where to spend the money to cover a wide-range of expenses, such as:

  • Medical costs: deductibles, co-pays, medicine, or experimental treatments
  • Lifestyle items: lost income, rent, groceries, home goods, or childcare 
  • Debts: mortgage, student loans, personal liabilities, or business obligations

Why you need First Diagnosis Cancer insurance

Nearly everyone has experienced or knows someone who has experienced a cancer diagnosis. The good news is cancer screening and medical technology has greatly improved in recent years. However, with more advanced technology comes higher costs. Medical health insurance is a great start, but cancer patients can still face unexpected medical and non-medical expenses. They can range from experimental treatments to travel costs to and from doctor appointments. Basic bills can be a struggle to pay if your income is less from taking time off of work. With a lump-sum cash benefit from First Diagnosis Cancer insurance, you can have the peace of mind knowing that the financial burden will be less.

What to look for in a First Diagnosis Cancer plan

The first step is to learn your individual risk factors for getting cancer, such as family history. If your risk is high, look at what your medical health insurance plan covers. If you decide First Diagnosis Cancer insurance is right for you, look for a policy that covers both in-hospital cancer care and outpatient care. Many cancer treatments, such as chemotherapy and radiation, are administered on an outpatient basis. Measure the cost of the plan in relation to the value it offers, and check if there is a waiting period for coverage. For example, you only receive benefits if you are diagnosed with cancer after your policy is in effect. No policy will pay for care if your cancer is diagnosed before you purchase coverage or the policy is active.
 
And remember, it’s a “first diagnosis” plan: “If you have been diagnosed with a cancer within the last 10 years, you will not qualify for this plan,” says Carrie Haubensak, sales director of Medico.

Why our plan stands out

Medico Insurance Company’s First Diagnosis Cancer plan is available for policyholders ages 18-79 years old and has no policy or application fee. Its cash payment benefit can be purchased in increments of $5,000 from $10,000 to $25,000, depending on what’s available in your state. Haubensak says receiving your benefit is simple.
 
“When you sign up, you choose the benefit amount, and that is what you are paid when a qualifying diagnosis occurs,” she says.
 
Other benefits you will receive with a Medico First Diagnosis Cancer insurance plan include:

  • The same rates for men and women
  • Payments regardless of any other insurance you have with other companies
  • Coverage for first diagnosed internal cancer or malignant melanoma (Skin cancer is not covered in most states.)
  • A short, 30-day waiting period in most states
  • A discount for family members living in the same household if coverage is purchased at the same time (not available in every state)
  • Guaranteed renewable coverage as long as payments are paid on time (subject to the lifetime maximum benefit provision and our limited right to change premium)

At an additional cost, some states offer an inflation protection benefit that automatically increases the cash benefit amount by 5 percent of the original amount, each year for the life of the policy. Ask your agent if it is available in your state.
 
To learn more about First Diagnosis Cancer insurance or any of our other insurance plans, call (800) 547-2401, Option 3.

Which states offer our First Diagnosis Cancer plan


Medico Insurance Company's disclosures
 
This webpage is intended to provide a general description of the policy benefits. Policy provisions and benefits may vary from state to state. Please see the policy for details. For costs, exclusions and limitations and further details of the coverage, see your producer or contact Medico Insurance Company. This is a solicitation of insurance and a licensed agent/producer may contact you. THIS IS A LIMITED POLICY.
 
This content may contain links to third party websites, but Medico is neither responsible nor liable for their content, accuracy, or security. Review this website’s Terms and Conditions to learn more.


Photo credit: iStock/Fat Camera

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09-12-18